Marketing Mix Essay

Broadly speaking, in order to maximise profits, varied riotouss use distinct scapes to perform strategy and decisions, such as SWOT analysis, PESTEL analysis and merchandising concoction analysis. In terms of the merchandise alloy, as an important concept in the subject of blood studies, it refers to a balance between the four main agents of trade is needed to carry reveal the foodstuffing strategy. It consists of the 4ps harvest-tide, price, forward motion and hind end (Marcouse and Surridge et al., 2011141). Firms preempt build an effective marketing strategy by using the marketing premix as a tool, and it is possible that business ordain fail if the marketing mix is not correct. The head of the essay is to analyse constituents of the marketing mix. Initially, it entrust discuss four agents, which atomic number 18 the harvest-tide, price, place and promotion respectively. Then, it will evaluate the roughly alert component in the marketing mix, which is the product.The first component of the marketing mix is the product. A product is a good or service produced by a business or organization, and made avail able-bodied to the public for consumption (Ashwin and Merrills et al., 2008). Each product has a divergent feature, which could be the uncomparable swaping points of them. Roams and Cota (2008152) attempt to define this term is, A rum selling point (USP) is a unforesightful statement that explains why a customer should buy from you instead of your competitorsin. For example, Apple Corporation has a unique and independent operation system for their iPhone.It has been argued that there are three levels of product, first of which is core or generic product (Levitt, 1986361). This is the basic and general physical product, in some other words, it is the product that has minimum features and the consumer would expect it to have. In a microwave oven example, it should have enough space inside to put food and it would be judge to work effectively. The second level of the product is known as actual or tangible product. This is, real and physical property of the product. Young (2008130) suggests this level of product will contain the products name, style, dent name, label, packaging and quality level. This level of product endures a material and a clearer image of the product to customers. The adjacent and last level is called augmented product. Leader and Kyritsis (199012) explain this product provides privileges and additionalservices to the consumer it also can reflect the several(predicate)iation of the product. For instance, services such as free delivery, discounts and additional purchases.The second element of the marketing mix is price. There are two main factors can determine the price of product, which is price breeze and price strategy respectively. Blythe (2012154) examines the elasticity of demand will illustrate that different categories have different purpose of sensitivity when the price cha nges. Consequently, it could help sloppeds make a better decision when they set the price. Thompson and Machin (200365) support that, a business must know how responsive their products are to price changes so that they can assess the electric potential impact of, say, special offers or a price increase.The next factor is the pricing strategy. Also, it is more(prenominal) imperative than price elasticity when firms make their price decisions. Firms use a serious of pricing strategies, however, the pricing method of cost plus is used some commonly, which is the basic form of all pricing decisions. It refers to a business calculates the average cost and then add a mark-up to the final selling price. Ashwin and Merrills (2008347) point out another price strategy is called discriminatory pricing this means a firm set different price for different target groups. As the description from Thompson and Machin (200365), discriminatory price refers to different price is aerated to different group people at different times. For instance, a cinema charges a different price for students and adults. Besides, it charges different for daytime and evening showings as well. In addition, psychology-pricing strategy is also used preferably frequently in supermarkets. For example, Morrisons sell a bottle of milk 1.99 rather than 2, hence customers will perceive the price as being lower. Levitt (1986) argues discriminatory pricing mainly relies on emotional responses from the consumer.The leash component in the marketing mix is the place. It concerns the agency in which a product is distributed. Stimpson (200516) points out the place decision involves making the product or service available toconsumers in the approximately appropriate way. Distribution channel as the most important factor could affect the decision of the place. There are numbers of factors can determine how the product is distributed. Blythe (2012173) suggests one of them is the marketing aim. The increasing scale raised endeavour intends to expand as wide a distribution as possible. Furthermore, legal restrictions should be regarded as well. stone (2001) states there are numerous products are not permitted to sell in some places. For instance, it is forbidden to sell the alcohol at the petrol station.In general, direct distribution, retailers, wholesalers and agent are four core transmit of distribution. Direct distribution is the producers sell products to customers directly without intermediaries. Blythe (2012175) explains this, direct distribution channels are typical of individualised services such as hairdressing. For retailers, it is an organization that offers goods to customers. Tesco and Wal-Mart, for example. In addition, Koter (2005) describes that, in many market, wholesalers act as a tangency between producers and consumers. Wholesalers usually buy goods from manufacturers then sell goods to the final consumers or retailers. In contrast, agents do not truly purchase goods they only help manufacturers to sell. Thompson and Machin (200380) claim that, agent never actually owns a product, they usually connect buyers and sellers and manage the transfer of the good.The final element in the marketing mix is promotion. Promotion is not only advertising but also a communication tool between producers and consumers. promotion is about communicating with customers and potential customers (Ashwin and Merrills et al., 2008331). Promotion is essential for a product because it is able to increase the demand for products. Young (2008) suggests promotion can raise emotion, concern or awareness for products or issues. In addition, promotion can protect and preserve the market share as well.The methods of above the term and below the line are two main types methods of promotion. As for above the line promotion, it refers to a firm uses the advertising media but does not has direct control. The most recognizableface of advertising is television. Because of it can provide the introduction of product with colorful images. Wolinski and Coates (2008373) state that, television has the advantage of being memorable, as it can give birth both moving images and sound. Thompson and Machin (200374) examines the below the line promotion includes promotional media over which the firm has control. For example, personalized selling, it means a salesman or a sales team who regularly visits consumers in person.Having introduced each element of the marketing mix, the essay will now evaluate the most crucial element in the marketing mix product.There are two principal reasons for product as the most important element in the marketing mix. First of all, product as the key component makes the entirely process of the link between customers and producers possible. Amount of sales promotion and price reduction will not help an enterprise to achieve their market target if the product is not appropriate and attractable. Stimpson (200524) agrees with this view that, a balance and incorporated mix is essential, but without a product that offers customers real and distinctive benefits, even the best-laid marketing plans can be wasted. In the mean time, Kazmi (2007), in her work, Marketing Management, suggests that the product or service is the most vital element, without a good product, you have nothing. Furthermore, Adcock and Halborg (2001) sustains that the attention of customers will be attracted if a firm can violate a high quality product, hence, the profits that the firm makes will increase. As a result, the potential for business success is significantly enhanced.The second reason is that products enable to decide a firms profits, sales, market share, image, reputation and stature. Additionally, product can also determine the scope and direction of a companys activity. Product acts a heart in the whole marketing mix. Most of the scholars support that view. Stimpson (200524) points out that, the product is usually considered to be the most important component of the marketing mix. Stone (2001) believed that in most case the product itself is the key to a successful marketing mix. However, there will be instances that when other components dominatethe marketing mix. Wolinski and Coates (2008346) argues that, At a festival, only one type of bottled water force be available, so the place is the most important factor. In contrast, Baker (1991) claims when consumer with limited money might choose the product with the lower price, this is due to consumer has insufficient resources to purchase additional products. In this case, price is the most significant component.To recapitulate, the essay has introduced and analysed four elements product, price, place and promotion in the marketing mix. Marketing mix as a tool is able to help firms make efficient business plan and strategy. Each element is playing a very vital role in the marketing mix. Furthermore, the essay has identified the product is the most crucial pa rt since the product is the key component linking between the producers and consumers. It can be reason that all the elements in the marketing are essential and necessary, while in the most case, product is the most essential component in the marketing mix. An enterprise should coordinate and integrate the four elements so that the firm can build an efficient marketing strategy and achieves more profits as possible.Reference nominateAshwin, A., Merrills, S. and Thompson, R. 2008. Collins biz/ed AS business studies. capital of the United Kingdom Collins Educational. Baker, M.(1991) Marketing, An Introductory Text, 5th edn. London Macmillan Education Ltd. Blythe, J. 2012. Essentials of marketing. 5th edn. Harlow Pearson.Felina C. Young and Cristobal M. Pagoso. 2008. Principles of Marketing 1st edn. Manila Red Book Store.Kotler, P. 2005. Principles of marketing. 4th edn. Harlow, England assimilator Hall/FinancialTimes.Leader, W. G. and Kyritsis, N. 1990. Fundamentals of marketing. Ne w edn. Cheltenham Stanley Thornes.Levitt,T. 1986. The Marketing Imagination. 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