For an organization of your choice, critically assess whether the marketing mix contributes to the success of the organization.
Introduction:
The marketing mix model initially given by Borden (1964) is about the ways in which 12 marketing elements could be adopted to bring about a desired behaviour of trade at optimum costs. Consequently a simple framework of the marketing mix with the predominantly used elements of 4Ps was given by McCarthy (1964 cited in Constantinides, 2006). This model which dominated for 40 years has come into lot of criticism with the development of alternative marketing theories (Grönroos, 1994). One of the main concerns is that the marketers and actors in this model have been assumed to be homogeneous (Hedaa et
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This is further asserted by its brand values which are reliability, integrity and innovation and its brand positioning statement which is ‘Trusted to deliver excellence’ (Superbrands 2010).
Great customer service, by the experience of using the product and by contribution to the cycle of service, is a B2B firm’s principle branding opportunity (Ballantyne et al., 2007).When Rolls-Royce delivered the Trent 1000 engine for Boeing it went a step ahead in customer service by having the Derby Aero Repair and Overhaul (AR&O) facility in advance ensuring all systems, processes and training are in place to support the Trent 1000 through every stage of its flight test and operational life (Rolls, 2010b). This helped in learning the systems, refining the processes and providing training before any engine servicing actually started. Ballantyne et al. (2007) recognise that co-creating value by providing various services enhances the opportunities for co-branding. This is further supported by Norris (1993), by the concept of ingredient branding, through promotions. For example, Rolls Royce brand of Trent 1000 engines gained high brand recognition after powering four of Boeing’s Dreamliner aircrafts.
The resilient financial performance of the Rolls-Royce group even after the global recession gives evidence of the strength of the business and its ability to adjust quickly in a volatile
Marketing is a way to achieve the best results using the right product in the right place using the accurate price at the correct time. A related concept of marketing is marketing mix. Marketing mix is a term which was first introduced by Neil Borden in order to promote and sell a product in the market. Later, it was refined by the Jerome McCarthy in the form of 4Ps. Since then, this 4Ps are the best tools to make a strategy to market and promote a product not just in the local market but in the international market as well. It is recognized as the most valuable model to use the strength of the company to exploit the opportunities in the market. Marketing mix model unfolds many hidden strategies which are impossible to identify. By identifying the hidden areas, Bombardier can make a strategy for each
In addition, select an organization with which you are familiar and describe how each one of the four elements of the marketing mix affects the development of the organization’s marketing strategy and tactics.
According to an article from ‘Supply & Demand Chain Executive’ written by (DelMonte, 2007) states what is the marketing mix: “is putting the right product in the right place, at the right price, at the right time.’ The marketing mix is an implement which is needed and it is much utilized in today’s working industries for managers to evaluate business targets such as sales and company’s profits, and also to assist in order to meet consumer needs effectively. It purposes is to satisfy the customer as well as the seller by using the marketing mix tool. The marketing is known as the ‘4Ps’, and it is made up of: place, product, promotion and price.
The marketing mix concept often referred to as the “4Ps” (McCarthy, 1964), as a means of translating marketing planning into practice (Bennett, 1997) is one of the fundamental concepts of marketing theory. Marketing mix is not a scientific theory, but merely a conceptual framework that identifies thee principal
The marketing mix is a desirable place to begin when you are thoroughly considering creating a new product or service, and it offers you some
Marketers considered the Marketing Mix model as a tool to reach their mission in the marketing strategy. Traditionally, the Marketing Mix has four considerations known as the 4P 's — Product, Price, Place and Promotion.
As per Ian Ruskin Brown and Greg Clark “ Marketing mix is the term used explaining the different elements comprising the offer that the different companies makes to their customers”. (Brown and Clarke, 2000:44). E.Jerome McCarthy in early 1960s came up with the four Ps in the marketing mix. According to him these 4ps are “ Product, price, place and promotion”.( McCarthy and Shapiro 1975: 35). Refer Appendix I for the pictorial representation. But the view of Richard Sandhusen is that the four marketing mixes should be ‘price, product, promotion and distribution’ (Sadhusen, 2000:319). According to Steven Stralser ‘in order to create a marketing strategy and plan that touch all the areas of marketing to position a product, maximise revenue etc a few more components have to be considered which are, Marketing segmentation, Marketing Strategy, Marketing research , Pricing, placement and value chain.’(Stralser,
Tangible goods, or rather manufactured goods, have been the dominant medium of exchange for centuries. However, recent decades have proved that it is no longer the case as there has been a prevalence of being service oriented (Vargo and Lusch, 2004:1-2). Services, as defined by Vargo and Lusch (2004), are “the application of specialized competences (knowledge and skills) through deeds, processes, and performances for the benefit of another entity or the entity itself (p.2).” Utilizing services gives businesses an edge, a competitive advantage, particularly in an evolving competitive market, something which Metalfrio is definitely part of (Vargo and Lusch, 2004:9). Those businesses that learn to adapt tend to do well. In addition, Vargo and Lusch (2004) write this shift to services is also a shift from producer perspective to a customer perspective (p.2). Thus, it leads to more of a collaborative effort where co-creation leads to adding value to the service rather than a product having value (Vargo and Lusch, 2004:6). Also, customers rather develop relationships with those that can provide a range of related services over an extended period of time, thus allowing businesses retain their clients for the long term (Vargo and Lusch, 2004:13). Overall, service oriented marketing is a direction that businesses should be headed towards to ensure that they can remain relevant and competitive in the
Service firms are increasingly using customer service to develop sustainable competitive advantage – through value generation as well as differentiation. This
The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.
Setting the right marketing mix for the product or service means that it including all of the important bases in marketing strategy. The marketing mix is generally established as the use and requirement of the 4P’s which is describing the strategic position of a product in the marketplace. One version of the beginning of the marketing mix starts in 1948 when James Culliton said that a marketing decision should be a result of something related to a methods and he described the marketing manager as a “mixer of ingredients”.
The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.
The 'marketing mix' is a set of controllable, tactical marketing tools that work together to achieve company's objectives. The marketing mix analysis is also called 4P analysis. This analysis contains a set of controllable strategic tools of marketing which work in simultaneously to attain the objectives of an organization. In this paper we will analysis two organizations with respect to their marketing mix. The companies that I have chosen for this task are Pepsi Co and Coca Cola.
Marketing mix is also called 4P’s of marketing .It can also be used to find existing market strategy. 4P of marketing represents:
Marketing mix is one of the basic and the very important part of marketing plan. It includes all the elements that are important for an organization from manufacturing to sale of the product. It can be considered as the set of marketing tools that blends together to generate a marketing response in the market. Every organization uses this tool to make its marketing plan. Primarily it consists of 4P’s, but now it is extended to 7P’s of marketing. (Jain, 2013)