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Marketing Mix Assignments are No More Tough!

The marketing mix is an interesting but complex subject too. Composing a marketing mix assignment could be a troublesome undertaking to finish. This is where students can take the support of the marketing mix assignment help.

Everybody knows that the prime motive of any business is “profit-making”. The second most important goal of every business is “growth” but for that, we need to commercialize our product. Commercializing is done by marketers, who represent or sell products through various means.

Some 80 years ago, the term “marketing mix” came into this world. The term coined by Prof. of Marketing James Culliton. In his article, The Management of Marketing Costs, he described marketers as “mixers of ingredients”. Further, we will be discussing these terms deeply but before that, we need to understand what marketing mix is and how it is different from marketing.

According to the survey, more than 80% of students opted for marketing subjects in the previous year which led students to look for “marketing mix assignment help”. Need Assignment Help provides students with the best and reliable assignment help on Marketing Mix. Your assignments are written by our writers who have done their PhD. from recognized universities and have years of experience in their respective fields.

Marketing

We all have heard the quote “Customer is the King”. Understanding the needs of the king and fulfilling those needs is all about Marketing.

“Good marketing makes the company look smart, Great marketing makes the customer feel smart.”

Marketing is a way of attracting customers who are willing to pay for your products or services. This is a process that involves steps like researching, promoting, selling, and distributing products/services to interested customers. On a broad scale, it is the study of demand and supply. It is one of the most important components of business management. There are two ways of selling products that marketers adopt: B2B and B2C marketing.

  1. B2B Marketing - In a simple language, B2B refers to business-to-business marketing, a company that sells a product to other businesses. The four major categories of b2b marketing are producers, resellers, governments, institutions.
  2. B2C Marketing - In this case, businesses have direct contact with customers. The biggest example of this type of marketing is online marketing.

Marketing Mix

A marketing mix is a “mixture of ingredients”. This particular term was given by Professor James Culliton in 1948. The marketing mix is the amalgamation of 4P’s that are: product, pricing, place, and promotion. These are some basic tools for marketers to bring their products or services into the market. This works as a guide for marketers to make wise decisions. This classification of 4p’s develops marketing strategy which was first introduced in 1960 by marketing professor E. Jerome McCarthy. Each element of the marketing mix can be examined differently but practically, they all are interrelated or interdependent.

Ultimate 4 Ps of Marketing

This four ps of marketing is a traditional marketing mix method which includes:

  1. Product - “Don’t find customers for your product, find products for your customers.” A product is an item or service that fulfills the requirements of your target customers. Customers' need is a top priority for an organization and studying the market accordingly is the job of marketers. Product naming, designing, labeling, packaging, and innovation are some of the key elements of product marketing.
  2. Pricing - “The more you focus on the value of your product or service, the less important the price becomes”. Pricing plays an important role as it sets the real value of the product. This includes discounts, coupons, offers, and free deals to attract more and more customers. This needs proper research and market studying. There are two ways of fixing costs that are: cost-based and value-based pricing.
  1. Place - This third “P” refers to the channel of distribution that the company adopts; it can be sold through online or offline mode. Wholesalers and retailers are the main components of distributing products to the customers. This also includes the place or environment where the product is going to sell. A segment of the population is also a focused area in this section.
  2. Promotion - When we have decided what to sell, the value, and the target audience; it's time to promote or advertise the product. “Advertising is the modern substitute for argument, its function is to make the worse appear the better”. This element focuses on product promotion, public relations, personal selling, advertising, product placement. Mainly, it sends the message in such a way to persuade customers about the product.

5th P in the Marketing Mix

As the market has evolved in various ways the world has seen different forms of marketing. So, to meet the changes of the environment, 5 P’s of marketing mix took place.

All 4ps of the marketing mix are the same as above, except “people” was added later.

    1. People - “People” means the staff or employees of the company with whom the customers interact. How your employees are perceived by the customers. If you want to grow your business, you need to know your customer’s requirements and your employees are the best tools for that. You need to provide your staff with the best training; So, that they have skills to communicate better with customers.

7 Ps of Marketing Mix

Process and Physical Evidence were added later by researchers to modify the market mix and help businesses to prosper.

  1. Process - This is a chain of actions that are taken in delivering a product or service. Assessing aspects like distribution procedures, pricing system, and managing customer relationships. This process should be done in such a way that maximizes your profit and satisfies customers.
  1. Physical Evidence - It’s never all about the product, this P in the marketing mix refers to the physical evidence. It’s the physical appearance of your shop or business. This includes all the things which your customers see or hear about the services that you are providing.
 

So, this was the whole journey of the marketing mix from 4p’s to 7p’s which has evolved due to the change in demand in the market. These 7ps of marketing mix surely work as a guidebook for any business to grow and take them to the road of success.

Marketing Mix: Art vs Science

Scientifically, art is on the right side, and science/logic is on the left side of the brain and we need both sides of the brain to work properly. Similarly, to make any business successful, balancing between creativity and logic is crucial.

The marketing mix is partly - science and art. Every business adopts both aspects because science tells “what to sell” whereas art guides “how to sell”.

Measurement of marketing performance and preparing data accordingly is a scientific approach. And art is taking help from data to represent the product in a creative manner. What do you think, marketing mix is an art or science?

Marketing Mix Planning Process

The marketing mix process consists of these 7 steps:

  • Corporate Mission
  • Situation Analysis
  • Internal Factors (Strength and Weakness) & External Factors (Opportunities and Threats)
  • Corporate Strategy (Objectives and Tactics)
  • Marketing Strategy (Objectives and Tactics)
  • Target Market (Product, Price, Place, Promotion)
  • Implementation and Evaluation

What Challenges Students Face?

The marketing mix is not an easy topic because this includes continuous development due to the emergence of new technologies. It is one of the most difficult courses. Students who opt for this course, develop skills like market study, proper implementation, effective communication, and marketing strategies (4p’s of the marketing mix). Students pursuing marketing in their graduation need to be competitive, creative, and hard-working. Sometimes, they don’t have time to complete their assignments due to other commitments which persuades them to look for marketing mix assignment help. Assignments on marketing mix can be hectic, challenging, and lengthy. By accessing Need Assignment Help, students can get the best assignments on the marketing mix prior to the deadlines.

Student life is tough enough already. We can make it a little easier.

Why NeedAssignmentHelp is Best?

Busy schedules or prior commitments lead a student to various websites for “marketing mix assignment help”, but NeedAssignmentHelp is the best assignment help provider for marketing mix. Your assignments will be written by our expert writers who are highly knowledgeable and have done Ph.D. in their respective fields.

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