The customer’s needs, priorities and preferences influence the marketing mix compentants such that price should not be more or less than the recommended retail price. Channels of distribution include stores such as word of mouth, Advertisement and also pamphlets and internet as well.
Marketing is very important to all organizations, and it determines whether the business will be successful or not. “Marketing is the all-encompassing process of getting a product or service in the hands of your customers. The steps involved include market analysis, product creation, advertising strategy, and distribution (Jeanty, 2011).” The elements of the marketing mix help the marketing department market products or services correctly to make them the most appealing to consumers. There are four elements of the marketing mix, which are as follows: product, place, price, and promotion. The organization that was chosen to describe how each of the four elements of the marketing mix affects the development
“The term marketing mix refers to a unique blend of product, place (distribution), promotion, and pricing strategies (often referred to as the four Ps) designed to produce mutually satisfying exchanges with a target market.”(Lamb,Hair and McDaniel, 2012, p.47). A marketing mix is important in business because it maximizes a company's chances of achieving steady, continual success in its operations. It also ensures that a company remains responsible to its customers by living up to its product claims.
The promotional mix is one of the four sections of the marketing mix, which is in the marketing plan. The marketing mix consists of product, place (distribution), price and promotion. The promotional mix has several components to it, which include advertising, public relations, sales promotion, personal selling, and, in this day and age, social media. The most important concept to learn about the promotional mix is that, no matter how good the product, the price, or the distribution of a good or service is, the product will not survive in a competitive marketplace if it doesn’t have strong promotion. The promotion of a good or service is extremely vital to a company’s ability to sell the items in their marketing mix. In a way, promotion is a lot like communicating. Humans are constantly communicating with one another, whether it be to communicate feelings, ideas or facts. When marketers are promoting a product they are constantly using emotion, facts and ideas to communicate to potential target markets about their goods and services they are trying to sell.
Companies today try their best to continue to keep up with the changes of services, products and technology. Companies rely on their abilities in marketing to keep consumers interested in their products and services. The success of a company may rely on the company’s marketing performance. Marketing planning starts by thinking of the targeted audience needs, strategies, and the development of the products and or service needed. Developing a marketing strategy will consist of the marketing mix.
The success of an organization depends on the ability of the business entity to adopt and integrate quality marketing mix. This relates to the generation and implementation of an effective and substantial balance among the elements of the marketing mix. The organization creates a successful mix through consideration of four critical factors. One of the main aspects of a successful marketing mix by an organization is making sufficient decision in engagement of the right product (Everett, 2009). This is an indication that the product must have the right features thus attractive to the target audiences in diverse market segments. The second consideration is the adoption of an effective and appropriate price mechanism with the aim of exploiting the available market opportunities. According to this factor, organizations must adopt effective pricing mechanism in order to offer quality products at healthy profit levels. The third consideration or success factor is a critical decision with reference to the right place for marketing and distribution of the product. This is a reflection of the need to deliver products at the right place at the right time for the satisfaction of the needs and preferences of the consumers. Finally, the organization should also make substantial decisions in consideration for appropriate, effective, and efficient promotion or advertisement mechanism. The main objective of this project is to examine the marketing
Place is also known as distribution channel. This is where customers can get products from, therefore internet marketing is considered as a distribution channel (i.e. Place) because customers can purchase product online as they do in stores.
The third P of the marketing mix is the place. The place of the marketing mix is the place where the company or companies are to be found for distribution (Quick
Mars-library, 2015, Marketing mix in marketing strategy: Product, Price, Place and Promotion, viewed 3 June 2015, < www.marsdd.com/mars-library/the-marketing-mix-in-marketing-strategy
Place is mainly concerned with the location of the business and also allocation between producers and customers. It provide direct link between creator and the ultimate customer of product and services. One channel distribution network involve only retailer between supplier and consumer, where two channel network include various mediator such as wholesalers. A channel specialist such as warehouses or trader may provide an efficient link with retailers.
Channels of distribution are important in term of getting to customer, warehouse management and distribution to
The marketing mix is an integral tool in building an effective marketing strategy and implementing it with tactics. The main objective of this study is to understand the role of marketing mix. This study can be used as a tool to assist in pursuing marketing objectives.
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.