MARKETING PRINCIPLES- MUKUKA

Introduction

In an effort to promote brand image or company products in the market, a company may use
tactics or implore a set of actions typically referred to as the Marketing mix. A market mix
simply refers to factors controlled by the company that have the ability to influence the
consumers’ decision to purchase its products.

According to Philip Kotler, a marketing mix is defined as a set of controllable variables that
an institution uses to attain a sought level of sales in the market. (2005)

And according to Kotler and Armstrong (1996), a market is defined as a set of products or
services, a group of buyers, and in an industry, a group of sellers that they serve.

The concept of marketing mix, according to Borden consists of:

(i) A list of the important elements or ingredients that make up the marketing

programmes, and
(ii) (ii) A list of the forces that bear on the marketing operation of a firm and to which

the marketing manager must adjust in his search for a mix or programme that can

be successful. In brief, the four “ingredients” in the mix are interrelated. These are

also known as marketing decision variables.

Traditionally, the marketing mix has 4 components often referred to as the 4 Ps. These are;

 The Product – Refers to the actual item that is being sold by the company or
purchased by the market. This pillar explores the quality of the product, its branding,
packaging and its other features.

 The Price – This refers to the value that is attached to the product. It explores an ideal
price for both retail and discounted wholesale purchases as well as credit facilities. It
 is arrived at by considering the costs incurred by the company in producing the
product, the supply and demand aspects of the product, the markets ability to pay for
the product among other factors.

 Promotion – This is basically communication. Refers to various activities embarked

on to make a companys product known to the market. Such activities comprise of
advertising, incentives or commissions among others.

 Place – Refers to the point where the product can be accessed by the target audience.
This pillar explores market coverage of the product. The distribution channels and
target markets. In essence, location is a very vital factor in the success of retail
business.

In a nut shell, the concept of the marketing mix is very simple; to formulate a relevant
product, correctly priced at the right place and correctly promoted. Fundamental units can be
used in many different ways to achieve a specific outcome for an organisation. Hence, in
today’s evolving world, there has been a shift from the traditional 4Ps to at least 7 more
universally accepted pillars including, Process, people and Physical evidence.

The concept of the marketing mix is also meant to give a company a better understanding of
its product, price, promotion, placement and strategies. In essence this entails that with the
development of new subsequent products, the company has a framework already existing to
provide a guide in its decisions.

Mix decisions influence an organisations ability to satisfy the needs of its target market by;

 Enabling the company to assess regularly the cost of products being put on the market
to ensure that these products are in line with marketplace realities. Some industries
will deem a low price crucial and attribute it to product inferiority while a high price
would alienate customers in another.
 The right marketing mix can ensure that a company is transmitting the desired
message to its target market audience, in their convenient locations and at the
 appropriate time making it easy to prompt customers into action, meet their needs and
ensure a positive impact on the bottom line of the business.
 Enabling a company to adjust their product offering in order to best suit the needs of
their target market. Adding value to their products as opposed to having products that
do not meet the clients needs.

 Differentiating a company’s products from substitute competitor products and

enhance the products image. In other words, mix decisions will enable a company
pinpoint areas that need to be improved and upgraded. The more a company observes
other brands in an industry the more it can differentiate itself by developing better
offerings for its product and capitalise on the vulnerabilities of other brands.

 Mix decisions enable the company to attain a competitive edge by scanning the
market and coming up with strategies to stay ahead to the competition in a market that
is saturated.

 Making products readily available when and where it is most convenient for the target
market. The more a company understands its audience the more they can project a
perfect positioning for the product targeting both common and uncommon channels to
ensure effective reach.

The concept of the mix lays out the main areas in which facts should be assembled, to serve
as guidance to managements’ judgment in building marketing mixes. Marketers must also
adopt the scientific method in assembling facts. The tools of fact finding must be sharpened
—both arising within the business and those external to it. Aided by these facts and by the
skills developed through careful observation and experience, marketers are better fitted to
practice the art of designing marketing mixes than would be the case had not the techniques
of gathering facts been.

A firm’s marketing efforts should start and end with the customers. The marketing mix-Four

Ps, are the important tools or instruments used by the marketing manager in formulating

marketing planning to suit the customer’s needs. A share in the market and the goodwill

depends upon the marketing plans. The decisions on each element of four Ps are aimed to

give greater consumer satisfaction. The elements of Four Ps are interrelated, complementary

and mutually supporting ingredients.

Thus marketing mix is used as a tool towards the customers in order to ascertain their needs,

tastes, preferences etc. Marketing mix must face competition. It must satisfy the demands of

the society. Then firms can attain the objectives-profit, market share, return on investment,

sale-volume.

Conclusion

Marketing mix strategies is the set of strategies that organisations use to introduce their
product to the potential customer. This element of mix marketing has a relationship with the
business performance of an organisation which entails that these strategies will affect the
business whether in a positive way or a negative way. Based on the above discussion, it
shows that the effective strategy of product, price, place and promotion will help to improve
business performance and help to increase profitability for the business not only in the short
term but also in the long term. Most of the successful organisations have built a strong mix
marketing strategy for their product and therefore, it is important for local and small
companies to have a better understanding about the mix marketing to help ensure their
business can sustain in the future and can expand their companies.

It is important to devise a plan that balances the profit, client satisfaction, brand recognition,
and product availability. It is also extremely important to consider the overall “how” aspect
that will determine ultimately the success of an organization. By understanding the concept of
the marketing mix and its extensions, you will be sure to achieve financial success. The
ultimate goal of business is to make profits and this is a surefire, proven way to achieve this
goal.
References

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