What is the importance of marketing mix in the success of a company?

  

Select a company or brand from which you buy frequently. In 1-2 pages, include the following:Describe the organization that you selected and the industry in which it exists.Explain how each element of the marketing mix (product, place, price, and promotion) is utilized to influence the demand for the company’s products or services.

Introduction:
Marketing is a crucial aspect of every organization that seeks to create, communicate, and deliver value to its target customers. Through strategic marketing, companies can effectively influence the demand for their products or services in the market. This paper will focus on an organization that I frequently purchase products from. The paper will give a detailed description of the organization and the industry it operates in, and how it has effectively utilized the elements of the marketing mix to influence demand for its products or services.

Don't use plagiarized sources. Get Your Custom Essay on
What is the importance of marketing mix in the success of a company?
Just from $13/Page
Order Essay

Description:
Organization Description:
The organization that I will be discussing is Apple Inc. Apple is an American multinational technology company that deals with various consumer electronics and software. The company is well-known for its innovative product design and marketing strategies that have effectively positioned it as one of the leading tech companies in the world.

Industry Description:
The industry that Apple operates in is the technology industry. The technology industry is a fast-growing and highly competitive industry that involves the production and sale of products and services that are used to process, store, and transmit information. The industry is characterized by constant innovation, frequent product launches, and rapid technological advancements.

Marketing Mix Utilization:
Product – Apple is known for its innovative product design, which has made its products highly popular among its target consumers. The company’s flagship products include the iPhone, iPad, and MacBook, which have unique features, high-quality designs, and exceptional user experiences.

Place – Apple has a global market presence, with its products being sold through various channels such as physical stores, online stores, and third-party retailers. The company has strategically placed its stores in prime locations, especially in urban areas, to increase its visibility and accessibility to its target market.

Price – Apple’s pricing strategy is based on product differentiation, where the company charges premium prices for its high-quality products. The quality and features of Apple’s products justify the premium pricing, making them a preferred choice for consumers who are looking for high-end products.

Promotion – Apple’s promotion strategy involves the use of various marketing communication channels, including advertising, sales promotion, and personal selling. The company’s advertisements are known for their creative design, catchy slogans, and celebrity endorsements. Apple has also effectively utilized social media platforms to reach out to its target audience.

Conclusion:
Apple’s strategic utilization of the marketing mix elements has led to the creation of a strong brand image and high demand for its products in the market. The company’s innovative product design, prime location of its stores, premium pricing strategy, and effective promotion have enabled it to maintain its position as a leader in the tech industry.

Objectives:

1. To understand the importance of marketing mix in influencing consumer behavior.
2. To identify the key elements of the marketing mix and how they relate to consumer demand.
3. To analyze how a specific company utilizes the marketing mix to influence demand for its products or services.
4. To gain insights into the organization and industry in which the selected company operates.

Learning Outcomes:

1. Identify the company/brand selected for the assignment.
2. Describe the industry in which the selected company/brand operates and its major competitors.
3. Define the four key elements of the marketing mix and their importance in influencing consumer demand.
4. Analyze how the selected company/brand uses each element of the marketing mix (product, place, price, and promotion) to influence consumer demand.
5. Evaluate the effectiveness of the marketing mix strategies used by the selected company/brand in achieving its business objectives.
6. Compare and contrast the marketing strategies adopted by the selected company/brand with those of its competitors in the industry.

Headings:

1. Introduction
2. Description of the selected organization/brand and its industry
3. Product: Description of the company’s product/service and how it is designed, packaged, and positioned to attract consumers
4. Place: Analysis of the company’s distribution channels and how they impact product availability and consumer accessibility
5. Price: Discussion of the company’s pricing strategies, including pricing objectives, methods used to set prices, and perceived value to consumers
6. Promotion: Examination of the company’s advertising, sales promotion, personal selling, and public relations strategies to create demand for its products/services
7. Conclusion: Summary of how the company/brand utilizes marketing mix strategies to influence consumer demand and achieve business objectives.

Solution 1:

Organization Overview and Industry

The organization I have frequently purchased from is Amazon, which is a multinational technology company based in Seattle, Washington. Amazon started as an online bookstore in 1995 and has now grown to become the largest online retailer globally. Amazon operates in various industries, from e-commerce to cloud computing, streaming to artificial intelligence, and many other technological services.

Marketing Mix and Demand Influence

Product:

Through their e-commerce platform, Amazon offers a vast range of products to their customers. Amazon has developed their private label products, such as Amazon Basics, which has helped the company to expand its market, attract more customers, and increase revenue. They also offer exciting services like Amazon Prime, which offers customers a bundle of benefits such as free shipping, access to streaming services like Amazon Prime Video and Music. Additionally, Amazon Kindle and Alexa are other products that they have developed to meet the ever-changing needs of their customers.

Place:

Amazon’s e-commerce platform is their primary channel of distribution. They have also established many fulfillment centers worldwide, which allow them to provide shipping products to their customers quickly. Amazon has collaborated with third-party sellers to ensure they can offer a broad range of products to their customers. Furthermore, Amazon has ventured into the brick-and-mortar store concept, starting with bookstores and expanding to grocery stores under the Amazon Go brand.

Price:

Amazon utilizes price wars strategies by offering competitive prices to their customers. In addition, they often offer discounts, deals, and flash sales to their customers to influence them to buy more. Apart from that, their Amazon Prime subscription model allows customers to enjoy free-shipping benefits; this encourages customers to subscribe and buy more products.

Promotion:

Amazon is known for their customer-centric approach when it comes to promotion. They offer various incentives to their customers, such as customer reviews, ratings, and recommendations. These incentives encourage customers to buy, as they trust the opinions of other consumers. Additionally, Amazon runs promotional campaigns, including social media, email, and affiliate marketing, which help to drive traffic to their platform.

Solution 2:

Organization Overview and Industry

The organization I frequently purchase from is Starbucks, a global coffeehouse company based in Seattle, Washington. Starbucks opened its doors in 1971 and has since grown to become the largest coffeehouse company worldwide. Starbucks operates within the food and beverage industry, offering beverages and food items to customers.

Marketing Mix and Demand Influence

Product:

Starbucks offers an extensive range of coffee-related products to their customers, including coffee beverages, teas, pastries, and sandwiches. They also have seasonal offerings, which encourages consumers to keep buying their products. Furthermore, Starbucks offers a loyalty program where customers can collect stars for every purchase, and these stars can be redeemed for free drinks or food items.

Place:

Starbucks has an extensive network of franchise stores worldwide, allowing them to reach customers in many countries. They also offer the Starbucks app, which allows customers to place orders and access exclusive promotions from their mobile devices. Starbucks also offers retail products, including coffee beans, syrups, and merchandise, which are available at their stores and online.

Price:

Starbucks uses a premium pricing strategy, which is reflected in their prices. However, they also offer discounts like happy hour and seasonal deals like the holiday buy-one-get-one-free promotion, which encourages customers to buy and try more.

Promotion:

Starbucks brand is built upon an image of the third space (a comfortable and welcoming atmosphere away from home and work), quality products, and sustainability. They use content marketing to promote their brand, including social media, mobile applications, email marketing, and influencers. Starbucks also uses promotional campaigns where they partner with brands like Spotify, offering exclusive playlists to customers. Additionally, Starbucks actively engages in corporate social responsibility campaigns, including the environmental sustainability campaign, which helps to maintain customer loyalty.

Suggested Resources/Books:
1. “Marketing Management” by Philip Kotler
2. “Marketing Strategy: A Decision-Focused Approach” by Orville C. Walker Jr. and John W. Mullins
3. “The Psychology of Selling: Increase Your Sales Faster and Easier Than You Ever Thought Possible” by Brian Tracy
4. “The Art of SEO: Mastering Search Engine Optimization” by Eric Enge, Stephan Spencer, and Jessie Stricchiola
5. “Social Media Marketing: An Hour a Day” by Dave Evans

Similar Asked Questions:
1. How important is the marketing mix in influencing consumer behavior?
2. What are some effective pricing strategies to increase demand for products or services?
3. How does the promotion element of the marketing mix differ for different industries?
4. What role does product design and development play in the marketing mix?
5. How can digital marketing strategies be used to influence demand for products or services?

Organization and Industry Description:
For this assignment, I have selected the well-known technology brand Apple Inc., which operates in the consumer electronics industry. Apple designs, manufactures, and markets a range of telecommunication devices, consumer electronics, and software applications.

Utilization of 4P’s of Marketing Mix:
1. Product: Apple is known for its innovative and high-quality products, which are designed to meet the needs and preferences of its target customers. Its products, such as iPhones, iPads, and MacBooks, are differentiated through cutting-edge features and advanced technology, making them highly desirable in the market.

2. Place: Apple has a global presence with its retail stores located in various parts of the world. In addition, it also sells its products through authorized resellers, distributors, and third-party online platforms such as Amazon, Best Buy, and Walmart, making its products easily accessible to customers.

3. Price: Apple products are priced relatively high compared to other brands in the market. The premium pricing strategy is underpinned by the company’s focus on high-end customer segments, innovation, and brand image. However, the company adopts competitive pricing during new product launches to attract a wider audience.

4. Promotion: Apple invests heavily in marketing and advertising campaigns to create brand awareness and generate demand for its products. Its promotional activities include TV commercials, online ads, social media marketing, and sponsorships of music events. The company also integrates its products with its software and services, including iCloud, iTunes, and Apple Pay, to foster customer loyalty and engagement.

Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more
× How can I help you?