Marketing Mix 2
The ability to market a particular product is dependent on fourprimary factors. They include the product, price, place, andpromotion. The four elements are categorized as marketing mix andneed to be analyzed as a unit when it comes to the whole aspect ofmarketing in an organization (Bahadir, Bharadwaj, and Srivastava,2015). The marketing mix can efficiently be used to differentiate aproduct and its position in the market.
The nature of the product offered by a particular firm serves todifferentiate and position it efficiently in the market. Through theidentification of the target group and the benefits, customers wouldget from the product it would be possible to differentiate it fromthe rest while efficiently position it in the market (Huang, andSarigöllü, 2012). Further, coming up with a product that stands outcompared to that being offered by the competitors would be effectivein its differentiation and positioning.
The price charged by a given organization for the products andservices is significant in its differentiation and positioning in themarket. If the organization fails to get the right price for itscommodities, the chances are that clients would not vouch for it.Application of the right prices makes the products offered to standout unlike that of other firms. The organization must come up withappropriate pricing strategies since it would be significant inenhancing its differentiation and positioning in the market (Huang,and Sarigöllü, 2012). The organization must consider what itsprimary competitors are offering as a way of ensuring that theyintroduce a product that is affordable to the customers. An effectivepricing strategy would translate into its differentiation andpositioning in the market.
Place is of crucial significance regarding the differentiation andpositioning of the product in the market. The element of placeentails the location of manufacture, storage, and transportation ofthe product to the customers. An appropriate location for each of thefactors would make it possible for the commodity to reach thecustomer at the right time and a good condition. An organization thatfocuses on optimizing the identified elements have the benefit ofachieving product differentiation and positioning since it is whatthe customers would desire. Clients need to be assured of getting theproduct once it is ordered at the right time. Further, there is theaspect of the condition in which the product reaches the clients. Anorganization that consistently provides goods and services tocustomers at the right time without damage would benefit becausetheir services would stand out from the rest of the firms (Shah,2013).
As a marketing manager, one has the mandate of efficientlycommunicating to the clients on why they should choose their productover that offered by other similar firms. Product promotion entailsraising awareness of the product and explaining why customers shouldconsider making the purchase. Promotion is an essential factor indifferentiation and positioning since it outlines the benefits thatcustomers would get if they were to make the purchase (Shah, 2013).Using the right promotional strategy, it would be possible to getmany customers desire to make purchases from the firm compared towhat is being offered by a different organization. The decision to doso emanates from the fact that the selling organization’s productsare differentiated and well positioned in the market.
Bahadir, S.C., Bharadwaj, S.G. and Srivastava, R.K., 2015. Marketingmix and brand sales in global markets: Examining the contingent roleof country-market characteristics. Journal of InternationalBusiness Studies, 46(5), pp.596-619.
Huang, R. and Sarigöllü, E., 2012. How brand awareness relates tomarket outcome, brand equity, and the marketing mix. Journal ofBusiness Research, 65(1), pp.92-99.
Shah, R.B., 2013. Impact of Marketing Mix Elements on CustomerLoyalty: A Study of Fast Food Industry. Prestige InternationalJournal of Management and Research, 6(2/1), p.54.