essay on marketing mix

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Marketing Mix, Essay Example

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Marketing decisions made by a company when shaping a suitable proposition for the potential customer can be organized into four major groups. These are Product, Price, Place and Promotion. The actual meaning of those four is creating the right product, selling it at the right price and in the right place, with the use of the most effective promotion possible. When being in the process of bringing some particular product to the market, the organization is supposed to make choices concerning the product that will eventually influence the effectiveness of a chosen strategy. The four P’s are a sort of parameters that are under marketer’s control. “The goal is to make decisions that center the four P’s on the customers in the target market in order to create perceived value and generate a positive response” (Net MBA Business Knowledge Center).

The term ‘Product’ refers to both tangible physical goods and services. The choices that are made concerning the product can be: brand name, design, functionality, protection, maintenance, packaging, guarantee, accessories and services. To define what the product is supposed to represent questions may be asked like: What does the consumer want from the product/service? What requirements does it satisfy? What characteristics is it supposed to have to meet customers’ requirements? How and where will the customer exercise it? What does it look like? How is it different from the one product of your competitors?

The term ‘Price’ refers to the choice of appropriate approaches to forming the actual price of the product. It is no secret that each person pays a lot of attention to the price of the product being bought. Each customer weights benefit the product is to bring versus its cost in order to make a wise decision. It is also important to mention that while all the other three aspects of marketing mix are costs, price is the only one which creates sales revenue. Investigating consumers’ attitude toward pricing is significant since it specifies how they value what they are looking for, as well as what they would like to pay for it. Naturally, company’s pricing policy depends a lot on the circumstances in which the organization is operating. The possible decisions marketer is making concerning the price are: pricing strategy (demand-, cost-, profit- or competition- based methods), suggested retail price, volume discounts and wholesale pricing, seasonal pricing, bundling, price flexibility and discrimination, etc. The questions that can be asked in order to understand the pricing element better are: What is the value of the product or service to the purchaser? Is the client price sensitive? What discounts should be proposed to customers, or to other particular segments of your market? How will your price contrast with that of your competitors?

‘Place’ element of the marketing mix is the one being concerned with a range of methods of transferring and storing goods, and then making them accessible to the consumers. Significantly, approximately a fifth of the product’s cost goes on its distribution. What value do product’s exceptional features have if it is stored badly, or if the potential customers have no way to get it? Delivering the right product to the proper place at the right time requires creation of a distribution system. Once again, the choice of convenient distribution methods depends greatly on present circumstances.  When referring to ‘place’ marketer has to make decision on distribution channels and centers, transportation, warehousing, order processing, etc. Understanding of this particular element of the marketing mix can be obtained if giving answers to such questions as:  Where do buyers search for your product or service? In what kind of stored do they look for the product? How can you contact the appropriate distribution channels? What do you competitors do, and how can you benefit from that?

‘Promotion’ refers to the actual process of communicating with consumers. It is concerned with presenting customers with information needed to make a decision. The fact is that, even though being sometimes extremely costly, promotion can increase the sales significantly, so that advertising and other costs are spread over a larger output. If being properly organized and successfully implemented, promotion can be extremely cost-effective. Promotion is aimed at generating the positive customers’ response and deals with decisions on promotional strategy, advertising, public relations and publicity, sales promotions, marketing communication budgeting, etc. These are the questions that can be helpful when defining this particular element of marketing mix: Where and when can one get across your marketing messages to the target market? How will you reach your audience in the most effective way possible? When is the best time to promote? Is there seasonality in the market? How do your competitors promote their product and how can it influence your promotional strategies?

Such a great profit-oriented company as Nike, which is the global sports shoe company and is the largest seller of athletic footwear in the world, does surely pay a lot of attention to the development of its marketing mix. If referring to the ‘product’ element of Nike’s company, we can talk about how Nike proposes broad choice of shoe, apparel and equipment products. The company also market head gear under the brand name Sports Specialties. Nike’s pricing is considered to be competitive to the other sport shoe sellers. The pricing is established on the basis of premium segment as target customers. Nike shoes are available all over the world in the multi-brand and the exclusive Nike stores. “Nike sells its product to about 20,000 retail accounts in the U.S. and in almost 200 countries around the world. In the international markets, Nike sells its products through independent distributors, licensees and subsidiaries” (Cuizon, 2009). Nike’s promotion is greatly concerned with finding reachable store locations. It also involves targeted advertising in the newspaper and generating strategic associations. For example, Nike cooperates with a number of famous athletes that serve as brand representatives. Nike’s brand image, name and the trademark swoosh, position the company as one of the most identifiable brands in the world.

Adidas, Nike’s biggest competitor, is also one of the most recognizable brands of nowadays. As well as the Nike Company is, Adidas is oriented to obtaining high profits. Nowadays Adidas has a reputation of a strong brand for sports apparels. The company supports its brand by continually advancing and improving products’ original features and quality to please and satisfy its customers. If referring to Adidas pricing policy, it uses the market skimming method, positioning itself as a shopping product with prices lower than that of its major competitors. Adidas sportswear can be found in specialized brand stores, sporting outlets and in the internet. Company’s major promotion objective is to become world number one sportswear company. Promotion is implemented mostly through advertising in the mass-medias and internet, and through supporting various sport events.

Cuizon, G. (2009, February 13). Audit on Nike’s Marketing Strategies: The 4Ps – Product, Price, Place and Promotion. Retrieved July 6, 2009, from http://corporate-marketing-branding.suite101.com/article.cfm/audit_on_nikes_marketing_strategies

Net MBA Business Knowledge Center. (2007). The Marketing Mix (The 4 P’s of Marketing) . Retrieved July 6, 2009, from http://www.netmba.com/marketing/mix/

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Marketing Mix paper Essay

Introduction, coca cola company, promotion strategies, pricing methods.

Over the recent past, marketing has grown to become one of the key functional areas of business organizations. This growth has come in the wake of the realization that the traditional business practice methods are no longer relevant in the modern day business environment (Michael & Saren, 2010).

For a long time, business managers ignored the aspect of marketing and paid much emphasis on the production of goods and services. However, in the current day business world where competition is a major determinant of the adoptability of a product by the consumers, marketing has become an inevitable functional area of most organizations.

The importance of marketing comes in that the various products; both goods and services offered by an organization ought to be presented to the target consumers. More so, due to the availability of competitor products and supplementary products, marketing is necessary so as to help push the products to the consumers (Richard, 2009). Marketing therefore takes different forms and the final aim of any marketing activity is to enable the product being marketed to get adopted by the target consumers.

The success of a marketing strategy and subsequent marketing activities is judged by the increase in the amount of sales generated from the marketing activity (Marian, 2010). This essay presents and explains the four elements of marketing mix; Product, Pricing, Promotion and Place. The Coca cola Company will be analyzed in this essay.

Coca Cola Company is the world’s number one manufacturer, marketer and distributor of non-alcoholic drinks. It is a multinational giant that has headquarters in the United States of America. The company has managed to produce top brands in the beverage industry such as Fanta, Coke, and Sprite and so on. Its main objective is to maintain its global leadership in the production and distribution of the soft drinks.

This objective has largely been achieved because most of the coca cola company products are house hold brands and continue to be used by many. The challenge is however maintaining this status and in order to achieve this, the company has come up with ways in which it can effectively use the 4 Ps of marketing to ensure that its brand remains visible all over the world. The following text discusses how the different P’s of marketing have affected the Coca-cola company marketing strategy.

Product is one of the four main elements of marketing mix that concerns with the product itself. A company’s product is the sole reason for the existence of the company. This is because it is what meets the customers’ needs (Michael & Saren, 2010). There are various attributes of a product that help in marketing. These include the product lifecycle, product line and the product mix. A marketer should be able to manage the product in such a manner that its relevant to the consumers’ needs remain unaffected (Richard, 2009).

Coca-cola Company has managed to incorporate this marketing element to be able to achieve some marketing objective. One way of dealing with the product is through having a continual reinvention of the product that makes sure that the consumers continue to enjoy and derive benefits from that particular product.

The other way is by extending the product life cycle. The company has managed to continually re-invent its products over the years and this has offered a great deal of help in retaining the brand visibility among majority of consumers in the world.

The various Coca-cola Company products such as the Coke, Fanta, and Sprite have maintained their visibility among the consumers over the years. These products have been regularly associated with the young people and as such, the marketing strategy for these products revolves round the young people. This has been a successful strategy since the products have remained house hold brands among many individuals.

Promotion is the other marketing mix element that deals with a company’s act of driving the products to the consumers. This is achieved through employing marketing activities that convince the consumers to purchase the particular product (Christ, 2011). There are various available promotional strategies. The most common ones are the push-pull strategy and the message & media strategy.

The push-pull strategy deals with the manufacturer promoting the product to the retailers directly so as to ensure that they keep the goods in their stock. The message & media strategy deals with the manufacturer performing the promotional activities independent of the retailer and this is aimed at creating a demand for the product among the consumers such that the retailers will act on the demand and therefore stock the product (Richard, 2009).

Coca-cola Company has majorly employed the message & media strategy. Their products are marketed via the different media such as the televisions, bill-boards, Social media, and so on. This element of promotion has affected the company’s marketing strategy since the company majorly employs promotion as the key marketing activity for its products.

The company gains a lot from this strategy since the consumers who regularly see these promotional messages in the mass media become accustomed to the products and as such, develop loyalty on the products. The brands that have managed to achieve success through this method are Coke and Fanta.

Pricing is another element of marketing mix that deals with the setting of the product price. Price is usually the factor that determines the consumers’ willingness and ability to pay for the particular product (Christ, 2011). This is because of the fact that money is usually a scarce resource and as such, the available limited disposable income is allocated to the unlimited competing needs. Companies therefore ought to have a pricing strategy that does not exploit the consumers hence scaring them from purchasing the products.

The Coca-Cola Company effectively employs the pricing strategy and as such, it is able to gain a competitive advantage over other competitors’ such as Pepsi. The Coca-cola products are sold at relative lower prices comparing to the competitors. this has been achieved through the ability to gain on the economies of scale therefore having low products cost per unit.

The strategy that the company has used in this area is through having a suggested retail price. This prevents that consumers from being exploited by the retailers and also helps maintain the confidence the consumers have on the brand.

This marketing element has to deal with the businesses’ act of ensuring that the products are presented at a convenient location to the consumers. Place also forms a type of utility where the consumer needs the product being offered by the business to be in an accessible location or a convenient one (Marian, 2010).

This is done either through transporting the products to the areas near the consumer or carrying out production near the consumers. The boon in this is that the consumer is allowed is able to purchase the product without major logistical issues.

Coca-cola Company has been able to put this element into consideration when coming up with marketing strategy. The company has expanded its tentacles to almost all the countries of the world and as such, it is able to carry out production and subsequent distribution to the consumers at their convenience.

Companies that have moved their products closer to the consumers not only enjoy brand visibility and recognition among the consumers but they also incur fewer expenses during production. The advantage of this is that the company is able to sell at lower prices and thus attract more customers who result in growth in the revenues.

Coca-cola Company has set numerous bottling plants in many countries and this has greatly helped in achieving low production costs. This has also ensured that the consumers purchase these goods at their own convenience. The strategy involved by Coca-Cola Company in this case is referred to as exclusive distribution.

This is where the company opts to solely and exclusively carry out its own distribution process without engaging other third parties. This helps in the consumers’ appreciation of the products and also increased the brand value of the company among the various consumers.

The importance of incorporating the 4Ps of marketing in crafting the marketing strategy cannot be overemphasized. Once a company has fully articulated the requirements of the 4ps of marketing, the marketers need to incorporate the customer focus marketing approach that leads to the 4Cs of marketing mix. These are the Commodity, cost, channel, and Communication. Once all these factors are put in place, the marketing strategy can be said to be complete and as such positive results can be expected from such an approach.

Christ, P. (2011). Principles of Marketing. New York: Butterworth- Heinemann.

Marian, B. W. (2010). Essential Guide to Marketing Planning. New York: Pearson Publishers.

Michael, J. B., & Saren, M. (2010). marketing Theory. London: Sage Publishers.

Richard, H. (2009). Brilliant Marketing: What the Best Marketers Know, Do and Say (3rd Edition ed.). New York: Pearson.

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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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