Qualification Certificate in Business Management
Batch No 26
Project Title Marketing Mix as a Key to Success
Name of Candidate B.E. Paul Naglan
Candidate No. CBM 26081804
Submission Date 15 July 2018
Word Count 1500
Understanding of Marketing ……….3
Overview of Marketing Mix ……….4
What is Marketing Mix?
Components of Marketing Mix
Extended Marketing Mix
Organisational Analysis ………..5
Application of Marketing Mix
Strengths and Weaknesses of Marketing Mix
Recommendation to improve Marketing Mix
The focus of this report is to provide the reader with a broad understanding of Marketing Mix is an important marketing process, and analyse its strengths and weaknesses to the organisational marketing strategy. Borden (1964) stated, that once the thoughts were lessened to a formal explanation with a accompany visual introduction, the idea of the marketing mix has demonstrated a supportive devise in educating, in business critical thinking and generally as an aid to thinking about marketing. Marketing mix is a term instituted by Neil Borden, are the ingredients that combine to capture and promote a brand or product’s unique selling points, those that differentiate it from its’ competitors (Borden, 1964). The first section of this report explains a brief introduction of marketing and marketing mix and the importance of marketing mix which explains the 4ps. Secondly, it explains the components of marketing mix the 4ps and also the extended marketing mix with other 3ps. Further connecting the marketing mix with the organisation and analyses the organisational background, strengths and weaknesses and the recommendation how to improve marketing mix key to success. Finally, the author’s views and analysis on the topic and concluding the assignment.
2.0 Understanding of Marketing
‘Marketing is a management process which involves identifying, anticipating, satisfying customers’ needs and want, through the efficient and effective use of a company’s resources'(Wright, 1999). In other words, marketing is an activity of an organisation’s process to fulfill customers’ satisfaction. It is also the process of arranging and executing the origination of pricing, promotion and the distribution of goods and services to create customer value to satisfy the individuals and organizational goals.
3.0 Overview of Marketing Mix
3.1 What is Marketing Mix?
The marketing mix is an arrangement of controllable marketing apparatuses that an organisation uses to create the reaction it needs from its different target markets. It comprises of everything that the organisation can do to impact the interest for the goods and services that it offers. Substantial items have generally utilized a 4Ps model, the service sector part utilises a 7P approach to fulfill the requirements of the specialist organisation’s clients. The 4Ps are product, price, place, promotion and in 7Ps further three are included are people, physical and process (Ivy, 2008).
3.2 Components of Marketing Mix
Product can be offered to a market for attention, acquisition, or consumption that might satisfy customers’ needs or wants. The firm that provides the product need to market the products in various way like, more variety, good quality, new design and features, quality packaging and the services they offers to the market. In marketing mix product is the main element that links with others elements (Drummond, Ensor, 2006).
Price is the amount of money charged for the product or service, or the sum of all the values that consumers exchange for the benefit of having or using the product or service. In this case organisation can use different pricing models like price skimming, psychology pricing, list price and discounts (Drummond, Ensor, 2006).
Place incorporates all exercises to make the product accessible to the target consumers in the right place and at the right time. In this case, place is bringing the goods and services within the purchasing distance for the consumers (Drummond, Ensor, 2006).
Promotion is a type of communication which an organisation can inform, advice the customers about the products that organisation is selling. Promotion is not only to give discounts and offers to the customers, it is to make the consumers aware of the product. Promotion can be done through advertising, this make the consumers to have an interest on the products and make it consume (Belohlavek, 2008).
3.2.5 Extended Marketing Mix
The intangible nature of services resulted in the addition of a further three elements of marketing mix as follows:
People relates to all work force dealing with delivering the marketing experience to the target market (Low, Tan, 1995).
Physical Evidence deals with all aspects of giving tangibility to the intangible service offered to the clients (Low, Tan, 1995).
Process is all methods, frameworks and approaches a purchaser needs to experience in managing the organisation (Low, Tan, 1995).