Marketing Mix

Marketing Mix

In marketing the most famous term is probably marketing mix. This term comprises of several elements which are known to be tactical and basic components of marketing plan. These elements are commonly referred to as the four Ps representing Price, Place, Product and Promotion. Basically the concept applied in the marketing mix is more the same as a common mix of cake ingredients in which if the quantity of sugar, milk, flour and eggs are altered during baking the cake, the whole cake is also altered. Seemingly, in marketing the offer one makes to customers can be affected by varying the elements mix. Incase of a high profile brand, promotion is increased as well as ensuring the correct weight is offered for a particular price.

According to Marketing Teacher.com (2010), an effective marketing mix should entail a combination of marketing tools which are used to give customer satisfaction and meet company objectives within the shortest time possible. In many cases the customers refer to the mix as an offer which is controlled by the variables mentioned above. The ability to apply the variations of the four elements enhances one to reach multiple customers within the target market. However, to accomplish this and realize high returns, market research and experimenting is essential through various methods both in person and use of impersonal presentations. Thus good coordination and combination of these components will most certainly be effective than depending on one of them (Lake, 2010).

Looking at each of the components and how they are used in the marketing mix is the main purpose of this paper. To start with is the product range and how it is applied in the mix. The product range or brand may be extended for certain tactical reasons like matching the current competition or taking care of seasonal fluctuations. In some areas the product may be repositioned to promote its acceptance to the new group of consumers as a way of initiating long term plans. The product may be termed as simply a tangible or physical entity that may be bought or sold. There are several levels of product which include; the product life cycle based upon the biological life cycle such as the process of development of plants. After a moment of development the product is introduced in to the market where it gains more customers as it grows, eventually the market becomes stable and later on the product attains its maturity. After some time the product is outfitted by other developments and emergence of other superior products in the market thus declining which marks its abandonment. The second level is the customer life cycle which focuses on creation and delivery of lifetime value to the customers by carefully looking at the needs of the customers throughout their life. The process is more of marketing strategy rather than product orientation (Lake, 2010).

Price is another important element since it is used to create sales and all other costs and also determine the value of sales made. It is determined by the customers’ perception of the item being sold. The customers’ opinions about the price of commodities are very vital because it shows the real value of items being sold and what they want to pay. The pricing policy in any organization varies with time and circumstances.

Place is also important because it is concerned with means of transportation and storage of goods as well as their availability to the intended customer. The distribution system involves getting the right product at the right time and at the right place. Various situations are known to determine product distribution. For example a manufacturer may opt to sell products to wholesalers who in turn sell to retailers to sell to customers while others just prefer selling directly to the customers (The Times100.com, 2010).

Finally is promotion of products. It is the processes of communicating with the customers and providing with relevant information that facilitates decision making on issues related to purchase of products and services. Successive promotion increases the sales which cater for the cost of advertisement and other costs. It’s also a good response to competition from other similar businesses and enables the organization to develop and establish succession messages which at times are extremely cost effective (The Times100.com, 2010).

An example of a company and how each of the four elements of marketing mix influences its marketing strategy is Kellogg’s Company that deals with production of cereal and convenience foods like cookies, crackers, toaster pastries, cereal bars, frozen waffles among other related products. The company is involved in development of new breakfast cereals and therefore the product element is the new product being produced to compensate the withdrawal of old products. The pricing policy is established by carefully examining the customers’ perception, rival products as well as the cost incurred during manufacturing. Promotion in the company involves engaging in various promotional activities like competition and product tasting. The place another element is represented by using the best possible means of distributing the products such as in super markets and shopping malls. However, the product is the most important element in which the marketing energy lies (The Times100.com 2010).  Plans that involve production, setting up production lines, financing the process and manufacturing are not the responsibility of marketing function but set the value of the product to the consumer. However, marketing mix is very vital in this process since it puts value to the appearance of the product, its function to the customers as well as continuity of the business.