Marketing Communication - Research Paper Example

Marketing Marketing refers to the ways companies use to introduce their products in the market and to make people aware of their new products and services. It is one of the main components of success of a company in today’s world of competition. The role of effective marketing campaigns and use of proper marketing mix are very important in successful marketing of a product. Companies launch effective marketing campaigns and make a good use marketing communication tools to create awareness among people about the newly manufactured products and services. 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 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” (11). 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” (127). 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, price being offered by competitors, similar products being offered by competitors, and buying 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 required changes in the marketing strategies if needed. Marketing mix includes four main components of an effective marketing plan that managers analyze and evaluate before actually launching their marketing campaigns because the analysis helps them know whether they have designed a suitable strategy or they need to change some aspect of the strategy in accordance with the needs of the business environment. As Kotler states, “Marketing mix describes the set of tools that management can use to influence sales” (108). The mission of almost every company is to get competitive advantage in the market and that mission can only be achieved through achieving high graph of sales. Therefore, companies focus on the development of such marketing strategies that can produce excellent results in terms of increased awareness, increased customer base, and increased level of sales. Marketing mix is a powerful force that drives a company towards achievement of marketing related goals and objectives. As McDonald states, “Managing the marketing mix involves the use of the tools and techniques of marketing” (10). The marketing departments of most of the companies in today’s business world primarily focus on the development of a well-structured marketing plan that should be able to promote the newly manufactured products in the market effectively. The main reason behind designing and implementing an effective marketing plan is based on two primary objectives. First objective is to place the product in the market where there is need of that product, whereas the second objective is to make the public aware of the product in such as way that the level of sales increases for the company. Moreover, the element of price can also never be ignored in any case. Price really influences the success of a product in market. People having low income cannot afford to buy expensive products whether they need those products or not. Therefore, companies set affordable prices for their products in order to increase the level of sales and earn high amounts of revenue. Correct assessment of the four components of the marketing mix is critical for the development of an effective and result-oriented marketing plan. If we talk about the price component of the marketing mix, we can say that this component plays a critical role in the success of a marketing plan. Managers use various pricing strategies to set the price of a product, such as, cost plus pricing, competitive pricing, and value pricing. As Haines states, “A marketing mix strategy should also focus on the customers within those segments who have enough purchasing power to be profitable to the business” (173). Managers analyze the buying power of the target population in order to set the prices of the products accordingly. Some other important factors that managers consider while setting prices of their products and services include pricing response of the competitors, as well as expected and required profit margins. Along with price, placement of a product also plays a significant role in ensuring success of a product in the market. Selecting the best way to reach the customers is one of the main activities related to product placement. The decision of placement largely depends on the channels of distribution that a company uses to place the products in the market. Modern companies considers many important factors to make decision regarding product placement, such as, suitability of the market, channel member selection, market coverage, and transactional and facilitating functions of the distribution system. Some other factors that managers usually analyze and evaluate while developing the marketing plan for a product include customers’ awareness regarding the product to be marketed, presentation of the product as a down-market or an up-market product, decision regarding the use of sales force to sell the product, decision regarding online sale of the product, and competitors’ product placement strategy. Based on the analysis of all of these factors, companies finalize their marketing strategies. Managers of modern companies firmly believe in the concept that every component of the marketing mix holds great value in the success of a marketing plan. Every component, whether it is price, promotion, product, or placement, has its own value that cannot be sidelined or overshadowed by any other factor. If we talk about product, we can say that it is the base for every marketing campaign. The level of customer satisfaction with a product rises if it meets the quality standard promised by the companies in advertisements. As Haberer states, “The central role of marketing is value delivery and customer satisfaction” (1). Customers can only be satisfied with a product if it provides them with reliability, quality, and excellence. Therefore, managers of all manufacturing companies give extreme importance to quality assurance during product development processes in order to make the products earn high amounts of revenue for the company. Summing it up, marketing is one of the main success factors for a company. The better the marketing approach of a company ill be, the better will be the customer response, as well as product response in the market. Marketing not only improves the business of a company in a competitive business environment, but also helps a company achieve high levels of profit through increased sales. It is impossible for a company to excel in a competitive market without focusing on the development of effective marketing strategies based on proper analysis of all components of the marketing mix. Therefore, managers of modern businesses critically analyze the importance of marketing mix components before actually launching the marketing campaigns in order to make their marketing plans productive and profit-oriented. Works Cited Belohlavek, Peter. Unicist Marketing Mix. 2nd ed. California: Blue Eagle Group, 2008. Print. Haberer, Jenny. Disneyland International Marketing Mix: International Marketing Mix of Disneyland Hong Kong. Norderstedt: GRIN Verlag, 2008. Print. Haines, Steven. The Product Manager’s desk Reference. New York: McGraw-Hill Professional, 2009. Print. Kotler, Philip. Marketing Insights from A to Z: 80 Concepts Every Manager Needs to Know. New Jersey: John Wiley & Sons, 2003. Print. McDaniel, Carl, and Roger Gates. Marketing Research Essentials. Ohio: South-Western College Publishing, 1998. Print. McDonald, Malcolm. Marketing Plans: How to Prepare Them, How to Use Them. 6th ed. Burlington: Butterworth-Heinemann, 2007. Print. Varey, Richard. Marketing Communication: Principles and Practice. Oxon: Routledge, 2002. Print. Read More