Marketing Mix Essay Sample
The ever-increasing competition in the global market motivates businesses to develop efficient and effective costumer-driven marketing strategies and marketing mix. This reaction is the result of the realization that every business organization has to defend its interests against the threats of competition, internal vulnerabilities, as well external threats that could obstruct its development or expansion. While there are a number of reasons that can cause business disasters or collapse, there are lots of opportunities as well that may be considered by business leaders to develop and intensify the financial condition of their respective organizations.
In the competition-driven business world, it is extremely essential for business managers and leaders to focus on the important of marketing strategies and marketing mix in order to penetrate customer groups of different backgrounds, cultures, ethnicity, profession, and ages, among others (Mitchell & Dacin, 2003).
Every multinational and successful company pay attention to these aspects, a behavior which makes efficiently managed business organizations highly competitive in the global market. To corner their desired target markets, successful companies efficiently position their brand through the use of effective marketing strategies and by paying attention on the elements of marketing mix. However, marketing strategies should not only focus on studying and paying attention to the demographics of cultural and global markets, but also to building sustainable links with the target markets.
In order to better understand this concept of consumer connection, it is important to have an in depth knowledge in marketing communications strategies, as well as marketing mix. With effective and efficient marketing strategies, marketers may be able to position a company brand in a given market and with better understanding of marketing mix; they may be able to approach essential marketing elements such as product, price, and place of distribution, promotion, target market and brand positioning.
Costumer-driven marketing strategy
In determining the most suitable marketing strategy for a given company, it is important to have a wide and in depth knowledge of integrated marketing communications. Marketers who have vast knowledge in integrated marketing communications or IMC can easily understand how the market works and how to carryout the most effective marketing campaign by effectively targeting the different elements of marketing mix.
IMC is indeed an efficient implement in business as it concentrates on the diverse marketing elements such as support media, direct marketing, sales promotion, personal selling, public relations, publicity and advertising as a distinct component rather than cut off or divided marketing units. There are a lot of motivations why there is a requirement to pay attention at the many elements of IMC, as well as the elements of marketing mix.
Some of these reasons are geographical differences, cultural differences, diversification of products and services, introduction of new products or services which requires successful promotion, and expansion. O the other hand, one of the most compelling obstacles to competent marketing communication is cultural differences. When faced with this type of situation, marketers have to invest in multicultural marketing by taking into account the most suitable marketing strategies and the indispensable elements of marketing mix.
By taking into account the important of IMC marketers also consider essential concepts and ideas which are expressed and conveyed in a designed and efficient manner (Masterman & Wood, 2006, p.3). While this structure entails marketing and communication, effective planning is also needed. For a marketing strategy to be successful, marketing planning must be well-designed and well-thought-of to prevent any disaster or obstacle. Under the concept of marketing communications planning, all the necessary rudiments of considered and their strategic objectives carefully assessed based on the main goal of IMC marketers.
For marketers of big companies, it is important for them to give much premium on IMC considering the size of the business, the scope of its potential geographical reach, as well as all the factors that must be taken into account like government policies and regulations, the risks of global competition and cultural differences. In this case, marketers of big companies that operate in the global market have t establish the link between marketing communication and the intended consumers.
However, there is a need to understand that this process does not commence with marketing planning alone as marketers must also be able to determine who the consumers are. By knowing who the consumers are, it is important to look at the basic elements of marketing mix and their objectives.
The idea of marketing mix is extremely necessary in promoting a particular product or service. This is because this aspect is involved in various marketing strategies such as media fragmentation, brand positioning, digital and interactive communications, customer acquisition and retention, and communication integration. These aforementioned factors are important in reaching the target market and in positioning a particular brand.
Marketing mix is an efficient instrument in business because it focuses on the different elements of marketing, such as product, price, and place of distribution, promotion, target market and brand positioning. The following are the elements of marketing mix:
Product: This element refers to the product or services of a particular company. Other aspects that are associated with the product are packaging, design, the message used on the packaging, the name of the product, the image it promotes and it overall personality. Costumer usually identify a product through its name, other associate it with its packaging, color and the personality or image it projects.
These aspects can make or break a particular product. But for a product to sell like hotcakes, it must have good qualities that suit the desires and requirements of consumers. For example, Coca Cola is an established name in the beverage industry and everybody knows this product. There are products with excellent packaging and most of them are cosmetics products.
In establishing a brand, there is a need to focus on the product itself— its quality, packaging, design, image or personality it projects. Positioning or repositioning a brand requires effective marketing strategies. Established clothing and sports lifestyle companies usually use celebrities to indorse their products to consumers.
Price: This is another factor that makes a consumer buy a product. In the highly competitive global market, pricing plays a very important role in cornering a market. However this does not mean that the cheaper a product, the more consumers it will attract. This depends upon many factors like product quality, the existence of competition, effectiveness of marketing campaigns, among others. Pricing can be a source of strength or weakness.
For example, pricing affects the competition between popular video games like Xbox, Wii and Nintendo. In the case of Microsoft Xbox, pricing is just one among its weaknesses. This is the reason why it was overtaken by Nintendo’s Wii in terms of household console sales. But with the introduction of Halo 3 in late 2007, Xbox 360 was able to pick up sales. As a result, the product outperformed Nintendo’s Wii in the U.S. alone, selling more than three million units in just a matter of 12 days (Geddes, 2007).
Place or Distribution: This aspect also plays an important role in the success of a company. Using the example given above, in terms of distribution, Xbox 360 is heavily sold in five profitable markets— United States, Europe, Canada, United Kingdom and Japan. Microsoft’s sales records would show that it concentrated on these five big markets. Fox example, the company was able to sell about 11.6 million units in the U.S. as of November 2008, despite the country’s economic crisis (Brightman, 2008).
This means that not all kinds of products can sell in a particular market. Based on the above-given example, online games or video game consoles are only profitable in the United States, Europe, Canada, United Kingdom and Japan because of their economic status. By contrast, Coca Cola and Pepsi can sell anywhere in the world because everybody drinks beverages or soda. On the other hand, clothing and sports lifestyle companies like Puma, Adidas and Nike target good and profitable markets and they engage in stiff competition.
Promotion: There are many ways to promote a product, and this job is usually given to marketers and advertising experts. A promotional campaign may be through publicity, advertisement, viral marketing, Internet blogging, and support media, among others. However, marketers need to determine the most suitable promotional campaign for a particular product or service.
This is because not all promotional tools are effective to a given brand or product. For example, expensive and high-end clothing line like Versace, D&G, Ralph Lauren, and other well-known designers use event marketing such as fashion shows and fashion events to promote their products to selected markets. The promotional design of these expensive and high-end products is only intended for a particular market who can afford to buy pricey clothes and sports wear.
Target Market: This factor determines the market of a particular product or service. The market of a company depends upon the products or services it sells. Marketers need to look at market demographics in order to determine what their target markets are. In the dance music industry for example, marketers need to understand the consumer demographics of this market. Marketers may find out that most dance music enthusiasts are well educated, have high income and maintain high spending, and belong to upper classes. With this, marketers may be able to plan and design the most suitable marketing strategy for dance music market.
Positioning: Brand positioning is just one of the many areas of marketing communications. There are a lot of ways to position a particular brand. From multinational companies to small and medium enterprises, brand positioning plays an integral role in making the company visible or known to the public. Some of these marketing tools are advertising, support media, direct marketing, sales promotion, personal selling, public relations, and publicity. The role of integrated marketing communication is to integrate or connect these marketing tools in order achieve the main goal of the company.
Every business organization has its own brand. In marketing, brand image is almost synonymous to the company itself. The brand defines and describes the company. This is how important a brand is. Therefore it is also crucial to position the brand in order to effective reach out to the target market. Brand’s position is described as the multifaceted component of feelings, impressions, emotions, and perceptions that costumers have for a particular service or product as against other products or services (Kotler, 2005, p.119). Brand positioning is highly connected with increasing sales, creating brand preference, and achieving marketing objectives and goals.
Essentially, the purpose of brand positioning is to establish a brand image. In the case analysis to be tackled in the second part of this paper, Puma had to reposition its brand in order to better bridge a sustainable connection with its target market. The question now is— why there is a need to position a brand? Basically there is a need to position the brand in order to bring to same to the target market. Timing is also important in positioning the brand. In presenting the brand, it is important to determine the prospects for which the brand is most appropriate.
Apart from marketing strategies, the basic elements of marketing mix influence consumer decisions and choices. As already stated above, there are a number of factors that must be taken into account when dealing with consumers. These factors are product, price, and place of distribution, promotion, target market and brand positioning. These aspects form part of the attributes and personality of products or services. Several questions like the following must be addressed— is the brand name effective and can generate recall; is the packaging attractive and made in a way that it goes with the product or service; and is the price reasonable, expensive, or cheap?
According to Dowling (2005, p.262), there should be established connection between the brand and the brand name. The purpose of this is to guarantee brand recall. This will in turn guarantee brand loyalty among the consumers (Stralser, 2004, p.172). However, one cannot guarantee the loyalty of consumers. Others may be loyal for only a limited period of time. Others stay with the brand. Like individuals and juridical persons, a brand has also its own personality, and this personality is given to it by its brand name and packaging. On the other hand, its purchase price represents the value of the product or service.
For marketing professionals, it is important to make the most not only of the concept of IMC and marketing mix, but also of the surfacing multicultural markets by aiming at unaffected multicultural markets. In doing so, marketers must be able to concentrate on the manifold features of uniqueness in an multicultural market, comprehend how costumers’ multicultural characters are connected with media and market selections, study behavioral patterns and traits of different subculture sectors, and look at the efficiency of diverse media technologies in shaping connections with the intended consumers.
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