Question

ASSIGNMENT:

1. Describe in detail the importance and role of marketing in an organization.

2. What is the marketing mix? What are the four elements of the marketing mix?

3. For each of the four elements (4Ps) of the marketing mix:

- State the element.

- Define the element.

- Discuss how the element is applied in the marketing mix.

- Discuss the importance of the element.

Requirements:

Minimum Page Length – 2 full pages (excluding title/header and reference list); 12-point Times New Roman; double spaced; and page numbering.

Please be sure to answer the entire question to receive maximum credit for this task. Use and include information from the weekly course content and outside sources to support the conclusions contained in the paper. Be cognizant of spelling, punctuation, and grammar.

Answer 1

The marketing plays an important role in the organisation. It is the basis for the growth and sales of the organisation. For the purpose of running the business, every businessman/ entrepreneur shall consider the marketing mix. In which he considers various factors for the purpose of marketing. If an organisation appropriately use the marketing mix, it can gain the excess of market share.

Elements of marketing mix:-

Price Mix:-

Price mix is the mix in which the price of the product is determined. The price mix is determined as per the predetermined profit margin and the cost incurred over the product. For considering the price mix, the customers to whom it is to be offered is considered.

In other words, if the product is offered to rich people, where the uniqueness of the product matters, then the price of the product is considered high. In case it is offered to the normal people, the price is kept generally enough that the people can afford them. The price of the product should b adequate so that no customer will feel that the product is too expensive and do not complete the buying satisfaction. For the purpose, the company also takes consideration any allowances and discounts to be provided to the customer.

Product MIx:-

Product mIx is another mix in which the organisation decides the product he has to offer to the public and the no. of products it has to offer. For example- The apple Inc. produces apple iphones, ipads, ipods, laptops etc. While there are some companies which deals only in one product.

The company decides the product mix as per the demand in the prevailing market. If there is demand of one product is too high, and there are no suppliers in the market. Then the company will definitely provide that product to the customer.

Secondly, in product mix company also decides the quality of the product to be offered to the customers, its raw material and various quality and quantity related measures.

Place Mix:-

Place mix refers to the place where the company has to sell the products to the customers. Generally, the place mix of the company is determined on the basis of the following factors like;

• Labour availability
• weather
• no. of customers
• transportation services
• easy availabilty of the raw material etc.

The company generally chooses that place, where the production of the product is at the lowest cost and it is easy to supply the products to the customers.

Promotion Mix:-

Promotion mix is nothing but the method of promotion of the product to the customers. Because the product is unawared by the customer, the company shall take measures to make the customers knowledgable of the product.

They can use various methods of promotion :-

• Advertisement
• Personal Selling
• Pemplates and banners
• Discounts
• Publishing in the magazines, newspapers etc.

The company may adopt the method as per the suitability and their coneyance.