The marketing mix is comprised of four core elements that enhance marketing of items and services. Without these elements, marketing would be irrelevant and that is why every business has to observe them. The elements include product, place, price and promotion. This paper will therefore focus on these four elements and their impact towards the growth of a business. In addition, the paper will include an example that elaborates the application of the four elements in real life situation.
Product is the first element of marketing mix, which refers to an item or a service. The features of an item are its strongholds because they lead the customer into buying it. This means that the items will literary market themselves.
For instance, fresh vegetables attract customers while they are still on the shelf and thus, the attributes of an item must make the customer feel that his/her needs will be satisfied. Kotler & Keller (2009) suggest that the features can be enhanced by improving the appearance of the item by focusing on areas like packaging, warranties and design.
In marketing, what matters most is to capture the attention of the customer. Buyers prefer items that are packed in appealing designs. Moreover, items with warranties on them attract customers because it makes them feel safe when making the purchase because they are assured of getting back their money in case the item turns to be faulty.
The second element in marketing mix is place, and it entails identifying the appropriate channel of reaching the potential customer. A business entity must then familiarize itself with the areas that are most frequented by customers. For instance, a florist is most likely to get customers if he/she is situated next to a hospital or a mortuary. This suggests that marketing is greatly influenced by place and thus, an enterprise must position itself in a strategic position.
In other words, Kumar (2007) explains that the marketer must identify the areas where his/her services are most needed. This requires one to scan the environment, identify a loophole, and proceed to fill it. For instance, the services of a veterinary cannot be needed in an urban center because there is hardly any form of farming in the cities and thus it would be advisable for such a professional to market him/herself in the rural areas.
Price is the third element and it refers to the cost of the item/service. Seller and his /her position in the distribution chain determine the cost of an item. In production chains, there are manufacturers, wholesalers, and retailers. Each of these parties engages in the trade for a profit. Retailers sell at a higher price because they have to cater for the expenses incurred by wholesalers.
On the other hand, wholesalers trade at subsidized rates because they do not spend much to obtain the finished product. According to Bennett (2009), a businessperson should also remember to compare his/her prices with those of the competitors. If the items are of the same quality, then he/she should reduce his/her prices slightly as this will give him/her a cutting edge in the market. In the end, the business will be making less profit while increasing the sale volume, which amounts to higher returns.
Promotion is the last element of marketing mix, and it involves informing the customers about a given item/service. In this approach, the customer is notified about the item/service through commercials that are aired on TV, radio, internet, newspapers and billboards among others. When choosing the medium of advertising it is important to analyze the possibilities of reaching the targeted audience. The option with the highest probability should thus be employed to increase chances of success.
In this regard, Sony is the best example for a company that utilizes the elements of marketing mix. The company manufactures electronics such as TV sets, Hifi systems and computer accessories such as flash disks. The company has been able to market itself by improving the features of its products.
For instance, the current Hifi systems can support flash disks besides being compatible with digital compact disks. The company is not the sole manufacturer of the above-mentioned products and thus, it reviews its prices to leverage itself with its competitors. This company advertises its items through the internet because it is the cheapest medium. However, the company still airs some of its commercials via TV adverts and billboards.
In conclusion, an item must have the appropriate qualities because customers are induced by these attributes. The features must be aligned with the needs of the customers otherwise; the item will remain in the shelves. The item should consider the interests of the buyers. If the buyers want comfort then the item should include this attribute in the item. The marketer should also concentrate on the people who are most likely to require his/her item/service.
Targeting the wrong people would be a waste of time and resources. Every buyer is usually interested in a unique item that is less costly and thus, a business entity should address the issue of price. However, the price slash must be considerate for the business to remain stable. Marketers should consider advertising their items/services through the appropriate media. They should specifically take advantage of the Internet because it interconnects the world in real time.
Bennett, G. A. (2009). The Big Book of Marketing. New York: McGraw-Hill.
Kotler, P. & Keller, K. L. (2009). Marketing Management (13th ed.). Upper Saddle River, NJ: Prentice-Hall.
Kumar, S. R. (2007). Marketing and Branding: The Indian Scenario. New Delhi Dorling: Kindersly.