Marketing can be defined as placing a merchandise in the precise place, precise price and during the precise period. Marketing mix involves the approach executive’s use in making decisions to enhance marketing of products. The American Marketing Association president Neil Borden introduced the name, Marketing Mix. Marketing mix is a tool employed by marketers for operational planning on marketing and marketing of transactions. The rapid and constant use of this tool is because of the introduction of it in learning manuals and the success it brings to businesses. Using the marketing mix tool is one of the best ways of ensuring a product is right and in the right place. Marketing mix involves the use of four Ps that include, price, product, promotion, and place. Marketing mix is an important tool that aids in the promotion of products under the four P paradigm.
The pricing of a product is important to understanding how it sells. The perception customers have about the product is important compared to the real cost of the product. According to Michigan State University, “Many times setting the incorrect price level is the beginning of the end for an organization” (Michigan State University). Pricing of a product at a higher price than the value that is perceived by the consumer limits its sales. A product can be priced at a price that is higher than the objective monetary value if it has customer value that is positive. Conversely, a product should be underpriced if it possesses little market value according to the consumer. Effective use of the marketing tool ensures that a company is able to take advantage of the market and make the needed profit.
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Most of the marketing communication techniques and strategies rely on the use of promotion. Bodea and Bacali state, “The promotional mix represents the ensemble of communication and promotion instruments, combined in an integrated manner” (Bodea and Bacali). Promotions include sales promotions, public relations, special offers, and advertising. The channels used in promotion should be well analyzed and suitable for the particular product being marketed. There are many facets that should be taken into consideration including, print, online and television. Promotion can be considered marketing aspect that deals with communication strategies. An effective promotion results in more sales for a product that translates to profits for any company. Using good public relations campaign the company can increase the reach and accessibility of the product.
When doing marketing, the location of the product is also important for a business. The place in the marketing mix is a reference to how the product will reach the consumer. MarketingCareerEdu states, “Marketing research plays a critical role in determining which venues are most likely to be frequented by target consumers” (MarketingCareerEdu). Having a good delivery place makes it easier for the customer to access the product and get to purchase it. In addition, the product being sold also matters when developing marketing strategies. The product should be able to meet the requirements of the customer if the company desires to make many sales. The product’s life cycle should be taken into account.
Identification of the perfect marketing mix for a business is essential. This helps in getting of sales and acquisition of new customers. Business should have to target customers who will determine the place or set up the business and the pricing of the products. Marketing mix strategies aid in the creation of a good product that cuts into a wide range of consumers. Marketing strategies should be able to meet the budget and goals of the business. It is also helpful in the elimination of errors and development of adequate research about the customers. Creation of a good plan for a business will ensure the success of a product. Marketing mix needs more understanding, consultation and market research involving many stakeholders.
References
Bodea, A. M., & Bacali, L. (2011). Importance of the Marketing Mixes Components in the Context of Romanian Firms' Marketing Performance. Review of Management & Economic Engineering, 10(2), 57.
MarketingCareeredu. "What is Marketing Mix | 4 Ps of Marketing | Definition of Marketing Mix." Marketing Career Information | What is Marketing? www.marketingcareeredu.org/marketing-mix/ .
Michigan State University. "Marketing." Michigan State University. Est. 1855. East Lansing, Michigan, USA , msu.edu/course/prr/473/oldstuff/Marketing.htm.
