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Essay on marketing mix: meaning, components and observations.

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Essay on Marketing Mix: Meaning, Components and Observations !

Essay 1 # Meaning of Marketing Mix:

Marketing mix might be defined as follows:

Marketing mix is a unique combination of the basic ingredients of marketing viz. product, price, place (channels of distribution) and promotion-designed for the best realisation of the objectives of marketing management.

(1) “Marketing mix refers to the apportionment of effort, combination, designing and integration of the various elements of marketing into a programme, of mix which will best achieve the marketing objectives of an enterprise at a given time”.

—Prof. Neil Borden of the Harvard Business School

(2) “Marketing mix is the term used to describe the combination of four inputs which constitute the core of the company’s marketing system- the product, the price structure, the promotional activities and the distribution system”.

—William J. Stanton

Marketing mix is a mix of the type that is planned to ensure that the ‘product’ does sell even amidst intensely competitive conditions; providing best satisfaction to consumers and providing, in turn, handsome profits to the enterprise- in addition to fulfillment of other objectives of marketing management.

Point of Comment:

An analogy could be drawn between the marketing mix of a manufacturer and the spices-mix of a famous ‘Chat-wala’ located at the corner of a busy street in the walled city of Delhi; who combines spices like-salt, rock salt, pepper, black pepper, spices for seasoning food (i.e. garam masala) etc. in such proportions that the chat becomes so tasty as to lead to a remarkable rapidity of turnover fetching handsome profits to the chat-wala.

The chat masala mix is so to say, the trade secret of the chat-wala- unknown to the competitors. Further, the consumers, being unable to prepare that much tasty type of a chat at their homes, are persuaded to visit that particular chat-wala for the satisfaction of their ‘tongue-needs.’

A manufacturer, in a likewise manner, must design such a marketing-mix, that despite severe business competition-consumers do prefer his product and are led to buy that product for the satisfaction of those needs of theirs- for which that particular product is designed.

Essay 2 # Components of Marketing Mix – The 4p’s Of Marketing Mix:

Though there are a large number of component parts (or factors) which may go into the making of a marketing mix; yet, authorities on marketing management agree on four basic elements of marketing mix-popularized as the 4p’s of marketing viz. the product, the price, the place (i.e. the channels of distribution) and the promotion.

In fact, each of these four elements has many variables or variations of factors, and accordingly within the marketing mix we have four sub-mixes i.e. the product-mix, the price-mix the place-mix and the promotion-mix. In other words, the marketing-mix is a fine blend of product mix, price-mix place-mix and promotion-mix.

Following is a brief account of the four sub-mixes, comprised in the marketing mix:

(1) Product-Mix:

A product is not just, a physical tangible object; it is rather a ‘bundle of services’ associated with the utilisation of that product. A person e.g. does not buy a product simply for possession sake; rather he/she expects a number of services and conveniences-to be obtained from using that product.

Some of the important factors which usually go into the designing of the product mix are decisions about:

1. The product-range

2. Design, shape, colour, size, weight of the product etc.

3. Multiple uses of the product.

4. Standardisation/grading of the product.

5. Brand name of the product.

6. Guarantees and warranties offered by the seller.

7. After sales service provided.

A unique combination of these product factors and others makes for designing the product- mix. The basic idea behind making a product mix is to produce and offer a product that makes it acceptable to the target-consumers; by providing them maximum satisfaction for their needs for the fulfillment of which, the product, in question, is intended.

(2) Price-Mix:

The price-factor is, perhaps, the most-crucial factor of the marketing mix; as the buying decisions of most of the consumers are dependent on the price of the product. For the manufacturers also, the price decision is directly reflected in the profits; which they make from selling the product.

Some of the important factors which usually go into the designing of the price-mix are decisions about:

1. Price-range

2. Profit-margin to be included in the price

3. Discounts to be offered-cash discounts and trade discounts.

4. Credit terms

5. Competitors’ prices for similar type of products.

6. Discriminating pricing aspect.

7. Resale price maintenance policy etc.

A unique combination of these price factors and others makes for designing the price-mix. The basic idea behind making a price-mix is to offer the product at a price which is affordable by the target-consumers; making the product worthwhile for purchase; in view of the utility of the product.

(3) Place-Mix:

In marketing management, the term place is used to refer to channels to distribution i.e. intermediaries which fetch products from the place of the manufacturer to the place of ultimate consumers.

The ‘place’ is an important ingredient of marketing mix; as howsoever useful the product might be and howsoever suitable its price, be; unless and until products are made available to consumers at ‘centres of convenient buying’, the busy consumers of today’s affluent societies will be most unwilling to buy those product-travelling long distances.

The important factors which usually go into the making of the place-mix are decisions about:

1. Wholesalers

2. Selling agents

3. Transportation agencies

4. Warehousing agencies

5. Company’s direct selling outlets

6. Home delivery of products.

A unique combination of these place factors and others makes for designing the place-mix. The basic idea behind making a place-mix is to make the product available at such common centres of consumption; as makes for most convenient buying-on the part of the busy consumers of today.

(4) Promotion-Mix:

Promotion refers to creation, maintenance and increase of the demand of the product-through communication of the existence and utility of the product to target consumers and general public’s.

Promotion is a very significant component part of the marketing mix; as without promotional efforts, people would never be able to appreciate the utility of the product for satisfaction of their needs; and conducting sales-transactions, would not, obviously, be possible for the marketer.

Promotion, in a sense, is a sort of best consumer-education; which educates consumers as to the availability and usefulness of various products.

Some of the factors which go into making of the promotion mix are decisions about:

1. Advertising-through various media like the press, radio, TV, films, outdoor advertising, point of purchase-advertising etc.

2. Personal selling or salesmanship through various types of salesmen

3. Sale promotion methods (i.e. methods other than advertising and salesmanship) like- coupons, reduction sales, distribution of free samples, trading stamps, bonus offers, prize- contests and a host of other devices.

A unique combination of various advertising media, various types of salesmen and attractive sales promotions devices, makes for designing the promotion-mix.

The basic idea behind making a promotion-mix is to so communicate knowledge about the existence and utility of products; that prospects appreciate the significance of the products for the satisfaction of their needs and may become ready to buy the product-so promoted.

Point of comment Synchronization of sub-mixes i.e. product-mix, price-mix place-mix and promotion-mix into a grand-plan of marketing, would result in the development of a marketing mix of type which makes

1. The product acceptable

2. The price affordable

3. The place most convenient and

4. The promotion most influencing.

The criterion for measuring the success of the marketing mix is the volume of sales of product turned over by it.

The concept of marketing mix could, we’ll be illustrated, by means of the following circular diagram:

Note: Letter ‘C’ in the inner circle of the diagram indicates the term ‘Consumer’.

Essay 3 # Observations of Marketing Mix:

Certain observations on the concept of marketing mix:

(1) Target consumer is the focal point of designing marketing-mix. In fact, consumer is the central point around which the whole circle of marketing mix is drawn.

(2) All the four P’s of marketing mix are equally important; while designing the marketing mix. If e.g. the product is good (acceptable); but the price is not affordable the product may not be a good success.

Or if the product is acceptable and its price is also affordable; but the place (i.e. Channels of distribution) is not convenient for buying on the part of consumers-the product may not sell as much as expected.

Again, if the product, price and place-all the three meet the requirements of consumers; but the promotion is not properly communicative and influencing-the product may not sell much.

Therefore, an equal amount of emphasis must be placed on each of the four major elements of marketing mix; as an over-emphasis on any one element of the mix at the cost of other elements would simply mean a failure of the entire design of marketing mix.

(3) The four P’s of marketing mix are interrelated and interdependent; because a change in any one element of marketing mix is likely to necessitate suitable changes in other related elements of it.

For example, if a change (of any type, for that matter) is proposed to be made in the product; it might also be considered fit, by marketing management, to effect a change in the price of the product or a change in the promotional techniques; and so on for changes in other elements of marketing mix.

(4) Marketing mix is not developed in a vacuum:

Besides the 4P’s of marketing mix, which are the controllable elements of it; there are certain external environmental factors which are the uncontrollable elements of marketing mix.

Any design of the marketing mix must, accordingly, be shaped in view of the implications of environmental factors, amidst which the marketing mix is to demonstrate its impact on the marketing operations of the business enterprises.

In fact, the environmental factors provide the basic framework; within which the marketing mix is to be designed . (The outer circle of the marketing mix diagram shows the significance of environmental factors; while designing the marketing mix ).

Related Articles:

• Marketing Mix: Meaning, Definition and Characteristics of Marketing Mix (with diagram)
• Elements of Marketing Mix: Product, Price, Place (Distribution) and Promotion

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The Marketing Mix: Price, Case Study Example

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Introduction

Marketing mix comprises of four elements which include price, product, promotion and distribution of the product. Price being one of the components of marketing mix is explained as the value given to a product whether a good or service. It is not only the money value but also the satisfaction associated with the product. In business the entrepreneurs have different pricing goals for their products mainly covering basic costs (Kenneth E. Miller, Roger Alexander Layton 1999). Price is related to the other components of marketing mix although of all of them it is the only component which generates income, for instance promotion increases the demand but directly leads to increasing the cost, distribution is also an expense and shoots the costs up, and to get the product itself ready is also a cost. Generally pricing goal will depend on the company’s policies

Some of the other pricing goals that a company may consider include profit oriented goals, sales oriented goals this may target market share, competition among others

In this case the product of the company at first was priced at $359 although they finally dropped the price to $300.The price of the product might have been affected by factors like low demand which eventually led to lowering the prices(Philip Kotler, Gary Armstrong, 2008). Factors considered when determining the price of a product include:-

• Profit: The firm should try to fix a price at level which will be above the breakeven point if it is aiming at making profits
• Market demand: Before deciding the price the firm also tries to consider the demand of their product, if the demand of the product is high the price will be high as compared to when the demand is low.
• Industry standards: the company should try to know how the other firms are charging for the same product This might help the company to know what other firms are offering which will enable them to lay distinct strategy
• Nature of the clients: mostly the prices of products vary with clients of your product.
• Costs: when determining the price you should aim at setting a price which will cover all the basic costs of the product.
• Business strategy: if the firms strategy is being cheap or making the product affordable and reaching a wide market the price will be made cheap if on the other hand the company’s sets its price at high rate then prices will be made expensive.
• Service offered by firm: the company should also consider the services that they give to the clients adjusting the price according to the level of the service they give to customer are good.

Generally the firm should consider thinking widely and being careful before making any price for commodity putting in mind all the factors and striving to reach at an equilibrium price which will be favourable to both parties that is the consumer and the supplier.

Determining future price

To determine the best price to charge the product will generally require a lot of thinking. Due to the past experience the company should aim at making a price where it will be maximizing their goals it should also consider the demand of the product in question. From this case it is evident that the first commodity’s price was not at equilibrium, making the firm to eventually reduce the price. Although the firm should set the price to cover the costs of the commodity wholly and make profit, it must also consider the market of the product (Pascale Quester, Robyn McGuiggan2006). The price should be set at an equilibrium point, in my opinion I would recommend the price of the first product to be $300. The price of the product will depend on the market after setting it at a price of $400; if the price is at equilibrium then it will be advisable to set the price at that point.

Works Cited

Kenneth E. Miller, Roger Alexander Layton; Fundamentals of marketing . New York: McGraw-Hill, 1999.

Pascale Quester, Robyn McGuiggan, Business & Economics advertising & Promotion . California: 2006

Philip Kotler, Gary Armstrong Principles of marketing . California: Pearson/Prentice Hall, 2008

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Marketing Mix Paper

Having a good marketing plan is crucial for companies to succeed in today’s business world. One effective approach is to utilize the marketing mix or the four P’s of marketing. These four P’s include product, place, price, and promotion. Incorporating these elements into a marketing strategy ensures that each aspect is addressed, ultimately leading to a successful plan.

This paper aims to explore the four P’s in marketing and their application in the marketing plan of Dutch Bros Coffee. The following section provides a brief background of the company. Dutch Bros Coffee, founded in 1992 by Dane and Travis Boersma in Grants Pass, Oregon, has grown from its initial establishment in Oregon to expanding across seven states on the west coast (Dutch Bros Coffee, 2012).

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This company operates in the retail customer service industry and is also involved in the coffee industry. Dutch Bros is a drive-through coffee shop that is known for its fresh coffee drinks and fast service. The product or service offered by the company is highly important, as it is tailored to meet the needs of the target customers (Quick MBA, 2010).

The primary focus of Dutch Bros is its coffee or beverages. The shops offer a variety of signature and off-menu drinks, available iced, hot, or blended. The company takes great pride in delivering high-quality drinks with efficient service. Since it operates as a drive through coffee shop, speed is crucial to meet customer expectations. Additionally, Dutch Bros also offers other products through select stores or online channels.

These products include clothing supplies and accessories. The second P of the marketing mix is the price, which refers to the price set by the company for selling the product to customers (Quick MBA, 2010). This price is determined by various factors, including the cost of raw materials used in production (Quick MBA, 2010). Additionally, competition can also influence the pricing strategy (Quick MBA, 2010). For Dutch Bros coffee, their beverages come in small, medium, and large sizes.

The prices for each of these sizes are $4. 25 for a small, $4. 75 for a medium, and $5. 25 for a large (Dutch Bros Coffee, 2012). These prices do include the tax as well. The idea that these prices have the tax included is a nice idea because it makes it easier to collect payment as well as customers will not be getting much change. Compared to the competitors these prices are very competitive. Each of these prices changes over time but try to stay competitive with the competitors out in the coffee atmosphere. The third P of the marketing mix is the place.

According to Quick MBA (2010), the marketing mix includes a company’s distribution location. Dutch Bros, a drive-through coffee company, has become one of the largest privately owned companies. It started in Oregon and has now expanded to seven western states: Arizona, California, Colorado, Idaho, Nevada, Oregon, and Washington (Dutch Bros Coffee, 2012). In total, there are more than 175 Dutch Bros Coffee shops across these seven states (Dutch Bros Coffee, 2012).

Stores in many states are situated near each other, offering customers a greater range of shopping choices and the convenience of easily moving between stores. The promotion aspect of marketing serves as a means of communication between companies and their current and potential customers, involving various ideas and strategies aimed at attracting business.

This specific P is crucial for attracting business because many people are attracted to companies with strong promotional efforts. Dutch Bros, although smaller than Starbucks, excels in promotion and consistently brings in new customers while retaining existing ones. Notably, Dutch Bros is renowned for its punch card system, where customers receive a punch on their card for every drink purchased. After accumulating 10 punches, the customer is rewarded with a free drink.

Dutch Bros differentiates itself from Starbucks by implementing unique ideas that attract customers. One such idea is the practice of offering promotions that Starbucks does not provide. Additionally, they have a promotion called double punch Tuesdays, where customers receive double the number of punches on their loyalty card for each drink purchased on Tuesdays. This significantly expedites the accumulation of punches, enabling customers to earn free drinks more quickly. Moreover, Dutch Bros adopts another effective communication method by collecting customers’ phone numbers, allowing the company to send weekly specials via text messages to enhance customer engagement and increase business.

The company utilizes several social media platforms including Twitter, Facebook, YouTube, and Foursquare as essential communication channels. These accounts not only help the company stay connected with customers but also support promotional efforts. By implementing such effective strategies, the company has gained a reputation for fostering customer loyalty and satisfaction. Ultimately, comprehending the four P’s of marketing is imperative in devising a prosperous marketing strategy for any organization.

Moreover, it is crucial to consider the application of each of these P’s in a real-life organization. All of these P’s have a shared goal: developing ideas based on the target market that the company wants to attract. If a company, such as Dutch Bros, effectively uses this marketing mix, it will establish a strong foundation for its marketing plan. Furthermore, this will improve the likelihood of achieving success in marketing and create more business opportunities.

Increasing business and generating higher profits greatly enhance a company’s chances of success in the industry. Ultimately, most companies aim to make money as their primary objective.

• Dutch Bros Coffee. (2012). About Us Our Company. Retrieved from http://dutchbros. com/AboutUs/
• Dutch Bros Coffee. (2012). Dutch Bros Coffee. Retrieved from http://www. dutchbros. com
• Dutch Bros Coffee. (2012). Locations. Retrieved from http://dutchbros. com/Locations/
• Quick MBA. (2010). The Marketing Mix (The 4 P’s of Marketing). Retrieved from http://www. quickmba. com/marketing/mix/

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