The Marketing Mix in General Terms - Report Example

Introduction: The marketing mix is the prominent expression of the marketing. It consists of certain factors which are much vital to marketing. The marketing mix in general terms are known as the four p’s of the marketing which contribute for the success of the product in the market. The concept of the marketing mix was first put forward by Neil Borden where he gave the emphasis of various terms contributions for the marketing of the product. The concept was used mainly for teaching intention in the late 1940’s.The main marketing mix components are the product, promotion, price and the place. These are known as the 4-ps of marketing. The marketing mix is incomplete without certain factors which are the sub factors of the 4-ps of the mix. The 3 other Ps of marketing are the physical environment, process and the people. These factors does not contribute directly to the marketing mix. Executive Summary: The report consists of the marketing mix and the extended fundamental concepts of marketing and the interpretation of marketing services and that of the tangible products. The marketing of the services and the marketing of the tangible products are identified. The analysis is made on how the marketing differences between the services and the tangible products affect the marketing mix and the various strategies that are identified and employed in each of the services. The different scenarios of the service marketing effect on the marketing mix are also incorporated. Body of the Report: A service is the act of doing anything to attain a specific goal. So; it is merely an intangible asset. We can only see the intangible services. There is a vast difference between the services and products. The features associated with these are different especially in terms of tangibility and ownership. The services marketing mix is an addition of the 4-Ps’ structure. “The concept relies upon marketing research to define market segments, their size, and their needs. To satisfy those needs, the marketing team makes decisions about the controllable parameters of the marketing mix, The Marketing Mix / Extended Marketing mix is the fundamental marketing concepts.” (The marketing concept, 2007). Marketing mix variables such as price, place, product, promotion etc will help the marketing supervisor manage with the intention of most satisfied consumers in the target marketplace. Managers require observing expenses as an essential ingredient of a firm’s attempt to generate worth for consumers. At the same time, firms adopt various types of pricing strategies according to the trends as well as the requirement of customers. Service organization must develop the proper relationship with its customers. It will help to increase the customer loyalty. It is necessary to expend more connection with its consumers to develop consumer’s stability and also to secure purchases to one dealer. In order to design and organize the service procedures, it is necessary to recognize key actions in generate and distribute the services. For example, it is necessary to differentiate among front and back stage of the consumers. It means the consumers understanding, thought about the service etc. Service Marketing Mix: The service marketing mix mainly deals with analyzing the marketing p’s and the characteristics of them are defined as the poor responsibility in the ownership. Intangibility of the products is perishable which has the heterogeneous nature. The service marketing factors are difficult to handle as they consists of more complicated factors and the extended stuffs of the factors than the products. The general marketing mix consists of four factors which affect the marketing, the product mix, price mix promotion mix and the place mix. The market mix of the service is extendable and they are classified into 3 more groups that include: physical evidence, process and the people. These contribute much for the extendable and the efficient services in the organization. Physical Evidence: Physical Evidence is the factor that permits the consumer to formulate decision and conclusion within an organization. The physical evidence mainly deal with the expectations which are the perceptions and the attitudes that the consumers exhibit about the services in the market. People: People play a vital role in services and are the key component of the service provision in selecting the adequate staff. The employee should be considered as the assets of the organization and has a leading role in making the company to the competitive advantage. The employees should be given appropriate training and development in terms of the interpersonal skills, communication, decision making skills and the psychological skills. The customer relationship management should be taught to the employees and it is the only way to retrieve the employees. Process: The process refers to the efficiency in the operations by the organization,” Operations must correctly balance SMST and monitor their interaction and performance. Beyond a threshold more and more service adds no further value. Service must be cost effective. In manufacture and supply, providers and clients alike often (through misunderstanding) neglect service elements and customers complain. In car sales new or second-hand cars must in themselves be in good condition. Suppliers may find that customers complain about the tangibles in the transaction although their disgruntlement may be intangible.” (Jarvis, n.d.). The Product Market Mix: The product market mix consists of the 4-Ps of marketing which are common to products and services. Product Mix: Product refers to an innovative idea its final results and various processes involved in it.” The decision of the product mainly deals with the Product attributes, Branding, Packaging and labelling and Product support service.” (Business studies: Marketing mix, n.d., p.22). A Product mainly deals with its quality and the design is based on which the product is differentiated. Branding is considered as the essential decision in the competitive era which contribute for the demand generation and the reputation in the market. Packaging is mainly with an intention in the market in dealing with the good protection give to the products from getting contaminated. Pricing: Pricing is the factor which brings together the manufacturers and the customers the pricing of the product is the value fixed by considering the process in the organization and the benefits of the products. Pricing are done on various ways, and there are different types of pricing. Promotion: Products are to be introduced to the public by the means of promotion. It is the method of conveying the information to the potential customers; explaining its features by creating a motivation for them to buy the product. The main factors of promotion are sales promotion, advertising, personal selling and the publicity.” The cost associated with promotion or advertising goods and services often represents a sizeable proportion of the overall cost of producing an item. However, successful promotion increases sales so that advertising and other costs are spread over a larger output.” (Marketing mix (price, place, promotion, product), 2010). Place: The place is where the products are taken to the market for distribution. The product can be given in the market. The place mainly refers to the physical distribution and its channels. The channels of distribution mainly deal with various kinds of distributors and suppliers for distributing the products. Scenario of the Service Marketing: The scenario is the service marketing applied in the libraries and the information science. The main idea of the library is to provide the services and the information and the libraries are now changing to the library management. The marketing for the libraries have much effect on the marketing mix and are applicable to the whole organization. The library is unlike a new product in the market. But, they are treated as the quality organization which provides high range of quality products and services. As the library is considered, it is different from a new product for the promotion in the market. The library is concerned as the educational services used as the new method of promotion and the service orientation. The library consists of the quality aspect and the service market here depends mainly on the perception. As the service marketing aspects, the library can widen its image and make it as the learning centre for the college going and the university students. The library can have an intense promotion by creating a small focused group among the citizens, the construct and the editorials where they can make up the information. They also can build certain technology and services campaign. Conclusion: Marketing mix mainly aims in communicating effectively and efficiently with the customers by promoting and meeting the target customers. In short, marketing mix is the total collection of certain elements which can lead to the customer satisfaction and achieving the target. It is quite clear that each elements of the marketing mix are interrelated. Reference List Business studies: Marketing mix, n.d. [Online] p.22. Available at: http://docs.google.com/viewer?a=v&q=cache:klBN7syGErYJ:www.nos.org/srsec319/319-22.pdf+marketing+mix&hl=en&gl=in&pid=bl&srcid=ADGEEShoOpmFv3_UIJpbd4aw7r5MkYoJjf-NwZ8osPoKow6snWIKaYe6jq5E6rsw01TXzMaK5x8KY5XAhkaG8nqt5q9LuIQ8kUOmFUGdnF6dC-6Dbu_kvZ3gItbicE8x8ho5CxFHVJ1O&sig=AHIEtbS1MKurYw_qLUqUTTjVKRvQ_b0s6g [Accessed 28 May 2010]. Jarvis, C., n.d. Operations: The process-service mix. [Online] Business Open Learning Archive. Available at: http://www.bola.biz/operations/opstrat/mix.html [Accessed 28 May 2010]. Marketing mix (price, place, promotion, product), 2010. [Online] The Times 100. Available at: http://www.thetimes100.co.uk/theory/theory--marketing-mix-(price-place-promotion-product)--243.php [Accessed 28 May 2010]. The marketing concept, 2007. [Online] NetMBA. Available at: http://www.netmba.com/marketing/concept/ [Accessed 28 May 2010]. Read More