According to the Economic Times, a marketing mix ‘refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.’ (http://economictimes.indiatimes.com/definition/marketing-mix).Define and critically evaluate the key areas of marketing mix that should be included as a part of successful marketing strategy: Use a case study to examine each area in detail.
Marketing mix is a tool used by companies to strengthen products ' brand and help to sell the product or service. Companies have to work out a successful marketing strategy with a marketing mix. However, a lot of companies still do not have a deep understanding of the concept of marketing mix and cannot implement it properly, which results in a
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(CIM, 2015, p.5). Due to the development of service industry, another three ps were added namely people, process and physical evidence. (Martin, 2014). The 7ps model has been widely used in many companies, which has made great success in business, such as McDonald’s. They have successfully implemented 7ps in their market strategy, which make them the largest world 's leading fast food service retailer with over 36,000 locations in over 100 countries. (McDonald’s, 2014)
Product is the most important element in marketing mix. Marketers should fully understand consumer demand and after that, products can be designed with the proper quality to satisfy their expectations in present and future. (CIM, 2015, p.5) Whenever companies launch a new product, marketers should do market research at first. Besides, they should track customers’ needs and preferences regularly by a system, such as online communities and apps. The product strategy of McDonald’s strictly followed these principles. There are a variety of food and drinks in the menu of McDonald’s, which can meet customers’ different demand, all of which developed after intensive market research of customers’ preferences.( McDonald’s , 2008) Moreover, in order to meet the
Marketing mix is a business term that refers to the tool used in marketing. Utilizing marketing mix when determining a product or brand goes hand-in-hand with the 4P 's price, product, promotion, and place. Marketing mix is required for organizations when planning or implementing new marketing strategies. When planning an effective market strategy it is essential to utilize these elements to develop an effective plan..
The marketing mix is the general phrase used to describe the different kinds of choices organisations have to make in the whole process of bringing a product or service to the market...
The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that
The marketing mix is the business tool which is used in marketing and even used by the marketers. It is often crucial for determining the product or brand and it provide overall worth to its clients. Marketing mix associated with 4P’S product, price place, and promotions.
Marketing mix/ Strategy The marketing mix is an analytical tool for determining product offer and the relevant service marketing to achieve an intended level of sales. It contains seven elements that can be effectively combined to achieve specific sales levels by addressing the needs of the target market (Kotler & Keller, 2012). 7.1. Product Kindle Fire is a handheld device that has simplified computing work without the difficulty of handling a whole computer.
An effective 'Marketing Mix ' including all 7 is a way of identifying a business’s achievements of marketing objectives, meeting customer needs, is balanced and consistent, creates a competitive advantage and matches corporate resources.
Marketing mix is the set of controllable tactical marketing tools which that the firm blends to produce the response it wants in the target market.
Marketing encompasses everything from the products or services one sells, to how they are distributed to the customer. A Marketing Mix is the combination of products offered to reach a target market for the organization. "Marketing is much more than selling, or advertising (Cap Com Marketing, 2006)." The marketing mix is comprised of the Product, Price, Promotion, and distribution. The marketing mix is also known as the four P's.
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’.
The Netmba.com website defines the marketing mix as "the parameters that a marketing manager can control, subject to internal and external constraints of marketing environment". The goal is to generate a positive response from the target market. Just as the Wikipedia.com website has described more parameters being added into the marketing mix, so has the Netmba.com website, however Netmba.com also stresses that the four P's are the basis for most marketing text books.
In the paper there will be a discussion about a fortune 500 company that is in the service industry. The company that was chosen is McDonalds’. There will be a discussion about the main line of business for McDonalds’. There will be a list of four countries that McDonalds’ operates in along with the four Ps of marketing that McDonalds operates by. Lastly there will be a discussion about the differences in the implementation of the four Ps marketing mix when it comes to different countries.
The term “marketing mix” became popularized after Neil H. Borden published his 1964 article, “The Concept of the Marketing Mix”. Borden began using the term in his teaching in the late 1940’s after James Culliton had described the marketing manager as a “mixer of ingredients”. The ingredients in Borden’s marketing mix included product The Marketing Mix planning, pricing, branding, distribution channels, personal selling, Source: http://www.quickmba.com/marketing/mix/ advertising, promotions, packaging, display, servicing, physical handling, and fact finding and analysis. E. Jerome McCarthy later grouped these ingrediThe 4 P’s of Marketing ents into the four categories that today are known
Marketing Mix in marketing management is used to attract consumers and for sales promotion, using the four basic elements/components of the mix, namely, Product, Price, Place, and Promotion (four Ps). A combination and fair application of these marketing essentials is called Marketing Mix.
Marketing mix refers to the enterprise for their target market needs, control various marketing factors (product, price, place and promotion) to optimize the combination and comprehensive utilization, in order to accomplish better economic and social benefits (Chai, 2009, p.4). Place and product will be attached more importance in this section.