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Together, elements in these four categories help develop marketing strategies and tactics. Through the use of this tool, the attempt is to satisfy both the customer and the seller.
These four variables are interdependent and need to be planned in conjunction with one another to ensure that the action plans within all four are complimentary and aligned. Help Achieve Marketing Targets Through the use of this set of variables, the company can achieve its marketing targets such as sales, profits, and customer retention and satisfaction.
Flexible Concept The marketing mix is a fluid and flexible concept and the focus on any one variable may be increased or decreased given unique marketing conditions and customer requirements.
Constant Monitoring It is vital to keep an eye on changing trends and requirements, within the company as well as in the market to ensure that the elements in marketing mix stays relevant and updated.
Role of Marketing Manager A mature, intelligent and innovative marketing manager needs to be at the helm of the marketing mix. This pivotal role means that this manager is responsible for achieving desired results through the skill manipulation of these variables. Customer as a focal point A vital feature of the marketing mix is that the customer is the focal point of the activity.
The value of the product is determined by customer perceptions and the goal is to achieve a satisfied and loyal customer. This video shows how you can create value by using the marketing mix. But relying on just these can lead to inaccurate assumptions that may not end up delivering results.
To ensure a marketing mix that is based in research and combines facts with innovation, a manager should go through the following systematic process: Through customer surveys or focus groups, there needs to be an identification of how important this USP is to the consumer and whether they are intrigued by the offering.
It needs to be clearly understood what the key features and benefits of the product are and whether they will help ensure sales.
Understanding the Consumer The second step is to understand the consumer. The product can be focused by identifying who will purchase it. All other elements of the marketing mix follow from this understanding. Who is the customer?
What do they need? What is the value of the product to them? This understanding will ensure that the product offering is relevant and targeted. Understanding the Competition The next step is to understand the competition.
The prices and related benefits such as discounts, warranties and special offers need to be assessed. An understanding of the subjective value of the product and a comparison with its actual manufacturing distribution cost will help set a realistic price point.
Evaluating Placement Options At this point the marketing manager needs to evaluate placement options to understand where the customer is most likely to make a purchase and what are the costs associated with using this channel.
Multiple channels may help target a wider customer base and ensure east of access. On the other hand, if the product serves a niche market then it may make good business sense to concentrate distribution to a specific area or channel.
The perceived value of the product is closely tied in with how it is made available. Whatever promotional methods are finalized need to appeal to the intended customers and ensure that the key features and benefits of the product are clearly understood and highlighted.
Cross-check of the Marketing Mix A step back needs to be taken at this point to see how all the elements identified and planned for relate to each other. All marketing mix variables are interdependent and rely on each other for a strong strategy. Do the proposed selling channels reinforce the perceived value of the product?
Is the promotional material in keeping with the distribution channels proposed? The marketing plan can be finalized once it is ensured that all four elements are in harmony and there are no conflicting messages, either implicit or explicit.
Several important elements have been grouped within four larger categories thereby belittling their true importance amid several factors. Two main criticisms and their solutions: Lack of Focus on Services The conventional marketing mix tends to be applicable to tangible goods i.
Services or intangible goods are also a vital customer offering and can be planned for in much the same way as physical products.
To cater to the unique challenges of services, the 4P model has been supplemented with 3 additional categories which are: Physical Evidence is proof and a reassurance that a service was performed People are the employees who deliver the service Processes are the methods through which a service is executed and delivered to the customer Lack of True Customer Focus Though a total focus on the customer and what they desire is a vital element of the 4P model, this truth is often in danger of being overlooked by enthusiastic marketing teams.Marketing research is the function that links the consumer, customer, and public to the marketer through information.
This information is used to identify and define marketing opportunities and problems; to generate, refine, and evaluate marketing actions; to monitor marketing performance; and to improve understanding of the marketing process. 41 rows · Marketing Mix Case Studies, Marketing Mix Case Study, ICMR develops .
Marketing performance measurement (MPM), or marketing performance management, is the systematic management of marketing resources and processes to achieve the measurable gain in return on investment and efficiency while maintaining quality in customer experience..
Marketing performance management is a central facet of the marketing operations function within marketing departments. Join Over , Marketing Professionals. Start here! Case Studies: Most Recent.
Access thousands of our most recent online marketing resources here. Select any of the popular topics below to narrow your search. Case Study: How a New, Low-Cost Offline Channel Generated Surprisingly Stellar Results for Samsung. by Kimberly Smith. . In the social sciences and life sciences, a case study is a research method involving an up-close, in-depth, and detailed examination of a subject of study (the case), as well as its related contextual conditions..
Case studies can be produced by following a formal research method. These case studies are likely to appear in formal research venues, as journals and professional conferences.
ii Sayers, Richard Principles of awareness-raising: Information literacy, a case study. Bangkok: UNESCO Bangkok, pages 1. Information literacy.