Marketing Mix: 4Ps (Essay Sample)

MARKETING MIX
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Marketing Concepts refer to the different strategies put in place by a company as pillars to drive towards the set objectives and realizing the goals of the business at large. Different strategies may be geared towards different objectives such as: Increasing the customer base. Gaining comparative advantage over competitors. Maximizing on the level of registered profits and increasing the number of sales per unit. Several marketing concepts are put into practise and they are formally regarded as marketing mix. Marketing mix refers to the arrangement of activities, or strategies, that an organization uses to advance its image or item in the market. The marketing mix is composed of: Price, product, place and promotion (Goi, 2009). These can be analyzed as discussed below:
Price:
It alludes to the esteem that is put for an item. It relies upon expenses of creation, the section focused on, the capacity of the market to pay, supply - request and a large group of other immediate and roundabout elements (Goi, 2009). There can be a few sorts of valuing methodologies, each tied in with a general marketable strategy. Evaluating can likewise be utilized a boundary, to separate and improve the picture of an item.
Product:
Alludes to the thing really being sold. The item should convey a base level of execution; generally, even the best work on alternate components of the promoting blend won't do any great. Consumers preference is based on a product's performance to its designated function. Quality of the product and its design features also influence the acceptability of a product to the consumers (Lee et. al, 2000).
Place:
It refers to the point of offer. In each industry, getting the attention of the customer and making it simple for her to get it is the fundamental point of a decent circulation or 'place' system. Retailers pay a premium for the correct area. Truth be told, the mantra of a fruitful retail business is 'area, area, area'. The point of offer may be highly influenced by geographical and demographical factors which dictates the customer's convenience to access a particular product and also being a determinant to the cost of product (Lee et. al, 2000).
Promotion:
It concludes every exercise, procedure or routine embraced to make the item or administration known to the client and exchange. This can incorporate promoting, verbal, squeeze reports, motivations, commissions, and honors to the exchange. It can likewise incorporate buyer plans, coordinate showcasing, challenges and prizes. Promotion also incorporates a pull strategy where all procedures and routines set into place are bound to strengthen the brand and create product loyalty to the targeted customers (Goi, 2009).
DISCUSSION
In a real life situation, i opt to discuss a renown company and analyse how it embraces different marketing concepts in its marketing operations. Coca cola is a worldwide company well recognized with beverage production and distribution. It has grown into its large stature due to continuous efforts that have been pulled in the marketing of its products. In regards to the marketing mix, i suppose that Coca Cola would be to expand its stature through the following propositions. Venturing into a wide range of new products such products as butter, chewing gums, and coffee products (Lee et. al, 2000). Future stakeholders of the Coca Cola company should avoid fluctuating the price of their products. This will ensure that everyone can afford their products, both young and the old. The other thing I would advise coca cola would be to follow up on the prices the retailers are selling the coke products at and in case some retailers are hiking the products price, they should be warned in order not to chase customers away with high prices (Goi, 2009).
I would advise the coca cola company to address areas of marketing such as the use of radios to advertise their products. Not all consumers can perha