Understanding Marketing Mix

Coming up with effective and efficient marketing decisions entails the

understanding of the basic concepts, the marketing mix, the marketing
environment as well as formulating strategic marketing plans.

The idea of marketing revolves around the satisfaction of the needs or

wants of customers in the light of the 4Ps or the Marketing Mix. Taking into
consideration the fundamental functions of management into the elements of
the marketing mix such as planning constitute the idea of marketing
management.

Delivering the right product of the right price to the right place with the use
of the right promotional tools and activities is the essence of the Marketing Mix. It
entails all the marketing elements in the process of creating and providing value
to the market. One significant component of marketing is the market, which in
business sense, does not refer to a place where the buyers and sellers meet, but
to a an individual or group of people who share common wants and needs and
who have the ability to purchase a particular product or service. Business
organizations exist because there are needs and wants of the market that should
be satisfied.

Another salient topic of Module 1 is the marketing environment. Marketers

should understand that their business operate in a dynamic marketing
environment, and their operations can be influenced by internal and external
factors. External factors such as political, economic, socio-cultural,
technological, legal/political, economic, demographic and competition may affect
all firms in an industry. whereas internal factor such as supplier and
organizational structures affect only a specific firm.

Understanding the market and the marketing environment are not

enough. Business organizations should come up with strategic planning and
effective management for the achievement of its organizational objectives. One
fundamental management function that should be taken into consideration is
planning. It is deciding now what to do in the future, including who, when and
how to do it. Planning should start by setting the organizations’ mission, vision,
goals and objectives. Objectives should be SMART: Specific, Measurable,
Attainable, Realistic and Time-bounded.