Marketing Mix Assignment Sample

What do you mean by marketing?

Marketing is a process of selling and promoting the products which are sold in the market. In other words, it refers to the placement of the correct products, in the correct market at a correct period of time. Marketing is a very crucial area of work, so preciseness and work should be done considering all the resources. A good strategy and planning has to be done prior to do marketing. Advertising, Publicity and sales promotion are used to make a better marketing move.

What do you mean by Marketing Mix?

Marketing mix are basically some tools, which are used to enhance the abilities and strengths of a marketing strategy. The marketing mix helps in supporting the marketing procedure and withstands it. The process of marketing becomes feasible and smooth to operate and also curbs the risk of loss. The main marketing mix tools are:

  1. Price
  2. Product
  3. Place
  4. Promotions

Neil H Borden was the man who coined these marketing mix techniques back in 1964. These tools have been applied everywhere in the marketing process since then.

Marketing Mix tools can be explained with this:

1. Price:

Price is an important factor of the marketing mix and refers to the amount charged for selling a product. Price helps in determining the source of income for a business. Price of the product should be kept carefully, after understanding fully about the market nature and consumer nature. The price must cover the expenses incurred in making them and also garner much profit for the business. The profit margin should also be kept carefully.

Some important decisions to be made for Pricing:

  • Volume Discounts
  • Suggested retail price
  • Cash and early payment discounts
  • Pricing strategy

2. Product:

A business deals its operation with its product or a service. Products are the main thing of a business for which it strives and from which it gains. Selling of that product is a necessary job. Proper planning and strategies should be laid out selling it. Target audiences and territories should be considered well. The expense of making that product and quality should also be considered well before. Product comprises of three main levels:

  • Core product
  • Actual product
  • Augmented product

Some important decisions to be made for Product:

  • Styling
  • Brand name
  • Functionality
  • Safety
  • Quality
  • Packaging.

3. Place:

The place of marketing mix is the place where the production and distribution of the product is done. It involves storing and selling it both. The place is an important factor and should be chosen wisely. The raw materials production should be near the place, cutting extra transportation conveniences. Storages of products should be near the market to keep the retailing good. Thus, place is an important factor.

Some decisions that should be taken for place are:

  • Distribution channels
  • Market coverage
  • Specific channel members
  • Warehousing
  • Order processing
  • Transportation

4. Promotion:

The promotion factor of the marketing mix refers to the increasing of various techniques to garner the growth of sales of the product. It aims to increase that need of the product in the market. The business, producing high quantity high volumes of products needs a good promotion for selling those products in good numbers and keep the profit level up. Best promotion techniques include, advertising, publicity, sales promotion and also personal selling.

Some of the decisions to be taken for promotion are:

  • Advertising
  • Promotional strategies
  • Personal selling
  • Sales promotion

These four marketing mixes are the ones mostly used over. These are good and reliable factors to be kept in mind while making appropriate decision sin marketing. Apart from these four, there are three more tools of marketing mix, they are

  • Physical Evidence
  • Process
  • People

As we have seen these marketing mix tools are very important to stand with the success of the business. But students sometimes find it difficult to understand these various techniques, leading to incomplete of projects and assignments in the allotted time period. But don’t worry, we are here to help out the students. We have a team of expert tutors who are ready to guide the students in completing the assignments and projects given to them on this topic. Our professional tutors follow the rule of deadline completion pact and deliver it with 100% preciseness. The quality of work is not at all compromised and is 100% plagiarism free. You can find many other marketing assignments and homework help on our website here myassignmenthelp.net. In case you have any queries or doubts contact us or visit our website, we are happy to help you out.

What is marketing?

Marketing refers to the action of promoting and selling products in the market. In a wider sense, it refers to the placement of the right products, in the right market at a right time. It is a very sensitive area and a huge care is to be taken that how the marketing is done and what products are being marketed. A proper strategy needs to be formulated for the marketing procedure to be carried out. The marketing could be done with the help of Sales Promotion, advertising etc.

What is Marketing Mix?

There are various tools required for marketing procedure. Such tools are known as Marketing Mix. The marketing mix helps in supporting the marketing procedure. They make the marketing procedure feasible and smooth.

The Marketing mix is widely categorized into 4 tools:

  1. Product
  2. Price
  3. Place
  4. Promotions

The term marketing mix was first coined by Neil H Borden back in 1964 in his article “The concept of marketing mix”. This term has been used ever since and is believed to promote or break the firms. Thus management of marketing tools is very necessary.

“Marketing without data is like driving with your eyes closed”- Dan Zarrella.

The tools of Marketing Mix can be understood as:

1. Product: A product is a good that a business deals in. The business needs to sell that product to sustain in the market. Proper planning is to be done regarding what is to be produced, how much is to be produced and of what quality it should be produced. These decisions should be taken very carefully because product is the most vital element of the business. A product has three levels:

  • (i) Core Product
  • (ii) Actual Product
  • (iii) Augmented Product

To know more about the levels of the products please visit assignmenthelp.net where you can know about the different kinds and levels of products.

Different decisions to be taken for the Product are:

  • Brand name
  • Functionality
  • Styling
  • Quality
  • Safety
  • Packaging
  • Repairs and Support
  • Warranty
  • Accessories and services

2. Price: Another important factor of Marketing Mix is Price. Price refers to the amount to be charged for selling the product. The price is the factor that earns the business main source for income. Thus, price needs to be set very carefully. The price must cover the expenses incurred on the production of the product and must contain some profit margin.

Different decisions to be taken for the Price are:

  • Pricing strategy
  • Suggested retail price
  • Volume discounts and wholesale pricing
  • Cash and early payment discounts
  • Seasonal pricing
  • Bundling
  • Price flexibility
  • Price discrimination

3. Place: The place refers to the place of production of the product, storing it and then selling it to the customers. The place of the product should be decided carefully. It must be produced near the place from where the raw materials are being supplied so that there is no delay in the production process. For storing the products, the warehouses must be situated near the markets where they can be supplied immediately. Thus Place is an important factor.

Different decisions to be taken for the Place are:

  • Distribution channels
  • Market coverage (inclusive, selective, or exclusive distribution)
  • Specific channel members
  • Inventory management
  • Warehousing
  • Distribution centers
  • Order processing
  • Transportation

4. Promotion: The promotion aims at increasing various techniques to foster the growth of sales. If a business will have a high sales volume then it will be able to earn huge profits which will be beneficial for the business. The promotion techniques differ with lace to place, product to product and life cycle of the product. If the promotion technique is strong then it can increase the sales at a high rate.

A few of the Promotion techniques are:

  • (i) Personal Selling
  • (ii) Publicity
  • (iii) Advertising
  • (iv) Sales Promotion

Different decisions to be taken for Promotion are:

  • Promotional strategy (push, pull, etc.)
  • Advertising
  • Personal selling & sales force
  • Sales promotions

Apart from these 4 P’s of Marketing Mix there are 3 more marketing mix tools which are:

  • Physical Evidence
  • People
  • Process

Thus we see how important and crucial the marketing mix tools are for the proper working and selling of a product of a business. These decisions should be taken very carefully and expert advice must be taken.

For more information on the Marketing Mix tools please visit assignmenthelp.net. You can find other marketing assignments there as well which would be of great help. In case you need any assistance with numerical problems or queries you can have online classes with our best and professional faculty. We provide the best and satisfying services.

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