30 Sep Marketing Management
Students must read all weekly reading assignments complete necessary research from at least 2 academically reviewed journal articles from the CU library and respond to the following as instructed: –
Discuss how the marketing mix will vary in relationship to the offering of a service and of a product.
reply to one (1) other student’s post . The required length for your original posting is 350 words, and your reply should be a minimum of 250 words.
Respond to your colleague’s posts in one or more of the following ways:
• Ask a probing question, substantiated with additional background information, research from academically reviewed journal articles.
• Share an insight from having read your colleague’s postings, synthesizing the information to provide new perspectives.
• Offer and support an alternative perspective using readings from the classroom or from your own research in the Campbellsville University Library
• Validate an idea with your own experience and additional research.
• Make suggestions based on additional evidence drawn from readings or after synthesizing multiple postings.
• Expand on your colleague’s postings by providing additional insights or contrasting perspectives based on readings and evidence.
All initial postings must have reference from at least two peer reviewed academic journal articles and it must be in APA format. Failure to have references or not having it in APA format will mean a deduction of 5 points.
Word counts must be met. Each 10 words short will incur a deduction of points from your total discussion score.
If any part of your postings is copied and pasted you will receive no credit for the assignment, and no re-submission is possible.
Discussion NO 1 to reply.
Marketing Mix
Definition of Marketing mix came from “Neil Borden”. This term was used by Neil to represent the unique ingredients that he felt were crucial to promoting any brand and assisting it to stand out from other competitors in the same industry. A Marketing Mix is a phenomenon followed by organizations to promote their product or service. The marketing mix generally consists of 4P’s which are, Price, Product, Promotion, and Place (Thabit & Manaf, 2018). The type of approach and strategy varies from product to product and for service. Handling of marketing is very essential for any organization or company as it fetches success if handled properly. Research is the crux for a marketing mix, as it established the need and requirement of market.
Marketing mix for a product and Service
As explained above the marketing mix for a product consists of 4P’s which are, Price, Product, Price, and Promotion while marketing mix for service consist 7P’s. In addition to the 4P’s there will be People, Physical Evidence, and Process in marketing mix for service.
The main aim of product marketing mix is to find out the right market for the product and placing in such a way that it gets the planned response (Surabhi, 2016). Service Marketing mix aims to provide a solution to the difficulties faced by the clients, it can be provided in the form of business-to-business or business-to-consumer (Surabhi, 2016).
The outcome of marketing a product is the value of the product while the outcome for marketing a service is the relationship which is the reason for those 3 additional P’s, People, Process and Physical evidence. The flow of the product and service marketing mix are quite opposite where in product mix the product reaches the customer while in service mix the customer reaches the company. We can say the main difference between them is physical evidence. Physical evidence is mostly a way that you present the service given so that the customer feels in a more positive way.
References
Thabit H., T., & Manaf B., R. (2018). The Evaluation of Marketing Mix Elements: A Case Study. International Journal Of Social Sciences & Educational Studies, Vol 4, Iss 4, Pp 100-109 (2018), (4), 100. doi:10.23918/ijsses. v4i4p100
Surbhi S. (2016). Difference Between Product Marketing and Service Marketing. Retrieved from https://keydifferences.com/difference-between-product-and-service-marketing.html
Discussion No 2 to reply
What is marketing mix?
Some of the combined factors are used by the marketing department in order influence the consumers to buy their products. The combination of all the factors is marketing mix. Marketing department will try to place the right product at right place with right price. This can be done by controlling some of the factors of marketing mix. For this the marketing team should be aware of the complete structure of the business in order to plan the marketing strategies.
There 4 P’s which are foundation of main idea of marketing mix.
· Marketing mix Product
· Marketing mix Price
· Marketing mix Promotion
· Marketing mix Place
Marketing mix Product: Product is something which is built by the organization in order to fulfill the needs and requirements of certain group of people. The product designed by the organization will be in the form of services or goods. Organization should be sure about the market requirements. So the marketing team should research on the life span of the product in the market while developing the product.
Marketing mix Price: The price of the product is something which is paid by the customers in order to enjoy the product. Price plays a crucial role in determining the life span of the product. Price of the product is very important factor which determine the profits of the organization and life span of the product in market. Sometimes the target market will be willing to pay higher prices where as sometimes the consumers of the product will not be willing to pay higher prices. Marketing department should consider all the factors in determining the price of the product.
Marketing mix Promotion: Promotion of the product is as important as other factors of marketing mix. Initially customers will not be aware of the product in order to attract the customers the organizations should plan the strategies to promote their product in market.
Marketing mix Place: Place is also a important factor which can help in increasing the sales of the product. Organizations should plan a place which is suitable and comfortable to attract the potential buyers of the market.
Conclusion:
All the factors involved in the marketing mix play a very important role in determining the market for a product. Organizations need to plan proper marketing strategies in order to attract more number of potential buyers of the market.
References:
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