The Essay Explores The Nature And Importance Of The Marketing Mix.

Using relevant examples, you will explain the nature and importance of the marketing mix within the marketing process. 

You will be required to discuss how the marketing mix and other key marketing theory can impact the success of marketing activity with particular reference to customer satisfaction.

Mixture of marketing elements

In the current business era, marketing mix plays an important role in promoting the goods and services of the organization. There are three factors that are considered in the marketing mixes like the product, price, place, and promotion (Fan, et al., 2015). These factors could assist the organization to satisfy the needs of the organization. This report presents the nature and importance of the marketing mix. It discusses how marketing mix and marketing theory impact on customers satisfaction.

A mixture of marketing elements 

The marketing mix is a combination of four significant factors like product, price, place, and promotion as these factors could be interdependent.

The marketing mix enables an organization to the accomplishment of marketing goals as it could be in terms of the profit, sales, and consumer satisfaction (Posner, et al., 2015). It could be a marketing tool as it could be used for the accomplishment of the marketing objectives. 

The marketing mix is a flexible technique as it allows the company to changes in their business process on the basis of the time. The marketing mix could be essential for a firm to get higher competitive benefits in the least time. Though this technique, the organization will be capable to modify themselves as per the demand of the market that could lead to getting a reliable result.

The marketing mix components are connected and requirements of appropriate alteration from time to time. The updating of marketing mix could be effective for the attainment of the marketing objectives. In addition, it is analyzed that the marketing mix could promote the products and services of the organization on the basis of the consumer’s preference (Sinapuelas, et al., 2015).

From the application of the marketing mix, the marketing executive of the organization acts as the ingredients mixer as it would be effective for the accomplishment of the desired goal in the least time. There are certain factors that could be consider by the marketing manager like idealistic, imagination, and logistic skills to effectively use the marketing mix in the organization and higher competitive benefits (Astuti, et al., 2015).    

The consumer is the key factor for the marketing as it leads to the organization for getting higher competitive benefits in limited time and cost. The satisfaction level of the consumers also another important concept that could be considered by the marketing manager to accomplish their desired marketing goal. The marketing mix variables could be effective for increasing the satisfaction of consumers.   

Factors of the marketing mix are interrelated. The decision of one sector could influence all sectors. Hence, the marketing manager makes a realistic decision with respect to marketing.   

The marketing mix is based on consumer-oriented activity as their aim is to deliver the higher satisfaction to the consumer by giving the preference to consumer’s need. It could be imperative for the attainment of the organizational aim. The Marketing mix is a tool that is used to influence the buying behavior of the consumers towards the products and services of the firm. Each marketing mix tool could lead to deliver consumer benefits (Bahadir, et al., 2015).  

Significant for meeting the marketing targets

Each element of the marketing mix could affect each other. The marketing mix could also enable the organization to make a business plan and get higher success by leading business process in a systematic manner. Further, the marketing mix covers a huge amount of consumers as it leads to enhance the sale of the firm.

A good is any goods and service that customers want for satisfying their needs. It could be set of the tangible and intangible qualities. The product strategy enables the organization to make a realistic plan about the products and services that they want to introduce in the marketplace. An organization could consider many components at the time of making product decision like durability, product line, and qualities of goods and services. Moreover, the product strategy could enable the company to make their products by entailing certain features such as product size and weight, product quality, output volume, brand name, product range, and product testing, and after sales services (Phan and Vu, 2015).    

Price is a significant component for affecting firm success. The pricing strategy could lead the organization to directly attract sales volume and profits of the firm. The price strategy enables the organization to decide the suitable price for the goods and services of the company. The prices are an imperative factor in the marketing mix as it leads to attracting a huge amount of the consumers (Fine, 2017).          

The place strategy could be effective for identifying the specified place where products and services will be delivered to their consumer. Further, the organization could take decision-related to wholesale, retail outlets, and channels of distribution. The primary aim of the place strategy is to select and manage trade channels to contribute products and services at the time (Posner, et al., 2015).        

The promotional strategy could enable the organization to promote their goods and services by increasing the awareness of goods and services. It is a function of attracting consumers.  The promotion mix decision facilitate to make a decision on the basis of personal selling, advertising, sales promotion. Each technique supports to promote goods and services promotion and to make competitiveness in the marketplace. The promotion strategy is used to communicate the message by considering magazines, radio, newspapers, television, and other sources to converse the message. Further, it could also be effective for accomplishing the goal of the organization (Sinapuelas, et al., 2015). In addition, it is also addressed that the organization uses advertising agencies to operate the business process. In addition, it is also addressed that promotion strategy could also be imperative  for effectively communicating with the consumers. From the application of promotional strategy, the organization could be capable to make a direct relationship with consumers.

How marketing mix and marketing theory impact the success of marketing activity with particular reference to customer satisfaction

(Sources: Astuti, et al., 2015).

For practicing marketing approaches, the organization will consider the marketing mix model to the accomplishment of the organizational goal. There are a different factor that could be considered in the marketing mix like the product, price, place, and promotion strategy. The marketers should concentrate on target market while practicing marketing mix. From implementing marketing strategy, the organization would be capable to operate the process of business. It could be effective for attracting a large number of consumers by satisfying their needs. The marketing mix could direct impact on the satisfaction level of consumers (Astuti, et al., 2015).        

Flexible and dynamic concept

The product strategy facilitates the company to make an effective plan towards products before launching their goods and services in the marketplace. The company could entail many elements in the product strategy like purity, lawfulness, deliverability, price determination, and cleanliness to deliver their goods and services in the marketplace. Besides this, the organization will also consider many factors like product features, colors, scents, and packaging for satisfying their consumer and make a reliable relationship. The product strategy could be effective for influencing consumers towards goods and services by giving preference to consumer’s need (Astuti, et al., 2015).

The cost of products and services are not only based on the business process but also depend on the consumer’s perception towards the value of goods and services. There are certain aspects as it could be considered by a company like society, politics, education, spirituality, and economy. Moreover, the organization should also use penetration strategy and offer goods and services at low cost to their consumers for attracting a huge amount of consumers. The penetration strategy will enable the organization to increase the demand of consumer towards products and services. Further, the organization will be capable to obtain higher productivity in the least time (Astuti, et al., 2015).    

From the application of the place strategy, the organization will be capable to make the strategy towards the place to deliver their goods and services. Inconvenience to the consumer facilitates to dissatisfaction among the consumers that negatively impact on the organizational performance. Hence, the company will be capable to increase the satisfaction level of consumers. It could also help to increase the sales of the organization. The place strategy supports to identify market as well as consumers to deliver their goods and services (Sinapuelas, et al., 2015).                 

The promotion strategy facilitates to the organization to promote their goods and services in the marketplace. At the time of promoting goods and services, the organization should consider many factors like honest in advertisements, truthfulness, and transparency. Consequently, the organization would be capable to spread awareness of goods and services among the consumers as it forces consumers to buy goods and services. Moreover, promotional strategy support to make a relationship with the consumers by satisfying needs of consumers (Astuti, et al., 2015).

Conclusion

From the above analysis, it can be summarized that the marketing mix enables the organization to promote their goods and services in the marketplace. The marketing mix could consider many components like price, product, place, and promotion. It can be summarized that organization should use the product strategy as it enables the company to to concentrate on product design, color, packaging, and features for attracting huge amount of consumers and make a unique image in the marketplace. Apart from this, it can also be concluded that the organization could use the penetration strategy and deliver their goods and service at low cost and make the different image the marketplace. The company could also use a place strategy wherein they will focus on making the distribution method. It can also be illustrated that the organization could use the promotional strategy for promoting their goods and services from different sources like newspaper and electronic media. It could lead to cover a huge number of consumers in the least time for the long term. It can be concluded that the marketing mix could direct impact on the consumer’s satisfaction.   

Adjacent of components

The organization should use many approaches to enhance the satisfaction level of the consumers and make a reliable relationship with them. These strategies are training and development method, effective websites, and digital marketing tools. These are discussed as below:   

The organization should use the training and development method for improving existing customer handing strategy of employees. It would also be effective for attracting consumers and retain them for long-term. In addition, workforces should train with respect to the goods and services, and make enable to confidently communicate with the products and services. This method is an effective technique for increasing the satisfaction level of the consumers (Fine, 2017).

The organization should use digital marketing technique as it enables the organization to directly converse with the consumers. Through this, the organization will collect opinion and views of consumers about their needs (Wongleedee, 2015). There are certain sources that are considered in the digital marketing like YouTube, Facebook, Instagram, twitter, and link as it will facilitate to get a reliable opinion about goods and services. It could also be effective for the making the reliable relationship with the consumers and retain them for long-term (Festa, et al., 2016).        

The organization should also use the effective websites to deliver information about goods and services. Further, the company should also make their own sites and offer the relevant information and focus on those consumers who are interested in their=r products and services by examining the number of visitors (Fine, 2017). The organization should also use SEO for enhancing the traffic of consumers towards the brand of the company. It could lead to making a unique image of the company the consumers’ mind (Barrett. and Weinstein, 2015).

Astuti, R., Silalahi, R.L.R. and Wijaya, G.D.P., 2015. Marketing strategy based on marketing mix influence on purchasing decisions of Malang apples consumers at giant Olympic garden mall (MOG), Malang city, East Java province, Indonesia. Agriculture and Agricultural Science Procedia, 3, pp.67-71.

Bahadir, S.C., Bharadwaj, S.G. and Srivastava, R.K., 2015. Marketing mix and brand sales in global markets: Examining the contingent role of country-market characteristics. Journal of International Business Studies, 46(5), pp.596-619.

Barrett, H. and Weinstein, A., 2015. Corporate entrepreneurship, the marketing mix, and business performance. In Proceedings of the 1997 Academy of Marketing Science (AMS) Annual Conference (pp. 144-150). Springer, Cham.

Fan, S., Lau, R.Y. and Zhao, J.L., 2015. Demystifying big data analytics for business intelligence through the lens of marketing mix. Big Data Research, 2(1), pp.28-32.    

Festa, G., Cuomo, M.T., Metallo, G. and Festa, A., 2016. The (r) evolution of wine marketing mix: From the 4Ps to the 4Es. Journal of Business Research, 69(5), pp.1550-1555.

Fine, S.H., 2017. Introduction to social marketing. In Marketing the Public Sector (pp. 1-12). Routledge.

Fine, S.H., 2017. Introduction to social marketing. In Marketing the Public Sector (pp. 1-12). Routledge.

Phan, T.T.H. and Vu, P.A., 2015. The impact of marketing mix elements on food buying behavior: a study of supermarket consumers in Vietnam. International Journal of Business and Management, 10(10), p.206.

Posner, H., Williams, S. and Posner, H., 2015. Marketing fashion: strategy, branding and promotion. Laurence King Publishing.

Posner, H., Williams, S. and Posner, H., 2015. Marketing fashion: strategy, branding and promotion. Laurence King Publishing.

Sinapuelas, I.C.S., Wang, H.M.D. and Bohlmann, J.D., 2015. The interplay of innovation, brand, and marketing mix variables in line extensions. Journal of the Academy of Marketing Science, 43(5), pp.558-573.

Wongleedee, K., 2015. Marketing mix and purchasing behavior for community products at traditional markets. Procedia-Social and Behavioral Sciences, 197, pp.2080-2085.

Additional references

Srinivasan, S., Rutz, O.J. and Pauwels, K., 2016. Paths to and off purchase: quantifying the impact of traditional marketing and online consumer activity. Journal of the Academy of Marketing Science, 44(4), pp.440-453.

Mohammad, H.I., 2015. 7PS marketing mix and retail bank customer satisfaction in northeast Nigeria. British journal of marketing studies, 3(3), pp.71-88.

Liu, Y., Li, K.J., Chen, H. and Balachander, S., 2017. The effects of products’ aesthetic design on demand and marketing-mix effectiveness: The role of segment prototypicality and brand consistency. Journal of Marketing, 81(1), pp.83-102.

Festa, G., Cuomo, M.T., Metallo, G. and Festa, A., 2016. The (r) evolution of wine marketing mix: From the 4Ps to the 4Es. Journal of Business Research, 69(5), pp.1550-1555.