Question

What do Marketers Do?

1.Analyse how the key elements of the marketing mix contribute to an organisation's marketing strategy

2. Compare alternative theories of consumer behaviour and contrast how they influence marketing activities

Answer 1

1.Analyse how the key elements of the marketing mix contribute to an organisation's marketing strategy

The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.

All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.

"Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market."

Product – These are the products or services you offer to your customer, including their physical attributes, what they do, how they differ from your competitors, and what benefits they provide.
Price – How have you priced your product or service so that your price remains competitive but allows you to make a good profit.
Place (Also referred to as Distribution) – This is where your business sells its products or services and how it gets those products or services to your customers.

Promotion – These are the methods you use to communicate the features and benefits of your products or services to your target customers.

Some marketing theorists have added a 5th P of marketing to the elements of the marketing mix: People, which refers to how your level of service and the expertise and skills of the people who work for you can be used to set you apart from your competitors.

Organizations must find the right combination of factors that allow them to gain an advantage over their competitors. This combination—the marketing mix—is the combination of factors that a company controls to provide value to its target customers.

How does an organization determine the right marketing mix? The answer depends on the organization’s goals. Think of the marketing mix as a recipe that can be adjusted—through small adjustments or dramatic changes—to support broader company goals.

Decisions about the marketing-mix variables are interrelated. Each of the marketing mix variables must be coordinated with the other elements of the marketing program.