The Marketing Discussions and the Understanding of the Marketing Mix Concept - Research Paper Example

Marketing Research Essay Introduction The field of marketing is a diverse one with a number of different tangents that speak of the varied ways through which data and information is accumulated, segregated and targeted upon the intended target consumers. The message of the advertisement and/or the marketing philosophy is also a quintessential aspect that comes under this consideration. Marketing takes a look at the process of turning the raw materials into end products and then driving the sales regimes towards the consumers. It does not end here and the marketing process continues for as long as there is a relationship between the consumer and the manufacturer. Also there is the linkage of the channel members like retailers, wholesalers, distributors and so on. Thus the process of marketing starts from a basic thinking on the part of the manufacturer that he has to bring about a new product and thus cater to the needs of the segmented market. It does not end anywhere as such. During the length of this paper, due consideration will be paid on the marketing research discussions, the understanding of the marketing mix concept, the philosophies of segmentation and positioning in the related avenues of marketing and lastly the activity of having brands within the marketplace so as to give the consumers more choices for their needs, wants and desires. Thus there is a need that has been outlined which will take care of the marketing phenomenon in essence as well as discuss the pertinent concepts which are in line with the comprehension of marketing, both from the holistic point of view as well as a localized one. 1. Marketing Research Research is the amalgamation of data that has been taken over a period of time. It takes into account the qualitative as well as the quantitative details which are pursued for a particular area of study and hence the results are envisaged only after the research has been completed. Research is a fact finding exercise and it requires extensive planning and allocation of much needed resources on the part of the researching party. The purpose of research is to seek for answers that are raised in the wake of different queries and questions. The problems are solved after data is gained with the help of different tools and methodologies which come under the research heading. There are two different research methodologies - the primary research and the secondary research, both of which require extensive finding of data and knowledge on the researcher's part. The primary research methods include sampling through questionnaires, survey methods and one-on-one interviews. The questionnaires could be open ended where there is room for respondents to spell out as much information as needed or these could be close ended where the respondents are tied to certain answers from which they need to choose. These could also be mixed ended - having a combination of open ended and close ended questions and queries. The survey could be through interviews and questionnaires. This is basically a case of quantitative research where quantities and figures could be tabulated rather than quality which is judged through the use of secondary research methods. The secondary research methods include the usage of books, journals, websites, encyclopedia and other related information and knowledge which have already been sorted out and has been documented for pretty much the same purposes. Both primary and secondary researches are used in unison so that the whole process of carrying out research is backed up with solid basis of evidence and proof. The quantitative methods of marketing research include the approaches that basically compute numbers and data, not concerning with the quality of the input which is being collected and rather focusing on the sheer quantity. It is for this reason that it is known as quantitative research methods. Both the quantitative and qualitative methods are made use of unison so as to reap best results which could be envisaged in the wake of different researches which are carried out from time to time. Quantitative methods are there to put forward the numbers while the qualitative methods understand those very numbers, hence the basic difference between the two of these. The quantitative methods are related with the statistics of data which is all related with facts, numbers, representations and so on. The quantitative methods take into perspective the statistical mechanics as well as the different methods of interviews based on varied theoretical regimes or hypothesis. After this, inferential techniques are made use of so that a proper order could be devised for conducting the very research. When this has been drawn up, there is a basis of finding the sample which will be studied in a close manner and after that inferences and examples could be drawn out, at the same time. Measurement in quantitative research is a problem right from the onset - when the data is gathered and hence it is significant to have software like SPSS to help the researchers through their respective endeavors all said and done. One could make use of both quantitative as well as qualitative data when the scenario requires the usage of both the approaches and when there is a need to go in detail as concerns to the data that has already been collected, analyzed and made available for one and all to see and gain understanding from. Qualitative and quantitative methods provide a quick fix solution if the same is missing when one of these methods are made use of in an individual capacity and hence there is a lot of room and chance for making best use of the available resources at hand in the best manner possible. Both quantitative and qualitative methods depend on each other for their complete fulfillment and the importance of the data that has been collected is analyzed in an efficient and most effective way if the amalgamation of these two approaches is set out in a proper and adequate manner and when there are no apprehensions as such. Both need to co-exist with each other in the best of times so that their merger leads to success for the researcher and his field of study. Thus authentic research is a representation of the whole audience through the measurement of the sample size which needs to be selected in a correct manner. Adequate and proper research tabulates results which have been collected and does not seem to repeat the very same results every now and then. Thus, it is very significant to combine qualitative and quantitative methods so that the end result helps all and sundry with their research motives and objectives. 2. The Marketing Mix Concept The marketing mix includes all the marketing related activities that a marketer has to his disposal. He can make use of them whenever he so desires to, in order to up the scope of his wide range of services that are there in the offing. This marketing mix is in essence the actual framework that plays its due role in forming up the marketing concept. In return, the marketing concept is all about the boundaries that surround the marketing of the service. The fundamental four P's of marketing include the Product, Price, Promotion and Place. These four elements have been there for the last so many years but with the passage of time, they have been additionally backed up by another three P's including the Process, the Physical Evidence and the People (or Participants). Some marketers have however added another P by the term called 'Partnership'. We see that our attention would remain on the rationale as to why some marketers prefer using the term 'Participants' over the 'People' one. The reasons for so doing are described in terms of the marketing theories and related concepts that we will touch here just now. The usage of Participants over the term People is quite valid as it pinpoints the exact recipients of the services. Saying that the seventh P is that of People just does not give the real picture as to who these People are. It could be either the people living in the South American continent or the Communist colonies of China but saying that the seventh P is that of Participants gives a clear idea that the recipients of these services who are there in the target market are just the right ones for whom the service is being marketed courtesy the company. One should also believe that the term of Participants takes into perspective both the end consumers or customers as we know of them as well as the employees of the company which is offering the service available to the former in the first place. The traditional approach that keeps into view the four P's does not give the actual picture. It does not tell us as to whom the service is being offered for and who the real people are offering it. The four P's also miss the P of Process which talks about the relevant procedures, mechanisms as well as the flow of activities that bring the service available right from the state of being a thought or an idea in the raw form to one in the finished form, i.e., the service being provided by the company in front of the consumers, through customer services outlets and even call centers at times. The process also associates itself with the customer services as well as the total customer experience that he or she is getting in search for the right service that can satisfy the customer's needs and a clear sense of understanding on his part is established with regards to the company in the most effective manner possible. Physical Evidence or layout is the seventh P which talks about the relevant environment or conditions under which it is prepared and delivered to the final consumers. This includes the layout of production units which includes the different factories which essentially play their significant part in bringing the product to the retail outlets. However, keeping our discussion on the services concept, the same could be developed within the office environs and then taught to the representatives and thus the Process is forwarded to the relevant persons. The physical layout or evidence is also in the form of the services outlet layout and the manner in which the customers come in contact with the service. This is essentially the touch point between the company, through its services and the customers, who avail it for their own good and in order to satisfy their needs. Promotion works hand in hand with marketing a service, allows the service to be relayed to the right customer through campaigns. Market research must be completed to find a target audience which is used for promotional and advertising reasons. The last part of the scheme is the actual advertising of the good which pulls the customer into the customer services outlet. An effective marketing mix is one which meshes all these P's together so that the wholesome basis is stronger in sum than their individual roles. Relationship marketing helps the understanding related with the marketing mix in a very significant way since it tries to have a one-on-one linkage with the consumers whilst knowing their tastes, preferences and more broadly put - their return habits. 3. Segmentation and Positioning Market segmentation is the manner under which market is segregated according to the needs of the consumers. Market segmentation is an important mechanism through which the exact market is established for which the brand would base its targeting and positioning activities upon. In essence, market segmentation builds a basis for finding the people who have the same or shared need within the market and this is based on the premise of their buying habits, peculiar shopping habits, frequency of visiting the flea or elite markets within the suburbs and so on. Market segmentation is indeed the initial phase within the STP phenomenon. Market targeting and market positioning follow up soon after market segmentation. The reason why marketers have the requirement to use the very same is because they need to find out on what basis the brand would be directed towards the relevant audiences and what exactly are those audiences in the first place' This helps them establish a clear cut basis of the people that are involved within the realms of putting the brand out for them and thus also forms up as a significant decision making role when it comes to positioning the brand. One must remember that positioning can only take place when market has already been segmented and when there are distinctions between the target audiences which exist within the said domains. Without segmenting the market, it is very difficult to lay the basis for the eventual manner in which the brand will be positioned and the marketing activities, tactics and strategies would fail undoubtedly. Thus there is a dire need to understand the segmented basis of the market before any decision is reached upon as far as the brand's eventual positioning mechanisms are concerned. Consumer markets can be segmented in a number of different ways. However for the sake of pertinent discussion at hand, we will delve into three such methods of segmentation - namely by age group, by income and by territorial locations. What this means is that segmentation has different variables through which market is divided and essentially this offers a quick fix for the market players to understand how a market could be broken up and yet reached upon the exact audiences without any wastage whatsoever. This wastage could happen in the wake of budgets being spent in the wrong market segments or the costs that are involved in positioning the brand in a manner that was uncalled for, right from the very starting. Thus one mistake leads to another in such a context. The difference between differentiated and undifferentiated marketing is basically in the way the market is actually segmented. In differentiated marketing, the different segments within the market are studied in depth and hence the pertinent marketing strategies and courses of actions are directed upon them differently for the diverse and distinct segments that have already been chalked out. On the other hand, in undifferentiated marketing, the different segments are not given any emphasis and hence the marketing basis of the brand and its message is directed towards the whole market without any distinctions whatsoever. A marketer chooses the segments in accordance with his needs first of all. After this, he tries to relate the brand with its exact users and then breaks up the market in different variables which have been discussed above. The concept of positioning is basically carried forward from the organization itself. The identity basis of the brand is indeed the positioning that is done by the organization for the said brand. Positioning is how the organization wants to focus the brand within the insights of the consumers and thus the significant message is tailored in such a manner to let people think of the brand in exactly the same manner as was discussed by the brand positioning team. It is the voice of the organization that is directed towards the consumers. Now it is completely up to the consumers as to how they take or interpret the message, which from the brand's perspective is the image that is linked with it. 4. Brands A brand is a named product. It is the name given to a product which is sold because of its distinct name and attached unique features, capabilities and strong points. Within a competitive market, companies are forced to spend a lot of money in branding and marketing. With the rise of the brands, there has been a huge upsurge in the way marketing is done for the organizations. More companies now have started to relate with the customers' price sensitivity and desire for a more lucrative product as well as maintain and build a customer base. Marketing and information about brands have created more knowledgeable and price sensitive customers leading to a more competitive market and a penetration of international brands. Thus, the development of the brand marketing and the task of keeping customers' loyalty becomes harder and harder. To gain competitive advantage, companies need to find the factors that influence buying decision and loyalty of customers in the pertinent brand category. As the differences between the brands tighten and the differences in the prices gets closer, the customer's perceptions of brand and price, as well as the marketability of a particular product becomes of increased importance to companies which exist between prestigious and mass-market categories. The rationale is that, if research can better understand the impacts of brand and price on customer purchase habits in relationship to the company marketability, a stronger framework for customer relationships and building customer perceptions towards the products can be built. The ultimate goal of doing so is to promote better marketing procedures for companies in this 'middle class' bracket. Brand is a label for describing any object of concerted marketing effort. In the context of services marketing therefore, this label can be a name, sign, term, symbol or a design. Brands however can mean different things to different people. These differences largely stem from the way and manner brands can be perceived or understood. A cursory review of the history of brands informs us that customers' perceptions of fashion labels/brands have not been static. It has evolved over the years as understanding of the concept deepened. Earlier brands were perceived as either bottles of Coca Cola or cans of Kellogg's and compared it to modern times when the concept can be applied to anything and everybody. "Branding" is an intangible asset that is built by marketing and which exists largely in the heads of stakeholders, especially those of the end user. If a company gets its brand equity right, profits should largely take care of it. The import of this statement can be understood from the components that make the equity of a brand. These are brand awareness and brand image. A fashion label/brand that people have good knowledge about and can readily recall with favorable associations is an enduring asset to whoever owns it. Furthermore, it would have a favorable image and therefore well perceived. Such a label/brand can be said to have a higher equity or value. It is not too difficult to sell products and services with this brand name tacked on it. Higher volumes of sales at minimal costs transcend into higher profits. Brand identity is the identity or the message that comes from the quarters of the brand team sitting within the helm of the organization's top domains. It is pretty different from the brand image which is perceived by the consumers themselves in the wake of the identity that is being conveyed from the standpoint of the organization itself. Moving on, brand equity is not built overnight rather it is a long process that takes years to come up. Such is the intensity of brand equity that it takes a lot of convincing and planning on the part of the organization bringing out the brand towards its target audiences. Brand equity requires hard loyal customers to back up the whole ideology. It is for this matter that consumer loyalty is very specific to the hearts of the people who use the products and/or services. The loyalty to a brand raises a lot of questions that the competitors have to answer. These could be in line with their falling standards that the customer switched over to a loyal and more dedicated company or at other times, not able to come to the market scene much earlier than the one which has taken a large share of the customers anyway. The people who are more loyal to a particular brand or a company for that matter cost much less to this company than the ones who have not yet reached on to the bandwagon of adopting the said product. Conclusion In the end, it is important to sum up the whole discussion that has been mentioned here with regards to marketing philosophies, research basis, branding strategies and segmentation and positioning. All of this has led one to believe that getting work done within the contexts of marketing and indeed the organization is pretty easy to start with. This is absolutely false and does not merit any significance at all since each one of these steps require a great deal of importance on the part of the brand team, the organizational top management gurus, the specialists, the creative agency personnel, the media fraternity and so on and so forth. Thus what is important is a sense of understanding and a collective vision on the part of one and all to have success at different levels of the marketing tenets. All said and done, marketing research is pivotal in establishing the exact basis for the marketing to come about while marketing mix looks to solve the issues related with finding the exact audiences for the eventual use of the product and not to forget the product features, prices issues and so on. Segmentation and positioning is important to gauge the potential of the market and thus convey the message in a consistent and balanced manner so as to keep in check the needs of the consumers. All of this in essence meshes up to become 'marketing' as we know it, at the end of the day! BIBLIOGRAPHY Bailey, Scott. Customer/Brand Loyalty in an Interactive Marketplace. Journal of Advertising Research, Vol. 40, 2000 Duncan, Tom. Standardized Multinational Advertising: The Influencing Factors. 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