term paper on marketing mix

Marketing Mix paper Essay

Introduction, coca cola company, promotion strategies, pricing methods.

Over the recent past, marketing has grown to become one of the key functional areas of business organizations. This growth has come in the wake of the realization that the traditional business practice methods are no longer relevant in the modern day business environment (Michael & Saren, 2010).

For a long time, business managers ignored the aspect of marketing and paid much emphasis on the production of goods and services. However, in the current day business world where competition is a major determinant of the adoptability of a product by the consumers, marketing has become an inevitable functional area of most organizations.

The importance of marketing comes in that the various products; both goods and services offered by an organization ought to be presented to the target consumers. More so, due to the availability of competitor products and supplementary products, marketing is necessary so as to help push the products to the consumers (Richard, 2009). Marketing therefore takes different forms and the final aim of any marketing activity is to enable the product being marketed to get adopted by the target consumers.

The success of a marketing strategy and subsequent marketing activities is judged by the increase in the amount of sales generated from the marketing activity (Marian, 2010). This essay presents and explains the four elements of marketing mix; Product, Pricing, Promotion and Place. The Coca cola Company will be analyzed in this essay.

Coca Cola Company is the world’s number one manufacturer, marketer and distributor of non-alcoholic drinks. It is a multinational giant that has headquarters in the United States of America. The company has managed to produce top brands in the beverage industry such as Fanta, Coke, and Sprite and so on. Its main objective is to maintain its global leadership in the production and distribution of the soft drinks.

This objective has largely been achieved because most of the coca cola company products are house hold brands and continue to be used by many. The challenge is however maintaining this status and in order to achieve this, the company has come up with ways in which it can effectively use the 4 Ps of marketing to ensure that its brand remains visible all over the world. The following text discusses how the different P’s of marketing have affected the Coca-cola company marketing strategy.

Product is one of the four main elements of marketing mix that concerns with the product itself. A company’s product is the sole reason for the existence of the company. This is because it is what meets the customers’ needs (Michael & Saren, 2010). There are various attributes of a product that help in marketing. These include the product lifecycle, product line and the product mix. A marketer should be able to manage the product in such a manner that its relevant to the consumers’ needs remain unaffected (Richard, 2009).

Coca-cola Company has managed to incorporate this marketing element to be able to achieve some marketing objective. One way of dealing with the product is through having a continual reinvention of the product that makes sure that the consumers continue to enjoy and derive benefits from that particular product.

The other way is by extending the product life cycle. The company has managed to continually re-invent its products over the years and this has offered a great deal of help in retaining the brand visibility among majority of consumers in the world.

The various Coca-cola Company products such as the Coke, Fanta, and Sprite have maintained their visibility among the consumers over the years. These products have been regularly associated with the young people and as such, the marketing strategy for these products revolves round the young people. This has been a successful strategy since the products have remained house hold brands among many individuals.

Promotion is the other marketing mix element that deals with a company’s act of driving the products to the consumers. This is achieved through employing marketing activities that convince the consumers to purchase the particular product (Christ, 2011). There are various available promotional strategies. The most common ones are the push-pull strategy and the message & media strategy.

The push-pull strategy deals with the manufacturer promoting the product to the retailers directly so as to ensure that they keep the goods in their stock. The message & media strategy deals with the manufacturer performing the promotional activities independent of the retailer and this is aimed at creating a demand for the product among the consumers such that the retailers will act on the demand and therefore stock the product (Richard, 2009).

Coca-cola Company has majorly employed the message & media strategy. Their products are marketed via the different media such as the televisions, bill-boards, Social media, and so on. This element of promotion has affected the company’s marketing strategy since the company majorly employs promotion as the key marketing activity for its products.

The company gains a lot from this strategy since the consumers who regularly see these promotional messages in the mass media become accustomed to the products and as such, develop loyalty on the products. The brands that have managed to achieve success through this method are Coke and Fanta.

Pricing is another element of marketing mix that deals with the setting of the product price. Price is usually the factor that determines the consumers’ willingness and ability to pay for the particular product (Christ, 2011). This is because of the fact that money is usually a scarce resource and as such, the available limited disposable income is allocated to the unlimited competing needs. Companies therefore ought to have a pricing strategy that does not exploit the consumers hence scaring them from purchasing the products.

The Coca-Cola Company effectively employs the pricing strategy and as such, it is able to gain a competitive advantage over other competitors’ such as Pepsi. The Coca-cola products are sold at relative lower prices comparing to the competitors. this has been achieved through the ability to gain on the economies of scale therefore having low products cost per unit.

The strategy that the company has used in this area is through having a suggested retail price. This prevents that consumers from being exploited by the retailers and also helps maintain the confidence the consumers have on the brand.

This marketing element has to deal with the businesses’ act of ensuring that the products are presented at a convenient location to the consumers. Place also forms a type of utility where the consumer needs the product being offered by the business to be in an accessible location or a convenient one (Marian, 2010).

This is done either through transporting the products to the areas near the consumer or carrying out production near the consumers. The boon in this is that the consumer is allowed is able to purchase the product without major logistical issues.

Coca-cola Company has been able to put this element into consideration when coming up with marketing strategy. The company has expanded its tentacles to almost all the countries of the world and as such, it is able to carry out production and subsequent distribution to the consumers at their convenience.

Companies that have moved their products closer to the consumers not only enjoy brand visibility and recognition among the consumers but they also incur fewer expenses during production. The advantage of this is that the company is able to sell at lower prices and thus attract more customers who result in growth in the revenues.

Coca-cola Company has set numerous bottling plants in many countries and this has greatly helped in achieving low production costs. This has also ensured that the consumers purchase these goods at their own convenience. The strategy involved by Coca-Cola Company in this case is referred to as exclusive distribution.

This is where the company opts to solely and exclusively carry out its own distribution process without engaging other third parties. This helps in the consumers’ appreciation of the products and also increased the brand value of the company among the various consumers.

The importance of incorporating the 4Ps of marketing in crafting the marketing strategy cannot be overemphasized. Once a company has fully articulated the requirements of the 4ps of marketing, the marketers need to incorporate the customer focus marketing approach that leads to the 4Cs of marketing mix. These are the Commodity, cost, channel, and Communication. Once all these factors are put in place, the marketing strategy can be said to be complete and as such positive results can be expected from such an approach.

Christ, P. (2011). Principles of Marketing. New York: Butterworth- Heinemann.

Marian, B. W. (2010). Essential Guide to Marketing Planning. New York: Pearson Publishers.

Michael, J. B., & Saren, M. (2010). marketing Theory. London: Sage Publishers.

Richard, H. (2009). Brilliant Marketing: What the Best Marketers Know, Do and Say (3rd Edition ed.). New York: Pearson.

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Marketing Mix

By: Artur   •  Term Paper  •  1,176 Words  •  November 8, 2009  •  2,231 Views

Essay title: Marketing Mix

Running head: MARKETING MIX

In an organization it is important to include the marketing mix in all aspects of the decisions. The marketing mix is the combination of elements that frame the marketing strategy for a company in relation to their products and services in order to help them achieve their marketing objectives (http://www.bized.ac.uk/educators/16-19/business/marketing/activity/mix.htm). This involves all departments of the organization that will influence how the marketing mix is sold. There are four major parts of the marketing mix which are: product, place, price, and promotion. The marketing mix does not include the customer because all four P’s have a direct relationship to the customer.

The first “p” of the marketing mix is product. A good product makes its marketing by itself because it gives benefits to the customer. The product area involves the development of the right product for the target market. This could involve a good, a service, or both. In the development of the product it should take into consideration the needs of the customer. The customer will be the one who takes into consideration the entire product features in determining whether to buy the product. A product involves aspects such as instructions, accessories, benefits, quality level, branding, packaging, and so forth.

Product impacts the development of the marketing strategy because of its unique features. In 1997 Gold Canyon created a candle with double wicks. This unique feature would enable the candle to burn more efficient and longer. This would leave absolutely no candle wax residue on the sides of the candle glass. One of the other features of the products of Gold Canyon is that it has the world’s finest fragrance. The fragrance that is given off from the candle burning is so strong that it brings back those childhood memories.

The second “p” of the marketing mix is place. Place is important because it involves the product being in the target market’s place at the right time with the right quantities. It does no good to an organization or a customer if the product is not available when and where it is wanted. Product reaches its destination or place through channels of distributions. This could be other organizations or individuals that help transport the product from the producer to the end customer.

In the marketing scheme at Gold Canyon they had an effective channel of distribution of selling candles which was through a distributor model. In this model the distributor would submit an order to the corporate headquarters in Chandler, AZ where the order would be processed, fulfilled, and shipped to its destination. As soon as the order arrives at its destination the distributor would unpack all the boxes of product and move it into a candle room. Under each distributor would be several demonstrators who would call in an order and come to pick it up. The demonstrator would then distribute the product to the end customer.

In the current model at Gold Canyon it is a simple channel of product distribution. The channel of distribution now starts with a demonstrator placing an order via our Internet website which gets processed, fulfilled, and shipped. It could be a local customer who places an order where the information that is entered gets stored in a database. This database of information is tied directly to the demonstrator. This allows the demonstrator to know directly where the channels of distribution will be. This channel of distribution allows for better time management, more selling opportunities, and better customer service.

Another aspect of our system is that it allows for precise management of our inventory. Based upon the orders that are fulfilled it gives our inventory management and production teams the capabilities to see the product that is selling at a faster or slower pace.

The third “p” of the marketing mix is promotion. This involves telling the market or others through the channels of distribution about the product. This can involve acquiring new customers and retaining the current customers. In the promotion phase of the marketing mix there are three kinds of selling which are

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Good Term Paper About Marketing

Type of paper: Term Paper

Topic: Students , Education , University , Business , Strategy , Services papers , Customers , Strategies

Words: 1800

Published: 12/11/2020

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Introduction: This report aims to design a marketing plan for undergraduate students to enhance the growth of enrollment for the sake of enhancing revenues of the organization. The marketing plan includes product, pricing, promotion, place, and positioning. Each strategy is associated with other and change in one factor has a significant impact on other. Designing of strategies varies with the objective of the organization. Here, the objective is to attract the undergraduates therefore strategies have been designed by considering undergraduates.

Market segments:

Market segmentation is a strategy of dividing a broader target market into small segments of customers. It is about differentiating one portion of customers from others and allows organizations to satisfy the current and potential needs of customers. The market segment of University of Idaho can be divided according to the similar course needs. These would include education, business and economic students, art and social sciences, graduate studies, engineering, life science and agriculture, and so on (Bloomberg, 2015). There is no single way to segment the market (Armstrong, 2007). The University of Idaho offers its students more than three hundred degrees. The University segments it market into five broader segments. These segments are master students, doctoral students, students of certificate programs, specialist degrees, and undergraduates’ students (Young, 2009). The University of Idaho makes several offers for its segments and offers them a wider range of options that help the university in retaining the student and not let them switch to another institute or university.

Target market:

It has been determined that where all universities have growth in enrollment, University of Idaho is declining with 2.9 percent rate. The enrollment of the campus was 11957 in 2009, and it has decreased to 11884 in 2013 and 11534 in 2014 (Rudd, 2015). If the enrollment numbers are considered from winter 2013 to spring 2014 then male, were 53 percent and the female was 47 percent of total population. During this period, the population of students was 12420 from which undergraduate enrollments were 9929 that were representing79.94 percent of total population (Forbes, 2015). These facts indicate that the university had more facilities to serve undergraduate as compare to graduate and occurred as a reflection of capabilities of the organization. Therefore, by taking the university capabilities into contemplation; it has been decided that the university, to gain growth in enrollments, will target undergraduates. Therefore, all service offering of product offering efforts, promotional strategies, and pricing strategies will be designed by considering undergraduates. The one more reason to target this specific segment is that this segment has been the priority of the university. The university has been made offers for this segment for years that would help in designing the strategies (Rudd, 2015).

Product offering:

Can they afford the university? What they will get from the university at the end Whether the majors they want is available there. The ease of enrollment process matter Therefore, it has been decided that ease will be provided to students in the enrollment process; the University will offer the opportunities for practical applications of learning through offering the students internship. Online courses will be offered as well that would help in enrollment growth. Job seminars will be held that will separate the Institute from the competition. Top companies will be called to recruit talent and students will get the opportunity to get hired according to their capabilities. University will enhance its scholarship programs and will eliminate the programs that are not generation even equal to their cost. The issue that is the most avoidable in universities is the retention of enrolled students. Many students leave universities because they are not satisfied with the quality of education, or they are not served with, they have been communicated. It will make sure that appropriate technologies are deployed to improve the environment, and quality of studies; and teachers will be held accountable for their responsibilities. Teachers will be accessible to students in their free hours so they can gain assistance from teachers. The major focus of the university will be on graduating the students rather recruiting them (Raisman, 2009). 72 percent of undergraduate students leave universities because they do not get appropriate academic customer services. Students will be offered the opportunity to change the courses and timing, and will be guided sufficiently regarding their course choice and its scope.

Place refers to the channels of distribution that are used to get to the customers. The nature of service or product has an immense influence on the way of distribution. Distribution channels play a critical role in making the organization successful. If people do not have access to services, no matter how great services are being offered to them; they will not prefer to go for them. The role of distribution channels is to serve as a bridge between customer and producer with the purpose to connect them. When selling services or programs the university has two main options for sale either directly or through intermediaries. Each medium has its limitations. Therefore, it has been decided that the University will place its services and products (degree programs, certificate programs, diplomas, and other) to customers through both direct and indirect channels. Using both these methods is helpful in getting better results (Lahiri & Ghosh, 2012). The university will sell its services through online mediums and its campuses directly. Secondly, the university to reach to foreign students will make contracts with consultants who guide students regarding the admissions. Distribution channels also play the role of the information source, identifying a prospect, and promotion of company’s offerings.

Promotional mix

The selling and advertising part of the marketing mix are recognized as promotion mix. It is about the way the organization communicates its offerings to its customers. The aim of promotional strategies is to inform people of the product, its advantages, and need of the product or services to them. Promotional strategies play an immense role in selling the services to customers. Therefore, it is crucial to design the compelling advertisements that can attract and convince students to join the University. To promote the services offered the university will use multiple forums such as social media advertisements, newspaper, television, YouTube tutorials, Facebook, and Twitter. The University will design newspaper advertisements and television advertisements with compelling slogans (See Appendix 1). The advertisement through making the statement that “our degrees mean business” shows that the development of capabilities required for doing business is a mandatory element of all courses. The statement, “the world needs more graduates with more expertise” explores that the university used to build expert graduates. The statement “what will you do?” elaborates that the university offers a wider range of courses for undergraduates. The courses differ for bachelor program with the university to university. Therefore, second advertisement will mention the importance of students to the university. Moreover, this advertisement will let them know that they can choose the courses of their choice from the wide variety, of course, the University offers to its students. The university will share university inside experience with target market through YouTube tutorials. University environment, classroom experience, and high technology deployed will be mentioned in YouTube advertisements.

As it has been defined that when students search universities to take admission the major question that come in their mind is the affordability of university. Therefore, pricing is an important factor that can make or break the success of the organization. Pricing is a risky factor as it could influence the decision of the customers. If the price is far lower as compared to competitors, then clients can think that the quality of education is not good. On the other hand, if the pricing is far higher as compared to the competition then clients may not afford the program. Therefore, it has been decided that the price will be neither the higher nor far lower against competitors. The University will offer all its programs at competitive pricing. Discounts will be offered on lump sum payments. Students can choose to pay in installments or can pay lump sum amount. Scholarships will be offered to quality students, and if more than one student takes admission from one family or a group of students, 10 percent discount will be offered to them.

Positioning:

Positioning is a marketing strategy with the aim to occupy a distinct position in the mind of the customer as compared to competitors. Positioning can be done in some ways. Different approaches to positioning include by the user, by attribute, by use, by price and quality, by competitive positioning, and by product category (Harrison-Walker, 2009). The University will position itself on attribute basis. Many students argue that what they learned in school is different from the practical world. Many of them find difficulties in applying the concept in their professional lives. The University of Idaho will position itself as a place where students will not gain knowledge from books only. Moreover, the students will be served with the opportunity of the practical application of learned concepts under the guidance of big multinational companies. Through this way, students will be able to utilize their knowledge in best manners to develop their careers. The University will position itself as an innovator in searching news ways of improving the quality of education and improving the university experience of students.

Conclusion:

Marketing the university services is much complicated as compared to the product. Each marketing strategy has been designed after having through research of several factors. It has been considered important to use the mix of promotional and placement strategies due to the limitation of separate strategies. University will position itself as highly technological university and as an innovator of ways that help in improving the quality of education and preparing quality students.

Armstrong, K. (2007). Marketing: An Introduction. 7th E.d. India: Pearson Education India. Bloomberg. (2015). Company Overview of University Of Idaho. Retrieved July 15, 2015 from: http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=4218393 Forbes. (2015). University of Idaho. Retrieved July 15, 2015 from: http://www.forbes.com/colleges/university-of-idaho/ Harrison-Walker, L. J. (2009). Strategic positioning in higher education. Academy of Educational Leadership Journal, 13 (1). Lahiri, I., & Ghosh, S.K. (2012). Principles of Marketing and E-Commerce: For University of Calcutta and WB India: Pearson Education India. Raisman, N. A. (2009). Retain Students Retain Budgets: A How. To. UB Business University, Retrieved July 15, 2015 from: http://www.universitybusiness.com/article/retain-students-retain-budgets-how Rudd, E. (2015). UI Faces Enrollment Decline. Magic valley, Retrieved July 15, 2015 from: http://magicvalley.com/news/local/ui-faces-enrollment-decline/article_be4b1cc3-ef1a-52fd-bffd-7b0c4b182e1a.html Young, S. T. (2009). Essentials of Operations Management. USA: SAGE Publications Inc. Appendix Advertisement 1 Advertisement 2

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The Concept of Marketing Mix - Term Paper Example

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Marketing MIX: Products and Brands, Research Paper Example

Pages: 5

Words: 1438

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Introduction

What makes marketing strategies rather effective especially in the way the consumers respond to such points of invitation is the fact that the markets are able to take into account matters of behavior that consumers present especially on how they perceive particular products and particular brands and how they decide on which particular product to purchase. Marketers know the fact that when it comes to introducing products to the market, they need to take into account two particular concepts of market decision-making; the needs and wants that the buyers in the market perceive important. Noticeably, market-development in relation to marketing changes every time; this is because of the fact that buyers in the market also have differing attitudes all the time. The same set of values of human response is carried into account when dealing with the ideals of branding specific products that are to be released in the market.

The Marketing Approach

What makes such approach valid and workable is the fact that human attitude is the main element that helps a person decide on matters; including products that are offered to them in the market. As it could be analyzed, among the many products flooding the local and international markets today, only 30% respond to the basic needs of humans while 70% often respond to the primary wants of the modern society. When the term ‘wants’ is utilized in explaining the concepts of marketing, it could be analyzed that the discussion aims to direct attention to what the market demands for depending on what satisfies them, and not necessarily what they need out of the products. This is why marketers are in need of measuring how both the wants and needs value of a particular product is presented in a specific advertisement used to introduce the said item or brand in the market. Branding, at the same rate, follows the same pattern.

When an organization aims to establish a brand that would be easily noticed in the market, it is assumed that the organization would give attention to what the market gives high regard to. Most often than not, in the process of branding, manufacturers are challenged to decide on what value to give attention to in the first place [would it be to highlight the needs value that the product responds to or to highlight the wants value of the product which basically corresponds with the specific demands of the market to which the product is able to respond to]. Noticeably, for many years, this branding strategy used by marketers and manufacturers in the market has created divisions among consumers. Market research makes such approach even more effective as it emulates the possibility of noting the main issues and concerns that the market being served has especially in relation to the kinds of items they hope to acquire from the existing companies in the market.

The Market Research

How does market research prove that consumers develop a particular relationship to a specific brand? For instance, in this discussion, the brand of Samsung versus Apple Inc. shall be given attention to. The two brands are competing head-to-head in producing mobile-based hand-held devices flooding the market at present. Noticeably, there are specific characteristics of consumers that match up with the specific features that both brands offer. For instance, while Samsung brands offer a line of products that could be chosen differently by specific groups of consumers in the market. These separated lines of products actually impose a definite term of response to the demands of the target market. For instance, one of the Galaxy line of the Samsung brand focuses on the visual features of the product including the integrity of the camera and the visual display that the products are noted for.

Apple Inc on the other hand aims to handle the competition to establish a singular set of product line that would be easily recognizable in the market. The members of the market sector to which the company aims to provide such option of product choices are specifically concentrated on how the items produced are able to centrally respond to the growing demand of the target market. Being that the organization is focused on creating and distributing products only within a specific market sector, the marketing approach and the branding concentration used by the organization take a rather less complicated approach involving a more focused sense of marketing that involves the utilization of minimal resources making it easier for the organization to control the ways by which the market is likely going to respond to their product.

Such point of concentrated response from the market entails a better sense of what is assumed as an important aspect of business operation. What makes such condition remarkable is the fact that branding creates a definite turn of situation especially on how behavioral matching between the market sectors served and the company values being responded to mandates a better sense of how the approach to marketing is to be managed. As it could be taken from the two brands expounded in this discussion, there are particular elements of development that needs to be given attention to. One is the characterization of each brand, as they are presented in the market. Samsung is more concentrated on sleek design and visual integrity of the gadgets being produced; on the other hand, Apple iPhone products are more noted for the integrity of their hardware’s capacity to withstand pressure while also offering the consumers with high end security usage that allows the buyers to opt to take on Apple iPhone for the sake of securing files and documentations they upload and download through the internet with the use of the gadgets in their property.

Individuals opting to buy particular brands are noted to have specific desires and demands in relation to the features that they are depending their decisions into. Through measuring their points of consideration and concentration on particular features,  the market sector being served by the organizations are examined closely, especially in hope of developing a particularly concentrated form of focus on how products are being introduced and how their reputation are being set to make a mark on the thinking of the people. Affecting the market’s form of perceiving what best fits their desires and demands, producers and brand managers are aimed at making a mark on how  the market values what they have to offer.

Measuring market response from time to time is a specifically important aspect of development in the field of brand management. This is one matter that best identifies the capacity of the organizations to face the need to contain the situation in the market and manage available resources to make sure that what they offer would best fit the demands of the people. The behavioral response of the buyers makes it easier for marketers to mandate the situation thus redefining the ways by which organizations are to influence the thinking and the decision-making pattern of the target buyers. True, as the concept of development is taken into account, buyers in the market are given the chance to make a choice. Once a choice has been made by the buyers, it is expected that such conditions of decision-making would be carried on to the next purchasing activity they are to undergo.

What constitutes the creation of such relationship with brands and how such relationship of loyalty is enhanced later on is the ideal pattern by which organizations take the initiative to create a definite impact on the thinking of the people, keeping their interest towards the product solid as they aim to concentrate on increasing the quality of the produced items sold in the market. Balancing the values of the market being targeted with the values that are important for the business organizations to take into account is an important part by which the relationship of the people with the brands offered in the market is established accordingly. Noticeably, people are given a determinable sense of choice; with many competing brands in the market, consumers are expected to make a choice that specifically fits their taste; with such matter in mind, marketers are then guided to see through the situation and become more involved in knowing what the market demands for and how such demands could be further accounted for and responded to.

Martins, Jose Souza (2000) The Emotional Nature of a Brand : Creating images to become world leaders. Brazil: Marts Plan Imagen Ltda.

Schmidt, Klaus and Chris Ludlow (2002). Inclusive Branding: The Why and How of a Holistic approach to Brands . Basingstoke: Palgrave Macmillan, ISBN 0-333-98079-4

Wernick, Andrew (1991). Promotional Culture: Advertising, Ideology and Symbolic Expression (Theory, Culture & Society S.), London: Sage Publications.

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