Marketing Communication - Research Paper Example

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This study will present the importance of the role of the marketing mix components in the success of businesses operating in today’s competitive business environment. Marketing is one of the main components of the success of a company in today’s world of competition…
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Download file to see previous pages The researcher states that some of the main benefits of an effective marketing campaign include market penetration, increased market share, increased market share, increased competitive advantage, and increased awareness among customers about the products of the company. However, in every marketing campaign, managers need to focus on finding an appropriate marketing mix in order to make the campaign successful and profitable for the company. In this, we will discuss the importance of the role of the marketing mix components in the success of businesses operating in today’s competitive business environment. Implementation of an effective marketing communication plan and taking steps to monitor the actual performance of the plan are of significant value for any company to succeed in a competitive business environment. In order to successfully monitor and control the working of the marketing communication plan, companies use the marketing mix as one of the main marketing tools. As Belohlavek states, “The objective of a marketing mix is to establish the successive and simultaneous actions to influence the consumer’s or user’s purchasing decision”. Finding the right marketing mix holds the central value for the success of any marketing campaign. Marketing mix helps managers in determining the best way to market their products and services. As Varey states, “The marketing mix is seen as a collection of tools to be used to elicit desired responses from target markets”. It helps a company in finding the target market, as well as in determining the price of the product by considering various external business factors, such as the price being offered by competitors, similar products being offered by competitors, and buying the power of people living in any specific geographical location. Proper analysis or evaluation of all components of the marketing mix, which include price, place, product, and promotion, plays a key role in making the marketing plan successful for the company. As McDaniel and Gates state, “The mix is the unique blend of product, price, promotion, and place (distribution) designed to reach a specific group of consumers” (3). Companies usually develop their marketing strategies depending on the needs of the public and the market in which the product is to be placed. In highly competing firms, such as cell phone and automobile companies, the strategy regarding use of the marketing mix components does not remain the same forever. Managers of such companies review and change the nature of their marketing strategies continuously depending on internal and external business environments. For high profile brands, companies usually focus more on the promotion component of the marketing mix instead of price. Similarly, for a product which is to be placed in a market where there is a lot of competition, the company focuses more on price instead of promotion because customers like to buy products of such companies that offer superior quality at a relatively low cost. Managers of high profile companies also analyze their marketing mix frequently in accordance with the level of customer acceptability regarding their product in order to make the required changes in the marketing strategies if needed. ...Download file to see next pagesRead More
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