In the present scenario, development of appropriate marketing mix is crucial for overall success of a business enterprise. The concept of marketing mix relies on four key elements which are product, price, place and promotion. Further, product can be termed as the goods or services which are offered to the target market to satisfy their actual need and requirement (Hanssens et al. 2014). Marketer helps in identification of the risk associated with changing customer demand with regards to consumption of product. On the other hand, price is the monetary value at which product is offered to the target market. Marketers play important role in setting up the price of product and service. Strategies such as competitive pricing strategy, penetration strategy and another form of tools are employed by the marketers to determine the price.
Another important element of marketing mix is place which can be termed as the actual location from where products are offered to the target market. Marketer supports companies in identify good locations which are convenient for customers and large volume of sales can be easily generated by the same. Nowadays, marketers focuses on making use of physical store and online stores which support in attracting customers (Huang & Sarig?ll? 2014). The last element of marketing mix is promotion where marketers use different tools and techniques to create awareness and demand of their products/services. Here, techniques such as discount, offers and social media marketing are used by marketers to attract people from target market and increase sales.
The theory of consumer behavior accepts that consumer has a proper understanding of all the commodities present in the marketplace along with price and his/her income level. It can be expressed that there are various factors which affect the behavior of consumers (Leonidou, Katsikeas & Morgan 2013). Marketers play a crucial role in identification of the key factors associated with buying behaviors of people in the market. Further, marketers also influence purchase behavior of target market by different tools and strategies.
Considering the nature of marketing theory, the ultimate objective of every company to maximize its sales volume and enhancing the overall brand value. Further, marketers apply various tactics with the motive to position its brand properly and this reduces risk associated with product failure. Apart from this, due to the high level of competition marketers are required to place higher efforts in identification of needs, creating demand and to achieve long term success of the business. Marketers carry out intense market research to identify the changing demand if people in the market. Marketers also develop and implement different type of promotion and marketing strategy to attract customers and increase the volume of sales.
Various marketing issues are faced by the marketers and it influences overall productivity of the business. Further, lack of resources is the main challenge where marketers do not have adequate finance to invest in branding, marketing and another form of promotions (Steenkamp 2017). At risks assessment marketers play significant role in identification of the different internal and external risk which can affect the overall operations and business activities. Marketers also developed appropriate strategies to manage and control the identified risk. Ineffectiveness of marketing tools used can be termed as another business problem faced by marketers.
In order to address the identified problem, the marketer has carried out certain changes in the overall marketing strategy. At present the business is making use of traditional marketing channels and now more emphasis will be laid on online platform for marketing. The target customer will be people who fall under middle income group and age 25-40. The marketing objective will be to increase sales of X product by 20% within one year. Product position will be done as a low cost premium quality product. The marketer will be carrying out certain changes in products as per the existing customers need and demand. The tools which are going to be used here include social media, email and internet marketing.
Books and Journals
Hanssens, D, Pauwels, KH, Srinivasan, S, Vanhuele, M & Yildirim, G 2014, 'Consumer attitude metrics for guiding marketing mix decisions. ', Marketing Science, vol 33, no. 4, pp. 534-550.
Huang, R & Sarig?ll?, E 2014, 'How brand awareness relates to market outcome, brand equity, and the marketing mix', In Fashion Branding and Consumer Behaviors , pp. 113-132.
Leonidou, CN, Katsikeas, CS & Morgan, NA 2013, 'Greening” the marketing mix: do firms do it and does it pay off?', Journal of the Academy of Marketing Science, vol 41, no. 2, pp. 151-170.
Steenkamp, JB 2017, ' Global Marketing Mix Decisions: Global Integration, Not Standardization', In Global Brand Strategy, pp. 75-109.