Introduction to Marketing Strategies and Marketing Mix

 

Marketing strategies entail carrying out an analysis of the
organization’s initial situation before evaluation, formulation, and selection
of competitive market position that adds value to the firm’s objectives is done
(Davari & Strutton, 2014). Strategic market mainly deals with the policy
choices that are aimed at improving a firm’s competitive position, and at the
same time, bearing in mind the opportunities and challenges that may arise in
the competitive environment (Baker, 2014). On the other hand, marketing mix can
be defined as the four broad levels involved while making a marketing decision.

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It is the founding model of marketing, and is also known as the 4 Ps. It can also
be defined as the marketing tools that organizations deploy to pursue the
objectives and goals of marketing. The four-level elements of market decision
making are; price, product, promotion, and place.

 

While making marketing management solutions, the four levels elements of
making market decisions are used and have to become very dominant frameworks in
organizational management activities since they were published back in the
1960s. The 4 Ps tend to be tactical and controllable in a manner that the company
using them can successfully get an essential response from the target market
(Davari & Strutton, 2014). On the contrary, a blend of 7 Ps is used in
services marketing. The 7 Ps is an extension of 4 Ps with an addition of
people, physical evidence, and process. The idea of marketing mix was initially
introduced by academician and marketer Jerome McCarthy (Baker, 2014). Today,
his noble ideas provide large organizations with frameworks for decision making
in marketing and are one of the most widely accepted philosophies deployed in
the marketing process.  Explained below
are the four Ps of marketing mix;

 

 

 

 

1.    Product

It refers to the items that fully satisfy the needs of the consumer.

They are categorized into tangible products or intangible products. The product
aspect of an organization’s marketing strategy goes beyond what the
organization sells or what services it provides (Khan, 2014). Products avail a
unique benefit to the organization and customers, or the organizations risk
losing these customers. Companies are normally advised to come up with unique
features that will provide unique benefits based on the clients they think will
purchase them (Davari & Strutton, 2014). It means that if an organization
produces mainstream products or services, its strategy will entail targeting of
the customer based on the demographics of the market.

2.    Price

It refers to the amount of money or sacrifice that is paid by clients to
acquire possession of a product.  The
pricing strategy focuses on high-profit margins at slightly high prices because
the organization’s sales volume will reduce if it produced cheaper products. If
the target market is comprised of clients who are bargain conscious, then the
pricing strategy of the firm would be focused on making profits that are based
on high sales volumes on items of lower margins.

3.    Place

It refers to the convenient access, which customers are provided with to
purchase products. An organization chooses its channels of distribution to
support its marketing goals based on the target customers, brand, and pricing
strategy. For instance, carrying out sales in a huge box store would portray a
different message compared to a sale in boutiques even if there was a change in
prices.

4.    Promotion

It refers to the tools that are used in the process of marketing
communication. This strategy begins with what an organization has to tell its
customers about the product it offers even before it determines where and how
it is going to sell its products. Promotion requires that an organization uses
its unique benefits to come up with images and brands that are attractive to
customers. Once a brand has been created, the organization uses images, designs
and promotional options to sell and support its brand.

 

The Relationship between Marketing Strategies and Marketing Mix

There exists a relationship between an organization’s marketing strategy
and the same organization’s design of marketing mix. It is because the
implementation of marketing strategy in organizations takes place by combining
of marketing mix design elements to meet the needs of a target market that was
selected by the firm. In an attempt to understand this relationship, it should
be noted that in this approach, two considerations are in existence; the
elements of marketing mix and the target market needs (Baker, 2014). Depending
on whether the organization is service-oriented or manufacturing oriented, the
marketing mix elements are aligned to suit the needs of the organization’s
target market. The marketing strategy approach is one that is very focused on
customers; thus making it consistent with the concept of marketing. It simply
has an indication that the approach is concentrated on the needs of customers
rather than the business operations of the organization. Thus the concept of
marketing strategy provides an organization with an opportunity to be
successful in the target market compared to other concepts of marketing (Davari
& Strutton, 2014).

 

The Role of Marketing Strategies in an Organization

The owners of the medium-sized business and cooperate organizations need
to have knowledge of the imperativeness of marketing strategies and promotion.

Marketing strategies aid organizing in maximum utilization of the skills of its
employees and could help in developing creative on customers’ service and sales
activities. There are various advantages that come with marketing strategies
that owners and stakeholders of organizations need to be well acquainted with
(McDonald & Wilson 2016). One of them is that it helps in creating an
effective marketing plan. These strategies are often brainstormed by a team of
professional marketers to come up with a viable marketing plan. Most of these
plans include the expected strategies, the pricing method of products and
distribution channels. The marketing plan is also important in developing
marketing strategies since it helps an organization to identify its target
market and measurable goals, which are achievable (Khan, 2014).

On the other hand, marketing strategies help the organization to
understand its clients. An organization can connect with customers with the aid
of promotional strategies that it puts in place, but only if they are well
structured. It also helps to point out gaps and provide effective solutions to
customers. If an organization has a loosely structured marketing strategy, it
may not be successful in producing products for the intended demographics.

Marketing strategies also help organizations in developing financial
goals. Financial goals of an organization can be related to its expense budget
or its sales targets. Sales target are part of the marketing plan but are
vulnerable to change over time depending on market conditions, customer demand
and change in product prices (Khan, 2014). Monitoring of expenses is also an
integral part of a financial goal. If an organization has more expenditures
than it receives revenues, then the viability of the business is in question.

However, if the organization has the ability to monitor its outflows and only
spending where necessity calls for, then it will be in a position to increase
the profit margins.

Marketing strategies also aid an organization in the process of
strategic planning. It is a concept that integrates sales, promotion,
marketing, and financial goals, and most importantly is focused on the
development of the organization’s goals and objectives. If a business has a
viable strategic plan, then it has the power to deal with unexpected and
expected situations.  In a good strategic
plan, “what if” scenarios have their solution already discussed and written
down for implementation. It implies always having a plan B when profits are
minimal are expenses are high (Khan, 2014). Therefore, marketing strategies are
vital because they understand and conquer the market without over-utilizing
efficiencies and important resources.

 

The Importance of Marketing Mix in an Organization

A marketing mix is an imperative tool in an organization as it assists
in building an effective marketing strategy plan and its implementation. The
tool includes the assessing of roles in the organization, arranging for
distribution, price placement as well as the promotion of the product. One of
the most vital significance of marketing mix in an organization is the aspect
of the offering by the organization. According to McDonald & Wilson (2016),
part of the roles of firm’s marketing mix is conveying to its clients what the
organization produces or offers and why these products are far much better than
the alternatives and substitutes in the target market. Part of the conveyance
also includes where the products are offered, whether the products are found
online or in stores and factorizing the element of distribution. Most
importantly is the pricing point since it will have a direct effect on the
value of the product.

 

Another important elements of the market mix is target understanding.

When a marketing process is undertaken by an organization, strategy on how the
target will be reached will also be vital to make sure that the messages are on
point. The organization’s main customer group becomes the target of the
marketing campaign in this case. The product and its price give a direction in
a bid to identify the required market target. For instance, Vodacom mobile
technologies advertisements are usually targeted at the young generation of
customers. The process of identifying the kind of media that these customers
use frequently is also vital, an aspect that brings the element of promotion
into practice (Khan, 2014).

On the other note, marketing mix helps the organization in the message
delivery process. It is because the elements of promotion addresses and
creation and distribution process of messages about the organization’s products
and brands. In the promotion process, the firm has to make a decision on the
format and message type that it has to put into use to persuade its client base
(Ahmed & Rahman, 2015). Fear, humor, anxiety, and sexuality are some of the
feelings that are deployed in bringing out emotional appeals in the process of
marketing. Selecting the most effective media, be it television or radio is
another significant part that leads to a successful marketing and promotion
process.

Lastly, marketing mix helps an organization in value creation. It makes
an organization to have the understanding of the build and sell value to its
clients. It is because customers normally buy what they regard as best for them,
and are in the best value for the money they are willing to spend on the
product. The implementation of marketing campaigns that portray a greater value
for the products at fair pricing gives the organization an opportunity to
succeed (Khan, 2014). Most importantly, finding and identifying potential
market options also assists an organization to get a more valuable return on
product investment in the long run.

 

 

 

 

 

Conclusion and Recommendation

            After having an understanding of
marketing strategies and marketing mix and their significance in an
organization, it is clear that small, medium and large scale business owners
and stakeholders must have knowledge of what they entail, and how they can be
practiced to improve performance (McDonald & Wilson, 2016). Additionally,
during the process of carrying out marketing strategies and incorporation of
the marketing mix, it is also important to have an understanding of the four
elements of marketing mix (4 Ps). It is because any company that is engaging
any market in an economy must be faced with critical decision-making
strategies. In the 21st century, understanding of the market and coming up with
viable marketing strategies are becoming an issue of concern for many
organizations. It is due to the fact that markets have become saturated,
competitors have become innovative, and customer demands are also becoming too
complex. It forms the basis why efficient marketing strategies are essential
for business success.

 

 

 

 

 

 

 

References

Ahmed, S., & Rahman, M. (2015). The effects of marketing mix on
consumer satisfaction: A literature review from Islamic perspective. Turkish
Journal of Islamic Economics, 2(1),
17-30

Baker, M. J. (2014). Marketing strategy and management.

Palgrave Macmillan.

Davari, A., & Strutton, D. (2014). Marketing mix strategies for
closing the gap between green consumers’ pro-environmental beliefs and
behaviors. Journal of Strategic Marketing, 22(7),
563-586.

Khan, M. T. (2014). The concept of marketing mix and its elements (a
conceptual review paper). International journal of information,
business and management, 6(2), 95.

McDonald, M., & Wilson, H. (2016). Marketing Plans: How to
prepare them, how to profit from them. John Wiley & Sons.

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