Marketing Mix and the 7Ps - Assignment Example

Marketing Marketing Mix and the 7P’s Marketing mix contains various variables and components that can be controlled by a business in making an enhanced performance in the market. As such, a business has to make a strategy that will ensure it is achieving its goals and objectives. Businesses that need to make an impressive performance in the market have to make constant changes in the 7P’s, to conform to the needs of the market. A business that makes constant changes appeals to the market, as the demand market feels its objectives are satisfied with the products. To begin with, there is the product in the marketing mix. The demand market appreciates the products that are produced by a firm, when the products are satisfactory (Richter, 2012:12). As such, the organisation has to factor the design of the product. This will be followed by enhancing the usefulness of the products, so that they can satisfy the needs of the demands market. Similarly, the organisation will have to factor the value, quality, packaging and branding of the product. This will appeal to the market, as they demand market will feel the need to use the product. In addition to this, the business might feel the need to introduce warranties, which warrants that the products are genuine. Secondly, a business has to make a strategy that is in concern to the place and situation. Customers are likely to purchase products when the products are in convenient places. Therefore, the business has to make a strategy that includes opening both retail and wholesale stores. This reduces the proximity to products of the business. As such, it will attract a larger market share for the products. Similarly, the business could use other means in ensuring the customers have easy access to the products (Griffin, 2010:15). For example, in today’s world, the internet is an avenue of attracting a market, since the customers can make orders via the internet. In addition to this, businesses use the multichannel model in reducing the proximity to access the products. This increases the sales of the products in the market. Thirdly, there is the price strategy, which is embedded in the marketing mix. First, the business has to strategise on the penetration strategy, which will attract a stable market niche. This will be followed by skimming, where the business enhances its market niche for the products (Baker, 2012:11). For example, some businesses use the psychological strategy, where customers think the products are cheaper and affordable. In addition to this, a business might use the cost-plus model, which enhances the value of the products. As such, the customers benefit further, when they purchase the products at a higher price. Fourthly, there is the promotion aspect in the marketing mix. The business has to ensure the prevalence of the products in the market is increasing through various strategies. For example, there is the use of special offers, where the customers are lured into buying products through a change in pricing. This is only done for a limited time, which attracts more customers to purchase the products while the special offer lasts (Boone, 2012:14). Secondly, advertising is a sure way of attracting customers, as they feel the need for the products. Similarly, businesses use endorsements, gifts, direct marketing, experiential marketing, and joint ventures. This leads to an up surging demand for the products of the business. Fifthly, there is the physical environment. Customers in the market are attracted to a business that has a smart environment. As such, the business uses the aesthetic strategy, where the environment attracts customers through well-furnished buildings, which are attractive (Wetherly and Otter, 2011:19). With a serene environment, customers will feel the need to make purchases, as they feel the products will give them the same peaceful feeling. Similarly, businesses have to enhance comfort of the physical environment through provision of other facilities. Sixthly, businesses have to employ the strategy of enhancing their processes. Customers feel satisfied when the processes of selling products are relevant and easy. As such, the selling processes should be simplified to ensure all the customers are served at the appropriate time. Lastly, there is the strategy of employing relevant people in the business (Richter, 2012:12). For example, the business should employ highly qualified and skilled workers. As such, they will satisfy the customers through provision of high quality products. Understanding the internal and external environment through pestle analysis Pestle analysis encompasses all the threats and opportunities that a business has before its establishment. This makes it easy for the business to make changes in the stated strategies, in enhancing its improvement in the business. The analysis factors the political, economic, social, technological, legal, and environmental factors that are likely to affect the performance of the business. To begin with, the political environment focuses on both the internal and external environment. The internal environment can be controlled by the business, since the business has the authority to do so. For example, the business has control over the team projects, which are managed by stakeholders (Baker, 2012:11). At times, stakeholders could have their differences, which are politically instigated. Apparently, the business can control such. However, the business does not have they have control over external political environment. However, the external political environment can affect the business adversely. Secondly, the business has to focus on the economic development, sociological changes, technological advancement, legal factors, and environmental advancements. Use of PESTLE analysis is a prudent approach, as it has various vital aspects. First, it is easy to forecast the success of a business through this analysis. The business managers will not any threats, challenges and weaknesses, which are leaky to affect the business. On the other hand, the business will note the opportunities, which can be exploited. Secondly, the business can go through the reassessment process, since they have all the vital factors that could affect the business. As such, the business will make the possible changes at the opportune time. Similarly, the business will be in a position to identify a target market while avoiding the major mistakes that could stall the business. Effect of change in PESTLE analysis Using an analysis is a sure way of enhance performance in a business. PESTLE analysis ensures the business plans for the long-term and short-term future. For example, the business has to make the various changes in the environment, when the environmental organisations start to focus on businesses that pollute the environment. As such, the business will invest in machineries that are environmentally friendly (Boone, 2012:9). This will limit any repercussions in the business. Similarly, the business will make appropriate decisions, especially when it comes to the external political environment. Some places are known to have tension especially after political elections. With such information, the business will make prompt decisions, especially when it comes to the investments. A change in any element of the pestle analysis will have an effect on the establishment of a business. As earlier stated, a change in environment and political environment can affect the business. Similarly, the economy of a country could affect the establishment of a business. For example, a business will change the establishment, especially when the economy is recording turmoil (Wetherly and Otter, 2011:17). Thirdly, a business will make the appropriate decision, especially when technology is changing. Some businesses make decisions especially when investing in new technologies. Fourthly, a business will change its decisions depending on the social factors. For example, a business will rely on the age of the population when decision on the type of products to sell to the market. Similarly, the business has to look at the legal factors. For example, the business has to look at the labour laws before employing employees. References Baker, M.J. (2012) The marketing mix, London, Henry Stewart Talks. Boone, L.E. (2012) Contemporary marketing, 2013 update, Cengage learning custom. Griffin, D. (2010) Business with a purpose: starting, building, managing and protecting your new business, Denver, Colo, Outskirts Press. Richter, T. (2012) International marketing mix management: theoretical framework, contingency factors and empirical findings from world-markets, Berlin, Logos. Wetherly, P. & Otter, D. (2011) The business environment themes and issues, Oxford, OUP Oxford. Read More