Nthe importance of marketing mix pdf

The marketing mix is also known as the 4 ps of marketing. What is the importance of the marketing mix in the. Using a marketing mix offers an excellent way to ensure that the right product is put in the right place. Next to its significance as a marketing toolkit, the marketing mix has played also an important role in the evolution of the marketing management science as a.

Marketing and the 7ps the national social marketing centre. The 7 ps of marketing product, price, place, promotion, people, processes and physical evidence is a foundation concept in marketing used by businesses and marketers. The marketing mix introduction setting the right marketing mix for the product or service means that it including all of the important bases in marketing strategy. By its nature as a logical, planned process, your marketing plan will help keep you from making. The impact of marketing mix on the competitive advantage. According to philip kotler marketing mix is a set of controllable variables that a company can use to influence the buyers response. Constantinides1 the marketing mix revisited pure research.

Pdf marketing mix of 4ps for competitive advantage. The marketing communication mix, sometimes referred to as the promotion mix, is a set of five tools that businesses use to communicate with their customers, prospects and stakeholders. Several concepts and ideas combined together to formulate final strategies helpful in making a brand popular amongst the masses form marketing mix. The marketing mix is a good place to start when you are thinking through your plans for a product or service, and it helps you avoid these kinds of mistake. The importance of a marketing plan resource brokerage.

Marketing mix 4ps marketing mix is a strategy which a company uses to formulate a productservice offering for its customers. A marketing mix is the set of marketing tools that a business uses to sell products or services to its target customers. Product, price, promotion, place, people, process, and physical evidence. It is a technique of guiding the customers to choose your goods and service rather than electing the products of your rivals. Pdf importance of marketing activities in a company. The factors controlled by a company that can influence consumers buying of its products. Campaign was an answer to the needs of healthy lifestyle consumers. The effect of marketing mix in attracting customers.

In fact correlation and adhesion of these seven factors are. The role of the product as an element of marketing mix in the field. The purpose of this study is to rank the most important and effective marketing mix elements in the sales of javid darb companys product in the west azerbaijan. Pricing as an element of the marketing mix a nytime anything is sold, there must be a price involved. The organization has to gather the four ps of marketing in appropriate combination. And this is one of the reasons the nine ps of marketing were created. The marketing mix is a very important tool that helps businesses understand what the product or service can provide and how successful marketing of the product can be anchored on. Their skills attract and retain customers, build sales and generate profits which can then be reinvested as part of a cycle of prosperity. The marketing mix management paradigm has played an influential role in the development of marketing theory and practice. Marketing mix strategy is created using the 4ps of marketing product, place, price, promotion and 7ps in case of service physical evidence, people, process. Strategies for marketing mix of 4ps for competitive advantage the marketing mix by 4ps is a conjuration and it can only be implemented by marketing managers. Hence, marketing mix is an excellent guide if someone wants to improve their business and is doing gap analysis. Your brand isnt what management, the company, brand management or you say it is. The marketing professionals who shape and implement marketing strategy contribute directly to the economic wealth of a nation.

Marketing importance of marketing mix 7ps stefan scott medium. The importance of marketing mix in marketing strategy is given below 1 influencing demand the 4ps are best utilised with proper mix to counter competition, attract. There are clearly many factors which influence a consumers decision to buy something and these are all part of the marketing mix 7ps are the fundamental element of the marketing mix. By marketing mix we mean how the organization proposes to sell its products. This study has the objective of investigating whether the price component of the 4ps is the most important strategic factor in determining the success or failure of firms in emerging markets like india.

So, for considering these two factors, other factors in marketing decision of management in the service organization are important that are called service marketing mix or 7p. It doesnt matter how large or small your organization is, or what kind of products or services you sell, utilizing an effective marketing communication mix. Kinnear and bernheerd 2002 define it as the use and specification of the 4ps price, product, place and promotion to describe the strategic. The role of branding in marketing strategy phd candidate roxana dumitriu university of craiova email. Marketing mix has affect on consumers decision to buy or not. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price. This can be as straightforward as an extension of existing marketing strategies to a total customization of the marketing mix product, price, place and promotion for a specific country. The importance of marketing mix is evident in more then a single p. In this paper i made a discussion concerning the importance of branding in the strategy of the company. In next part of article promotional campaign no added sugar of agros nova is presented.

In fact correlation and adhesion of these seven factorsmembers were at first 54 and had been 158 in 57. Promotion as part of the marketing mix and its application. What marketing mix is and why its important the balance small. Particular emphasis will be placed on magazines and. Ranking the most effective marketing mix elements on the sales of. The marketing mix is generally established as the use and requirement of the 4ps which is describing the. The customer is king thus it is mandatory to employ excellent marketing mix by marketing. The mundane and expanded marketing mix concept has an important role in western marketing literature for both tangible products and intangible services.

The marketing mix and the 4 ps of marketing are often used as synonyms for each other. The four components of a marketing mix often called the four ps are. The difficult part is doing this well, as you need to know every aspect of your business plan. It must be put together in such a way as to enable the organization to meet its customers needs and wants sashi, 2012. The importance of marketing mix in your growth strategy alexa blog.

Marketers, in order to receive favorable responses from their target markets, use many tools. Creation of marketing mix service concept needs to be realized in a way that provides synergy between marketing, process management and human resources management. Its aim is to achieve an immediate impact on sales of the product. For any kind of transaction, an offering has a price for its value. Importance of marketing mix in higher education institutions article pdf available in singidunum journal of applied sciences 91 january 2012 with 8,741 reads how we measure reads. People or targeting was slightly forgotten in the marketing mix, and is a major, significant part of the nine ps of marketing. Marketing mix is like cocktail, you get variety of taste in a single glass. These elements should be adjusted regularly to meet the needs of the target market. In marketing, they are united under the concept of distribution. Customer service is no longer simply an afterthought to help people who have already made purchases. Marketing mix a mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. Marketing mix is a greatest strategy for attaining competitive advantage for any firm. The role of service marketing mix and its impact on.

The marketing mix concept works as a tool used by an organization to survive in a competitive environment. The formulation of a marketing mix depends on the nature of the activities of the organization and the nature of the targeted market. Think through your sales channels so they match your target cu. It constitutes a significant part of the evaluation process for many, if. Branding theory and practice evolved in the latest years, being considered a valuable marketing investment.

Marketing mix is a brain of the body called marketing managementwhich covers sales as. The marketing mix the marketing mix refers to a blend of product, distribution, promotion, and pricing strategies designed to produce mutually satisfying exchanges with the target market. The term marketing mix refers to the main elements that must be considered in order to successfully market a product or service. Regardless of the type, a place is one of the key things in a business, especially when you are just starting it. The first element of marketing mix which is product is what is. Price goes by many names rent, rate, fee, tuition, toll, fare, royalty, honorarium, etc. The term marketing mix is attributed to neil bordon. Rust the role of marketing as marketing gains increasing prominence as an orientation that everyone in the organization shares and as a. This is often referred to as the four ps, which are. The development of the marketing mix for that country requires international marketing. Marketing mix, specifically the 4ps, has long been recognized as the most important marketing decision for a business organization.

Your brand isnt what management, the company, brand management or. Product goods or services designed to satisfy a customers need. The initial four elements or 4ps of the marketing mix included. In reality, a wellbalanced marketing mix is much more efficient than a traditional throw more ads at the problem approach. An indepth marketing research has to be done of the traits of the buyers and the particular needs of the buyers in the target market. Pdf this paper aims to examine relationship between 4elements of marketing. A series of variable factors used by an organisation to identify appropriate strategies to meet customer needs. The nature and the role of advertising as part of the promotional mix, as well as important advertising media, will be discussed. The importance of each element depends not only on the. Making products and services better known to customers through a range of activities. The focus of this book is to present concepts, principles, and techniques that provide guidance to help a seller set the. Price is the only marketing mix variable that generates revenue. People and process are important to the organization too and optimizing both can improve the overall working of the organization. Thus, if the heart of modern strategic marketing, as indicated by kotler, is comprised of market segmentation, evaluation.