Minor Assignment Marketing Mix

In addition, select an organization with which you are familiar and describe how each one of the four elements of the marketing mix affects the development of the organization’s marketing strategy and tactics.

1) What are the four variables of the marketing mix? Who controls the marketing mix variables? Explain briefly.

Marketing mix -The marketing mix is commonly used marketing term. Its elements are basic, strategic components of a marketing plan. Which is mentioned as the four p’s, which include Price, place, product and promotion. More recently 3 more P’S have been added to the marketing mix which are people, process and physical evidence this is known as the extended marketing mix.

The Marketing Mix and the 4Ps of Marketing - from MindTools.com. 2017. The Marketing Mix and the 4Ps of Marketing - from MindTools.com. [ONLINE] Available at: https://www.mindtools.com/pages/article/newSTR_94.htm [Accessed 3rd May 2017].

Figure 2.4 Managing Marketing Strategies and the marketing mix. Page 49 (Reference Armstrong, G., Adam, S., Denize, S., Kotler,P., 2015. Principles of Marketing 6e.6th ed. Melbourne: Pearson Australia Group Pty Ltd

Discuss the marketing mix components: product strategy (position, branding), pricing strategy, distribution (marketing channel) concept, and promotional (marketing communication) strategy.

The four components of the marketing mix are used to shape market demand. To facilitate transactions, the four P's, Product, Price, Promotion, and Distribution are used.

The final marketing mix is the product. It refers to the goods and services provided for a customer to buy by the seller (Surridge and Gillespie pg.195). The nature of a product can be analysed on three levels the core, actual and augmented product. Core product is the actual use of a product, the actual product is the product itself and the augmented product is something extra that comes with the actual product (Surridge and Gillespie pg.195). The factors that differentiate products are their various designs, its quality, its reliability its features and its function (Surridge and Gillespie pg.196).

5 Outline marketing mix strategy – these are your recommendations for the marketing mix with justification. You must use appropriate theory and references throughout.

There are 4 different sections of the marketing mix. They are Place, People, Product and Price.

The four P’s of a marketing mix are as follows, product, price, place, and promotion. Each of these offers a marketing parameter for the management and company team to control. With each marketing tool there are decisions that should be met as far as the business is concerned. Therefore, there is a list for each one that should be analyzed to meet the business standards.

Q1. Define Marketing, distinguish between Selling and marketing. What are the four components of Marketing Mix, briefly explain. ?

The marketing mix was also another useful tool that determined the success of the business enterprise. Bagley et al (2011:264) define the marketing mix as a decision making tool for deciding how to manage customers’ relationship by providing goods and services to meet their required needs. Sutherland and Canwell (2007:13) point out that the marketing mix is a balance between the four main elements needed to carry out marketing strategy. The four elements include product, price, promotion and place. The use of these elements of the marketing mix had a great effect on the business success.

Promotion is one of the marketing mix elements among a system of five in a promotional plan, known as the five P’s. These elements are personal selling, advertising, sales promotion, direct marketing and publicity.

These 4 Ps’ are the parameters that the marketing managers can control, subject to the internal and external constraints of the marketing environment. The goal is to make decisions that center the 4 Ps’ on the customer customers in the target market in order to create perceived value and generate a positive response.