According to Bowman and Gatigton (2010), the concept of marketing mix refers to a combination of controllable tools of marketing that a business firm can utilize to promote the sales of its products in its target market. A marketing mix is crucial in the process of marketing because it captures and promotes the unique selling proposition of the involved product by differentiating it from its competitors. A marketing mix is divided into four categories of variables commonly referred to as the 4Ps. The 4Ps are the Product, Price, Place, and Promotion as shown in figure 1 below. Many business organizations incorporate the 4Ps in their marketing efforts to ensure that they reach their target markets successfully. In line with these aspects, this paper is going to examine the importance of 4P marketing mix in the marketing process using illustrations from the Samsung Electronics.
Figure 1: Retrieved from,
Importance of 4Ps marketing mix in the marketing process
This refers to the tangible or intangible good that is being offered to the target consumers. The good or services that is offered to the consumers is vital in the marketing process because it what satisfies the needs of the consumers (Mahajan and Mahajan, 2015). In this regard, the product should be designed in such a manner that it meets the needs of the target market. Because of the heterogeneous characteristics of the target market, it is important that a business organization should offer a wide variety of products that meets the needs of the different categories of consumers in the target market. One example of a successful marketing process where different categories of products have been successfully offered to consumers is with Samsung Electronics (Bhasin, 2016). Samsung has a portfolio consisting of different products, for example, smartphones, household appliances such as fridges, home theaters, microwaves, televisions, and washing machines. These products are offered in different designs, variety, packages, and quality (Lancaster and Withey, 2007). The ability of Samsung to offer a wide variety of products to consumers has enabled the company to expand its market share. In addition to this, all the products are of this company are of high-quality, and therefore, the consumption of one product establishes customer loyalty. Winning the trust and loyalty of customers has facilitated the marketing process of Samsung products across the globe because retaining customers is easier that attracting new ones.
This refers to the amount of cash at which the product is offered at to consumers. In the marketing process, the pricing strategy is critical in promoting the sales of a given product (Bowman and Gatigton, 2010). Pricing as a marketing mix involves the offering of discounts, credit terms, and providing of allowances to the target consumers. Current consumers are very sensitive to prices at which goods are offered, and therefore, it is necessary that a business firm should implement effective pricing strategies. Samsung has successfully used the pricing strategy as a marketing mix in its marketing process (Littleson, 2007). Samsung has successfully utilized the skimming pricing strategy to remain ahead of its competitors and to improve its sales volume and profit margin. Here, Samsung introduces high-value products such as Samsung Edge smartphone and sells them at high prices before they become obsolete. In addition to this Samsung also utilizes the competitive pricing strategy. Here it offers products for all categories of consumers, for example, are expensive products for the high class and cheaper products for the middle and lower class ((Bhasin, 2016)).
This refers to the channels over which the product can be accessed by the consumers. The major objective of all businesses is to make profits through the sales of their products and to make sales, and hence, it is mandatory to reach the target consumers. The selection of the appropriate channel is critical because it determines whether the products offered will reach the intended market for the sales to take place. Some of the common channels of distribution include wholesale and retail outlets. In the modern technology-driven society, the Internet has also emerged as a major channel of distribution of products through online shops. In this regard, it is critical that business organizations should choose the most appropriate channels over which to offer their products to the target consumers. Samsung Electronics has effectively utilized place as a marketing mix in its marketing process (Bhasin, 2016). Samsung Electronics makes use of selective distribution intensity strategy to distribute its products to target consumers. The consumers can acquire this product from several but selected outlets such as Walmart stores, The Kroger Co., Costco, and The Home Depot (Burrows, 2008). There are also various intermediaries in the indirect marketing channel play different roles to bring value to customers. The agents contact the wholesalers regarding the availability of this product, and hence, enables the goods to move quickly from the manufacturers.
Promotion refers to the strategies that are used to promote the product and persuade the target audience to purchase it. These include strategies for product promotion such as advertising and product promotion (Ritcher, 2012). Promotional efforts are aimed at presenting the features and benefits of the product involved so as to attract consumers. Samsung Electronics have successfully utilized promotion in its marketing process across the globe. This company has used a combination of both advertisement and product promotion to highlight the benefits of its products and to increase its sales volume (Bhasin, 2016). Samsung advertises its products over television and internet platforms developed and developing countries, and this has enabled it to expand its market share by reaching new consumers. For example, in the year 2014, Samsung expanded its market share by 5% in the Asian region through advertising and product promotion (Obhrai, 2015).
In summary, the marketing consists of four elements, product, price, place, and promotion. Marketing mix facilitates the planning and execution of a marketing plan, and hence, it influences an increase in demand for the involved product. A business that offers high-quality products succeeds in its marketing process. Effective pricing strategy also helps a business to make more sales. These have to be incorporated by the use of effective product promotion methods and appropriate channels to reach the target market. The incorporation of the marketing mix contributes to a successful business as demonstrated by Samsung Electronics.
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