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4P Of Marketing Assignment Help

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4P Of Marketing Assignment Help

4P Of Marketing Assignment Help | Marketing Assignment Help

 

Introduction to Marketing Mix

For market products, every company needs to prepare a successful mix of the right product on the right product with the right promotional strategies to launch the right place. Coca-Cola is also applicable as well. Due to its high brand equity in the market, it has emerged as the world's top ranking company. Like all other companies,Some variations in Coca-Cola have also been observed during the visit, this multinational beverage corporation has changed its marketing mix many times and added more product to its list of offers. Today, in total there are 3300 products in it.

What is a marketing mix?

Marketing mix refers to one of the most popular structures in marketing, which is used by companies to make decisions related to marketing or marketing more effective. According to the theorist, Shram-Klein (2007), the marketing mix is ​​considered one of the fundamental concepts in marketing and focuses on four aspects of business practice: product, value, enrichment and location. However, the practical use of marketing mix by companies depends on the size of the company, the chosen business marketing strategies, the benefits of the geographical position, the competitive edge and the other factors. Nowadays, the marketing mix considers one and 'P' as an important mixing element, which is the people.

Note: All Ps is connected. Changes in decisions in one of the factors affect the rest. For example, if a company wants to launch a low-priced product, the promotion can not use the same channel where premium products are sold. The company has to create a new promotional strategy for the target audience.

Development of marketing mix

In 1964, Neil H. Borden first made the word 'Marketing Mix' in his published article 'The Concepts of Marketing Mix'. In this published article, Borden explained that at the end of the 1940s, how James Gentleton used the term after painting marketing as 'a mixture of materials'. The elements of Borden's theory were included,

  • Product

  • Plan

  • value

  • Branding

  • Distribution channel

  • Personal selling

  • Promotions and Advertising

  • Packaging & Performance

  • Servicing

  • Physical handling

  • Fact finding analysis

In 1961, these elements were suggested by the Free to be classified into two separate groups: Offer (including products, packaging, brands, prices and services) and methods and tools (distribution channels, personal sales , Advertising, sales promotion, and promotion).

Later, these materials were re-grouped into four key elements by E. Jerome McCarthy, now known as "4p of Marketing".

However, the number of 'P' grew with another theorist Jude (1987), who introduced the fifth element in Marketing (Peoples) '4p'. While marketing marketing strategies rather than 4P of marketing, 5P of marketing is considered. In addition to another 'P' (People) in the marketing mix, recently, due to the inefficiency of the companies in establishing customer relationships, a wide range of criticisms (believe that customers have inactive effects)

5p of marketing mix

Product

To meet the targeted demand of the people, a product or service is offered to the target group of people - what is the company actually selling to its consumers? The products are divided into two categories, tangible products (which are physical products such as cars, food items, computer etc.) and intangible products (which have value, but not digitized content such as physical touch). Therefore, after purchasing products and services, buyers get a full bundle of benefits or satisfaction. It not only combines all types of physical, psychological, symbolic and service characteristics of physical products. The company will have to ensure that they are selling the right type of products which are in demand in the market.

For example - if a jeweler wants to grow his business, then he should offer free gift wrapping service to his clients or for some special discounts.

Price

This refers to pricing policies for consumers. A key idea in pricing involves the total cost of the product, advertised value, product, sales, credit terms, consumer purchasing capacity and any other discount given on the payment agreement.

For example - if you are promoting your car, 'Budget car rental services', then your pricing policies should reflect it.

Place

This is where you distribute and distribute your products. If you are targeting the elite of the society, then the products should be especially available in selected shops for a certain group of people. Similarly, if the product is a consumer product, then it should be available till it can reach the promotion.

For example - the company setting up a home decor business should aim to open its store in residential areas.

Promotion

The promotion is communicating to the potential consumers of the company about the product. It refers to the activities and methods that companies use to promote their business. It mainly consists of various elements, sales organizations, public relations, advertising and sales promotion.If the product is completely new in the market, then it is necessary to get 'brand positioning' promotion, whereas if the product already exists, the consumer needs 'brand recall' promotion.

For example - if you want to promote your game management business, then you would like to add sponsorship to your marketing mix to promote your business.

People

It refers to the employees and customers of the company who are consuming goods or services. This includes customer-level services as well as effective communication and training of the employees of the company.

For example - if you are planning to present an online portal, then you need to understand how your employees use the internet and whether your consumers will be comfortable buying online products and for shipping charges Will pay.

Controlled and Uncontrolled Factors in Marketing

Considering many factors, it takes considerable time to develop a well-researched marketing plan. Many factors affecting the marketing plan are completely beyond your control; Some can be controlled but the rest are completely out of control.

Controllable Factors

Controlled factors are commonly known as 'marketing mix' which includes products, prices, locations, promotions and people.

Uncontrollable Factors

  • Economy: An organization can not control the macro-economic environment of the entire region

  • Legislation: Changes in state and federal law can significantly impact marketing plans

  • Natural disasters: Smaller businesses provide emergency funds / backup locations in case of natural calamities, but a widespread reach can affect the marketing plans of the disaster company

  • Supplier: If your supplier increases their prices and exits from the material, then it can greatly affect your marketing plans.

Marketing Plan

A marketing plan includes marketing strategies that intend to bring in a business practice. The primary function of the marketing plan is to find out what your business plan is and how you propose to do it. Creating a marketing plan is important for success because business always emerges on human relations. The marketing plan is used to leave customers a sales line.The plan defines the activities involved in achieving specific marketing objectives within the specified time frame. It starts with identifying the needs of the customer, after which the entity proceeds with the intention of fulfilling the goals, while ensuring the acceptable level of the firm. Large companies have a hundred-page marketing plan, while small organizations are satisfied with half a dozen sheets.

The marketing plan mainly covers a working year of business. In order to refer to at least a quarterly scheme, the business is further separated into three parts or more. However, it is recommended to follow this plan monthly and keep track of the performance as the business grows. In any set-up, any marketing plan requires people's participation and feedback, and in this way a company takes all aspects of business and the marketing plan works.

Marketing Analysis

Marketing analysis refers to the method used to determine whether the current market is suitable for investing or not. In simple words, it is mainly a study of market mobility that provides information about the business that you operate. It contains simple information like market information (current and future) that can help you decide whether the market is worth investing or not.In relation to the strength and weakness of some firm or organization, it is analyzed to understand the opportunities and dangers developed in the market. A popular form of SWOT analysis is that it tests the strengths, weaknesses, opportunities and dangers of a company.

By evaluating numerical data, the business or organization (big or small) prepares movement strategies of prices in the specific industry and determines the potential future movement based on the data. When creating a marketing analysis, an organization takes some dimension in the account which is: market size, market trends, market growth rate, market profitability, key success factor, distribution channel and industry cost structure. These dimensions help any organization to check the market better.

4p Marketing

The marketing mix, known as Marketing 4P, was first created by Neil Borden in 1953, and is still used by marketers as an important commercial tool. This research method is primarily employed to ensure that the right product is in the right place at the right time at the right time. Marketers are an important tool to help understand what products and services can meet customer needs and how they should plan for a successful product offering.

Model of marketing mix is ​​employed through 4P of marketing: value, product, promotion and location. However, there is a lot of research work needed for the customer to get information about their details and the places where they like to buy. After collecting all the details, the researcher needs to focus on producing the item at the price that adds value to the profits. The researcher needs to handle each variable with care; Otherwise, the entire research can be canceled. Mostly, marketing students use this marketing tool while conducting case studies on different companies.

7 P Marketing

Marketing is a continuously developed discipline that provides researchers the risk to add changes to the current study. 7p marketing is one of the important examples of this development in marketing discipline. After the first use of Marketing Mix by Neil Borden (which defines 4P of Marketing), this marketing theory has evolved over time with the increasing use of technology. In the second half of 70, a group of marketers felt the need for a change in marketing mix theory, which prompted them to build an extended version of marketing mix (7P) of marketing.

Bernard H. Boom and Mary J. Bettner added three new elements: People, Process and Physical Evidence for Jerome McCarthy's Traditional Marketing Mix (Marketing 4P: Product, Location, Value and Promotion). While McCarthy defined only four variables of marketing, an expanded version of Marketing Mix (7 P) of marketing describes extended marketing services that can be distributed in a knowledge-deep environment.To be successful in business, marketers should take into account every aspect of marketing and develop further marketing plans.

7c Marketing

In the 90's, Robert Löterberg improved the 4p model to make it more consumer oriented and introduced 4C marketing - Consumer, cost, convenience and communication - as a new marketing theory. It has proved to fit in the marketing of niche marketing on a large scale. In consumer-oriented markets, the product is known as consumer, cost becomes cost, location becomes a facility, and publicity is described as communication.With further research, 4c of marketing expanded to 7C, including three new elements: care, coordination and confirmation. The 7CS Compass model is used for co-marketing. But this model had to face much criticism for being similar to Marketing 4P. This model is also criticized as being in the interest of the target model instead of deciding strategy for marketing.Regardless of the criticism, this model is used extensively by involving many strategies for product development, distribution and pricing.

Marketing Mix Assignment:

The marketing mix consists of four elements that should be taken into consideration when launching any new products or services. These variables are also known as 4p of marketing. If someone wants to do extensive research on a certain market segment, then he can use 7P of marketing instead of 4P of marketing. If the marketer is targeting a consumer-oriented market, then according to collective data, one needs to market 7C to plan for the planning.Marketing students, who are pursuing an MBA degree or any business degree, are often asked to write an important academic piece while employing a marketing mix model. These are known as marketing mix assignments.

The author is responsible for organizing an effective marketing plan on behalf of some organizations keeping their own recommendations. Assignments written on complex marketing principles such as marketing mix have great importance on their course modules. Students have to be diligent while writing important tasks such as marketing mix assignments or they can easily ruin the possibilities of obtaining relatively grade.

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