What is marketing mix in Marketing Assignment?
Marketing mix is one of the most noted frameworks in Marketing Assignments that are used by the companies in order to boost the marketing or marketing related decisions. Marketing mix stands as one of the determining for any commercial organization, as it is on marketing mix on which the upliftment or the downfall of the organizations depends. For the purpose of marketing, it is mandatory for all organizations to adapt a successful marketing mix for launching of right product at right place and that also through right promotional strategies. Different companies set up different marketing mixes for the promoting the sale of their product. Setting up marketing mix for any organization is as similar to that of serious decision making. For better sale of product any organization needs to put stress on coming up with the appropriate marketing mix. Marketing mix mainly concentrates on the 4 P’s of marketing and they are : product, price, place and promotion. Marketing of any product mainly depends on all the 4P’s.
It is essential for any commercial organization to set up an appropriate marketing strategy so that they get better result in return. It is regarded as one of the fundamental concepts in the procedural of marketing as the phenomenal mainly focuses on the product, price, the place and the promotional techniques. It is quite natural that if a company sets up an appropriate promotional technique then the particular company is surely earns huge amount of profit. All the four P’s are interrelated and if one P’s gets neglected that becomes impossible for the companies to earn profits. Promotion and pricing play the huge role in sale of the products, and place also matters. It is also mandatory for commercial organizations before setting up of the marketing mix for any product to go through a thorough check whether launching of any product will be profitable any particular place.
Marketing mix is nothing but setting up of the marketing strategies by any organization regarding their sale of their products. Companies need to check the benefit of geographical location and the competitive range and edge of other factors that can stand erect as barrier in the procedural of marketing and carrying forward with commerce. As all the P’s are dependent, in case of change in any of the one P, the whole procedure of marketing of any product gets corrupted.
The concept of marketing mix in Marketing Assignment was first coined by Neil H. Borden in one of his article ‘The Concepts of Marketing Mix’ which was published in the year 1964. According to the Borden’s theory include and concentrated on several aspects. The aspects were product, planning, pricing, branding, personal selling, promotions and advertising, distribution channels, packaging and display, fact finding analysis, servicing and physical handling. It was in the year 1961, suggestion were done by Frey so to bring about the categorization of the elements that were included in Borden’s theory into two separate groups offering and methods. Offerings included product, brand, price, services and packaging.
Methods in Marketing Assignment included personal selling, advertising, publicity, distribution channel and sales promotion. In the later half all these elements were re arrayed by McCarthy into four vital elements which are now known as the 4P’s of marketing. Research and implementation of strategies mainly puts stress on all the four P’s of marketing. In today’s world, some of the companies make use of five P’s in the procedural of marketing. The fifth P of marketing stands for people in marketing mix. The fifth P of marketing is adopted by the companies which stress a lot on establishing customer relation for selling of product. The last P is taken in consideration by the companies on which the influence of the customers is passive.
4P’s of marketing
The 4 P’s of marketing refers to the following:
A product or service is the only thing for which all commercial organization adapts the market mixes and implementation plans in dedication to a certain target people. Commercial organizations look after satisfying their customers, and fulfill the criteria of the consumers as per their demand.
Pricing is one of the most important factors that plays role in the sale of any product. The pricing is one of the most important factors in marketing. Pricing is done by the companies by setting the segments for selling their products. Targeting customers is taken in concern by the commercial organization as the foremost important factor that determines the rate of sale of any particular product. Place is another determining factor which is regarded as another important factor which plays huge role in the sale of any product. Before launching of any product, while setting up the marketing mix it is mandatory to go through a research and analysis. It helps the organizations to identify whether the product they are launching will be used in that particular locale, whether the rate of sale of product will be high in that locale or not.
What is market planning?
Market planning mainly refers to the adaptation of the marketing strategies that are necessary for every commercial organization for enhancing the commerce; boost the sale of their specified products. Marketing plan is used to drop the sale line to the customers. The marketing plans are set up by commercial organizations in order to real the goal of and earn more profits. Market planning in the strategic development, which can be responsible for upliftment and downfall of any commercial organization.
Market planning differ from companies, it actually depends on the size and structural working of the firms. Marketing planning changes all the time basing on the demand of the customers, which companies aim to fulfill. A good market planning comes up with a good return. The marketing plan generally consists of the functioning and the steps any particular company urges to take up for developing their business. Though there can be more that one planning in any company, it varies on the basis of the structural and strength of launching new products. If any company launches several product with different market targeting then, the company can opt for more than one marketing plans.
Market planning is regarded as one of the most important thing in commerce of any organization. It is actually a blueprint which contains all the detail regarding the functions that any company to imply. Market planning is mainly implied by the companies in order to boost the rate of sale of their products, and the tactics that can be applied in order to earn huge amount of profits. After all organizations mainly aims to earn more profit. For that reason they adapt different strategic steps which can enhance the companies both structurally and in monetary aspects. Setting up of any marketing plan requires involvement of people and feedback as well.
What is market analysis?
Marketing analysis in Marketing Assignment is another foremost important term in the field of commerce and in the procedural of marketing. Marketing is all about selling of product and launching new product basing on the market mix. Market mix can be done by different companies regarding their when a detailed analysis or market research is done. Through market research, it becomes possible for the company to set up strategies and progress accordingly. If organizations fail to bring out accurate market analysis then there are possibilities that their products may not survive in the world of commerce.
Appropriate market analysis is worthy for any organization, but exact analysis is one of the hard task to be executed. Bringing out all the core information regarding the current market scenario is not tough but it requires a lot of time. Commercial organization for conducting market research, take help of several analytical tools, which help the companies. Companies which are large in structure mainly makes use of the most popular form of analysis namely, SWOT analysis. SWOT analysis is mainly used by large companies in order to check the strength, weakness, opportunities and threats of any company. Market analysis mainly carries some of the vital information market size in current scenario and what will be the future. Analysis also contains calculations that are necessary for any company. Market analysis contains enough of data and can also include graphs which help the companies to identify the standing of the companies. Through the procedures of market analysis, the companies get to know the market and organizations focus on some important factors like market size, market trends, the rate of growth of the market, the profitable areas of the market, the key factors of success and the industry cost structure too. All this aspects or dimensions help the organizations to scrutinize the condition of the market scenario in an appropriate manner. Porter’s five analyses, PESTLE analysis, PEST also comes under market analysis procedural which also adequately help organizations to develop their marketing strategy in accordance to the marketing positioning.
7 C’s of marketing
Like 4 P’s and 7 P’s of marketing, 7 C’s of marketing is equally important. The 7P’s and the 7C’s of marketing are highly interrelated and are integral part of marketing mix. The 7 C’s stands for credibility, cost efficiency, customers, connections, close, customer services, and cash.
The concept of 4 C’s of marketing was introduced in the 1990s after the 4P model of marketing was introduced. Then the 4C model of marketing proved to be fit in marketing and suitable as one of marketing mix model.
In those days, in consumer oriented markets, products were referred to as consumers, and price as cost and place as convenience and promotion was regarded as communication. After further research, three more C’s of marketing was added up namely, Caring, Coordination and Confirmation. The 7 C model is also used for the procedural of marketing basically; the model is used as one of the co-marketing technique. This particular model is used in the market where customer satisfaction is the main criteria or in customer oriented markets. Generally, the 4 C’s of marketing is mainly used for the purpose of marketing. The 3 C’s are rarely used by the organizations. Anyways implying of this technique of marketing is not adopted by the companies those who aims to earn huge profits. The 7 C model is often criticized by several critics, as this particular model of marketing, in place of promoting the structure of profit of the companies concentrates more on setting target upon audience.
Hence, the 7Cs model of marketing is similar to that of 7P’s of marketing but the major difference is that their orientations are exactly the opposite. It is recorder that adaptation of the 7P’s or 4P’s of marketing is much more preferable for the organizations. As it is the marketing model of market mix which enhances the rate of sale and as a result brings huge amount of profits.
What are the factors students need to keep track on in doing their marketing mix assignments done?
Setting up of a well researched marketing plan consumes huge time to develop, after taking in account regarding the existing factors that plays huge role in the procedural of marketing. There are two types of factors they are controllable and uncontrollable factors. The controllable factor is widely known as the marketing mix, that basically refers to 4P’s and quite a often some organization also focus on some more P’s. The uncontrollable factors that plays huge role in the process of marketing of any product are the legislation, natural disaster, supplier and economic factors. For any student of marketing it is quite troublesome for them to keep in mind regarding all the factors that plays a huge role in the procedural of marketing of any product. It also becomes difficult for the marketing student to determine the marketing mix for any particular organization. Similarly conducting of appropriate market research and scenario analysis for marketing mix assignment often becomes troublesome.
In case of setting up of marketing mix for any particular product of any organization, the first and foremost thing that one needs to keep in mind that on what orientation the marketing mix will be based on. If the market mix of any product will be based a market which is customer oriented then the 7Cs or 4Cs model of marketing should be used. If the market is customer oriented then the main thing any organization need to concentrate on customer satisfaction while. Setting up of the marketing mix is necessary for each and every company, so before preparing the mix the orientation of the market is mandatory to check. In an assignment of marketing mix is based on the perspective of earning more and more profit, the 7Ps model of marketing needs to be applied by the organizations. Those students who opt for marketing and management course in their academic career, they are often asked while they are employed regarding which models to be used for marketing for boosting the profit level of consecutive companies. The market planning is done by writers on behalf of several companies in place of giving their own recommendations. All students need to concentrate while doing marketing mix assignments mainly upon critical thinking and to analyze any scenario from several perspectives. The capability of composing critical assignments like marketing mix can gradually develop their creative thinking skill.