Marketing Mix - Essay Example

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The marketing mix is described as product, place, price and promotion, commonly referred to as the 4P’s. They are designed to enhance decision making of the customer who can lead to increased profits. …
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Download file to see previous pages All the element s of the marketing mix can affect consumers is multiple ways. Therefore, marketing mix is used by firms to achieve its objectives (Lancaster and Reynolds 2003). This happens when these marketing tools are employed by an organization to pursue the target market marketing of a product entails creating an excellent marketing mix with the right product being matched with the right price, suitable proportions and in the right place. When developing a befitting marketing program for an organization, the marketing manager is required to weigh behavioral forces before juggling marketing mix elements while taking into account the resources at his disposal. The organization must consider itself as a single organism in a world of complex forces. Many other industries are competing with the industry in which the firm is only a part of (Brassington and Pettit 2006). The marketing department must develop a mix of procedures that make maximum use of the available resources. Marketers are required to look for opportunities in the method of operation. A small organization cannot use procedures from large organizations. Though the two companies may deal with similar products, they are likely to be different in many respects. A compelling example is the industrial goods industry. Small companies go for regional sales as opposed to national distribution that is practiced by large corporations. Small companies go for limited and specialized fields of operation while large organizations seek to patronize full lines. The marketing mix of a company is largely the result of evolution that comes from day-to-day marketing. The marketing mix represents programs that marketers have evolved to meet challenges with which they are constantly faced in a dynamic and ever changing market. They can be referred to as tactical maneuvers. New products are faced with aggressive promotions. Sometimes a price change initiated by a competitor must be met and accurately considered. In case of faltering sales must be stimulated while declines must be remedied. Marketing mix helps replace advertising approach, which has lost effectiveness (Lancaster and Reynolds 2003). Marketers need to maintain effective channels for information that relates to the operation of companies. This includes consumer behaviors, trade and competitors. Short range forces contribute a large part of the marketing mix which helps in the allocation of expenditures. Dynamics of the 4Ps Past empiricism and foresight dictate the plans and procedures that contribute to the marketing mix. Marketers need to have an idea as to what should be done so as to be remaining successful in a dynamic market. Long-range plans are vital in economic, technological and natural trends must be successfully managed by marketers in a turbulence market. Marketing mix allocation of resources and planning has taken prominence in many companies whose aim is to optimize spending. Marketers are under intense pressure achieve their targets with the available resources. Marketing mix seeks to strike a balance with regard to strategy and achieving organizational goals (Brassington and Pettit 2006). Marketing mix is both strategy and procedure that facilitates effective allocation of organizational resources with an aim of striking a proper balance. Marketers must use the mix in order to make the goals and organizational progress sustainable. Pricing must take into account the quality of the product and the prices of similar commodities in the market without affecting the profitability of the organization. Marketers can plan accurately when they have a functional marketing mix. Marketing mix concept is relatively simple. The concept reveals facts about areas which should be addressed. They serve as a guide to management ...Download file to see next pagesRead More
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