The marketing mix is an integral tool in building an effective marketing strategy and implementing it with tactics. The main objective of this study is to understand the role of marketing mix. This study can be used as a tool to assist in pursuing marketing objectives. Marketing mix: is a business tool used in marketing and by marketing professionals.The marketing mix is often crucial when determining a product or brand's offering, and is often synonymous with the four Ps: price, product, promotion, and place Marketing management: is a business discipline which is focused on the practical application of marketing techniques and the management of a firm's marketing resources and activities. Product: The product, service, or program includes both tangible and intangible elements.
The tangible, of course, are those things that the customer can see, touch, feel, taste, or smell.Price: The price is what the customer pays. It includes direct and indirect costs as well as opportunity costs. The benefits of the product have to be great enough to warrant the price. Price includes all costs associated with the product, service, or program.
Place: The place is where the customer receives the product, service, or program. The place of delivery, including all of its resources, is part of what the consumer buys. Promotion: Promotion includes all forms of communication you use to communicate the benefits of your offering to the target market(s).The objective is to persuade the customer in such a way that he or she recognizes that your offering is uniquely qualified to meet his or her needs.
Physical evidence: elements within the store -- the store front, the uniforms employees wear, signboards, etc. People: the employees of the organization with whom customers come into contact. Process: the processes and systems within the organization that affects its marketing process. INTRODUCTIONThe marketing mix for the first time was introduced in an article at Business Review Harward magazine as a Neil Borden who was this article author applied the term of marketing mix for describing the various element in marketing district. He meant marketing mix or mixed marketing in this way: we should determine how these factors are mixed together. (Alipour M.
and Darabi E, 2011) . Marketing mix is originating from the single P price) of microeconomics theory (Chong, 2003). New Ps were introduced into the marketing scene in order to face up into a highly competitive charged environment (Low and Tan, 1995).Borden, According to Wikipedia He started teaching the term after he learned about it from an associate, James Culliton, who in 1948 described the role of the marketing manager as a "mixer of ingredients"; one who sometimes follows recipes prepared by others, sometimes prepares his own recipe as he goes along, sometimes adapts a recipe from immediately available ingredients, and at other times invents new ingredients no one else has tried.The marketing mix is an integral tool in building an effective marketing strategy and implementing it with tactics.
In recent times, the concept of four Cs has been introduced as a more customer-driven replacement of four Ps. And there are two four Cs theories today. One is Lauterborn's four Cs (consumer, cost, communication, convenience), another is Shimizu's four Cs (commodity, cost, communication, channel)”. The marketer E.
Jerome McCarthy proposed a four Ps classification in 1960, which has since been used by marketers throughout the world. The seven Ps is an additional marketing model that refers to the already mentioned four Ps, plus 'Physical evidence', 'People', and 'Process'.Robert F. Lauterborn proposed a four Cs classification in 1993 which is a more consumer-oriented version of the four Ps that attempts to better fit the movement from mass marketing to niche marketing A formal approach to this customer-focused marketing mix is known as Four Cs (Commodity, Cost, Communication, Channel) in “the Seven Cs Compass Model.
The four Cs Model provides a demand/customer centric version alternative to the well-known four Ps supply side model (product, price, promotion, place) of marketing management. * Product > Commodity.However, Moller (2006) highlighted that the shortcoming of the 4Ps marketing mix framework, as the pillars of the traditional marketing management have frequently become the target of intense criticism. A number of critics even go as far as rejecting the 4Ps altogether, proposing alternative framework. The study attempts to highlight the role of marketing mix in the an organization.
One problem in many organizations is that different divisions may be responsible for different elements of the marketing mix. This happens even in well managed organizations. The result is that the offering is confusing to the target market. Lack of communication among divisions makes this problem worse.
And if they don't share the same view of organizational objectives, the problem is worse still. To meet customers' needs a business must develop proper market mix for them.These entails products to satisfy them, charge the right price get the goods to the right place, and it must make the existence of the product known through promotion. .
The main objective of this study is to understand the role of marketing mix in an organization. According to Ranjan (2012) “successful businessmen know the importance of marketing mix because they cannot design and promote their products without marketing mix. It is a mixture of 4 P’s of marketing mix such as product, place, price and promotion”.According to Philip Kotler “Marketing Mix is the set of controllable variables that the firm can use to influence the buyer’s response”. The controllable variables in this context refer to the 4 ‘P’s [product, price, place (distribution) and promotion].
“Marketing is still an art, and the marketing manager, as head chef, must creatively marshal all his marketing activities to advance the short and long term interests of his firm” Wiley (1964) Successful marketing depends upon addressing a number of key issues.These include: what a company is going to produce; how much it is going to charge; how it is going to deliver its products or service to the customer; and how it is going to tell its customers about its products and services. Traditionally, these considerations were known as the 4Ps – product, price, place and promotion. As marketing became a more sophisticated discipline, a fifth ‘P’ was added – People.
And recently, two further ‘P’s were added, mainly for service industries – Process and Physical evidence.These consideration are now known as the 7Ps of marketing, sometimes referred to as marketing mix. (CIM, 2009) Hutchens (1998)“The marketing mix should be viewed as an integrated and coordinated package of benefits that reflect the characteristics of customers and various targeted publics and satisfy their needs, wants, and expectations. Note that the elements of the marketing mix should be integrated because each element of the mix usually has some impact, direct or indirect, on the other three. ”However, Moller (2006) highlighted that the shortcoming of the 4Ps marketing mix framework, as the pillars of the traditional marketing management have frequently become the target of intense criticism. A number of critics even go as far as rejecting the 4Ps altogether, proposing alternative framework.
The study attempts to highlight the role of marketing mix in the an organization.One problem in many organizations is that different divisions may be responsible for different elements of the marketing mix. This happens even in well managed organizations. The result is that the offering is confusing to the target market. Lack of communication among divisions makes this problem worse. And if they don't share the same view of organizational objectives, the problem is worse still.
To meet customers' needs a business must develop proper market mix for them.These entails products to satisfy them, charge the right price get the goods to the right place, and it must make the existence of the product known through promotion. . The main objective of this study is to understand the role of marketing mix in an organization. According to Ranjan (2012) “successful businessmen know the importance of marketing mix because they cannot design and promote their products without marketing mix.
It is a mixture of 4 P’s of marketing mix such as product, place, price and promotion”.According to Philip Kotler “Marketing Mix is the set of controllable variables that the firm can use to influence the buyer’s response”. The controllable variables in this context refer to the 4 ‘P’s [product, price, place (distribution) and promotion]. “Marketing is still an art, and the marketing manager, as head chef, must creatively marshal all his marketing activities to advance the short and long term interests of his firm” Wiley (1964) Successful marketing depends upon addressing a number of key issues.These include: what a company is going to produce; how much it is going to charge; how it is going to deliver its products or service to the customer; and how it is going to tell its customers about its products and services. Traditionally, these considerations were known as the 4Ps – product, price, place and promotion.
As marketing became a more sophisticated discipline, a fifth ‘P’ was added – People. And recently, two further ‘P’s were added, mainly for service industries – Process and Physical evidence.These consideration are now known as the 7Ps of marketing, sometimes referred to as marketing mix. (CIM, 2009) Hutchens (1998)“The marketing mix should be viewed as an integrated and coordinated package of benefits that reflect the characteristics of customers and various targeted publics and satisfy their needs, wants, and expectations. Note that the elements of the marketing mix should be integrated because each element of the mix usually has some impact, direct or indirect, on the other three.
”The importance of a marketing mix is to make businesses or organizations meet the needs of customers and to satisfy them.The marketing mix is an integral tool in building an effective marketing strategy and implementing it with tactics. Marketing mix management paradigm has dominated marketing since 1940 and McCarthy (1964) further develop this idea and refined the principle to what is generally known today as the 4ps. “Marketing mix used by a particular firm will vary according to its resources, market conditions and changing needs of clients.
The importance of some elements within the marketing mix will vary at any one point in time.Decisions cannot be made on one element of the marketing mix without considering its impact on other elements”. As McCarthy (1960) pointed out that “the number of possible strategies of the marketing mix is infinite”. Today however, the marketing mix most commonly remains strong and many marketing textbooks have been organized around it (NetMBA, n.
d). in spite of its deficiencies, the 4Ps remain a staple of the marketing mix.
