Marketing Mix Paper Essay Sample
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Marketing Mix Paper Essay Sample
Marketing mix is one of the most essential elements in an organization, just as the recipe is to a chef. It is similar in the cooking field, that if only one element is used, the final specialty would not taste as good. Similarly, all elements in the marketing mix should also be utilized properly for it to be effective. With that, this paper will discuss the different marketing mix of an organization including their products, pricing, promotional efforts, and location. To clearly establish the ‘mix’, the paper will also state various cases of the organization in order to establish how each element is used. Moreover, the paper will also establish how the four elements affect the entire marketing strategy of the organization, and how an organization implements their respective marketing mix.
The first thing that an organization needs to know before coming up with their product distribution is to know the target audience of their products or services. This way, they will be able to evaluate whether the product truly suits the preferences of their target audience. Aside from that, the product packaging, size, and raw materials used are also crucial considerations. By conducting thorough market research, a company will be able to proactively alter their products in a way that will suit the product preferences of their potential consumers. This will also serve as a guide in their attempts of coming up with new products. This is highly relevant in the case of Motorola because their product, cellular phone also requires a lot of upgrading and innovation.
Cellular phones have grown to be more than just a luxury for people. It is one of if not the basic need used for communication, and additional features would also provide the users with entertainment, precautionary, and luxury tools. Motorola specifically produces cellular phones that stand out when it comes to aesthetic design and call quality. Some other praised features of Motorola cellular phones are its user-friendly features, video quality, call quality, and other entertainment tools. Since photo capturing is also growing popular in most cellular phones, Motorola has also adapted well to this trend, allowing their users to capture moments through their phones by their photo and video capture features. One of their ways of staying on the competition is focusing on their phones’ unique features, which is being slim and sleek. Another factor Motorola has taken into account is the demographic segmentation. They understand the age groups of those interested in the product and who uses the phones. In a family of four, the odds of all members owning a cell phone are greater than not and they realize the need to pinpoint areas where this applies most. The organization should also be aware that consumer preferences and needs change from time to time, and their phones should be able to cater to these needs. Because of these inevitable changes, any product will have its life cycle.
New products usually go through an introductory phase. At this stage, the company is still testing the waters, on coming up with the right price for the product, the best promotional strategy, and how it would be distributed. During the introductory phase, a product is attractive because it is one of a kind, eventually however, similar products will be introduced as well. This stage is called the growth phase. The product will reach its maturity stage once it has lost its intrinsic uniqueness becoming just another product on the market. The maturity phase of a product is considered to be the most crucial because there is the chance for it to be overshadowed by competing products. Once the company records decreasing profits, despite their marketing strategies and other promotional efforts, then the product has reached its decline phase (NetMBA, 2002-2010).
Price is the only element in the marketing mix that is capable of providing the company with profits. Part of the consumers’ nature is to be attracted to products with significantly lower prices; they may even consider buying it even if they have not tested the price first. Knowing about this consumer nature, most companies opt to create an illusion of reduced price on their products in order to encourage buyers. This strategy ensures competitors do not match the product. However, when there are lesser competitors for a certain product, plus a high demand, then the producer may take advantage of the situation by increasing the price in order to gain quicker profits. The disadvantage with this is that competitors may take advantage of the high price and opt to offer similar product at a lower price, thus cornering the market. Given this information, it can be said that flexible prices can be lowered or increased depending on the market situation where the product is to be sold. For a mobile phone company like Motorola, pricing is also one essential element in their marketing mix.
Price can be one of the best ways of establishing relationships with the consumers. In fact, this is also one of the aims of Motorola as a company. In most companies, people price their products according to the cycle where it belongs. For instance, for newly introduced products, the prices are typically high, this happens after thorough product and consumer research. Once the product gains some competition and more consumers start buying more of that certain product then the price will gradually decrease. High quality products are typically sold at a higher price, which is apparently acceptable. However, the prices of Motorola phones are relatively low because of the subsidy that the Verizon Wireless network provider gives them (Johnsson, 2003), this is one of the ways Verizon Wireless gains subscribers. They trust that Motorola will attract interested buyers through their innovative designs and features.
An element of the marketing place is defined as the location or channels chosen in order to facilitate the distribution of the products to its potential customers (drypen.in, 2010). Unlike the usual notion, place is more than just a fixed location of the products or business. It encompasses things such as the storage, transportation, and distribution of goods, and all the other methods that can bring the products closer to its target consumers. The right place also requires storage of goods, along with distribution. Basically, the place as an element, deals with the strategic delivery of goods, at the right time, to the right people. The methods are also dependent on the location of the customers that need the product. Of course, the easiest and most cost-efficient should be utilized during the process. In the case of Motorola, they give incentives to their independent retailers because they recognize the significance of these retailers in their product consumption. Consumers are more inclined to purchase their phones in these independent retail outlets like Best Buy and Radio Shack. Aside from that, consumers are also known to buy their phones from their preferred phone network providers like Verizon Wireless, or through the provider or Motorola’s website itself.
Finally, the fourth element in the marketing mix is the promotion, or the company’s strategy of informing the public, specifically their target consumers, about the product. The promotion element requires a company use various strategies to reach out to the different individuals and other related companies (NetMBA, 2010). Some of the many methods that a company can choose from are utilizing media campaigns, direct selling, and even indirect communication. It is through extensive market research that a company can identify the most appropriate promotional methods to use to reach out to their target market. Advertising is still the major tool for promotion.
Some of the media tools used for advertising are newspapers, magazines, brochures, and mass media such as television and radio. A combination of the many tools can be used simultaneously, such as, using TV, radio, print ad, events organizing, and online marketing in order for the marketer to reach as many audiences as possible. For Motorola, their major promotion methods are through their website, the network provider partner, and through television. Aside from this, they also maintain a strong relationship with their retailers providing them with rewards as long as they continue selling Motorola products (MediaCenter.Motorola.com, 2010).
The most successful companies use strategic means consisting of the elements of the marketing mix: product, price, place, and promotion. It was emphasized that a product goes through a specific life cycle. The new product starts with its introductory phase, and at this point the pricing, place, and promotions are highly crucial. On the other hand, the price of the product is the only element that can provide the company profit, making it highly essential in their selling process. A typical consumer will generally migrate to high quality products sold at a reasonable price. Place refers to the different ways of distributing the product to its consumers.
With consumers purchasing more cellular phones from external retailers, Motorola encourages more retailers to sell their products by providing them with incentives. Lastly, we talked about promotion, which is the element of the marketing mix essential in communicating the product to the public. To achieve this, multiple media tools such as televisions, print ads, network provider partnerships, and website development are used to advertise a supreme product. Using the marketing mix will go along with in determining a whether a business or corporation is a success or failure.
Johnsson, J. (2003). Motorola fiefdom drawing a crowd. Crain’s Chicago Business. 26(47), 3-30. Retrieved August 6th, 2012 from: MasterFILE Premier database. drypen.in. (2010). Marketing Mix Product, Price, Place, Promotion the 4ps of Marketing. Retrieved August 7th, 2012 from: http://drypen.in/marketing/marketing-mix- productprice-place-promotion-the-4ps-of-marketing.html MediaCenter.Motorola.com. (2010). Motorola Empowers Retailers to Mobilize Customer Loyalty Programs. Retrieved August 7th, 2012 from:
http://mediacenter.motorola.com/content/detail.aspx?ReleaseID=12276&NewsAreaID=2 NetMBA. (2002-2010). Marketing. The Product Life Cycle. Retrieved August 7th, 2012 from http://www.netmba.com/marketing/product/lifecycle/ Shields, Mike (6/7/2010). Verizon’s Strategy. Simple, Boring, Effective. Retrieved August 7th, 2012 from Adweek, 6/7/2010, Vol. 51 Issue 23, p26-27, 2p