The Four Ps of Marketing Mix

The Four P’s of Marketing Mix

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Introduction

Business has been dramatically changing over the last decade. To be at par with this rapidly changing environment, business must acclimatize the new marketing strategies accordingly (Moxey, 2008). The Marketing mix is a recognized strategy that composes the marketing process. This includes price, product, place and promotion. For the marketer to flow with the drastic changes, he should be able to bring together these ingredients vigilantly into a selection of activities that shunt an array of consumers up the ladder. The objective is to make a verdict that will concentrate on the four elements on the clientele in the objective market so as to create a value that will stimulate a constructive response presenting the merchandise with a superlative strategy so as to capitalize on sales and brand constancy.

Product

The marketer needs to have an in depth understanding of the merchandise they are marketing. (Hindle and Tim (1994).The quantity/ size, quality name, and packaging are essential when meeting the desires of the customer. It should put the customer in a condition to understand how the product benefits them. Take for instance The Coca Cola Company. Its products are generally for all consumers. Each brand targets a specific customer. The company has different drinks for the young and old alike. They aim at satisfying the customer’s needs and wants by supplying everyone with his/her favorite drink.

Coca cola’s marketing strategy differentiates its products form its competitors to its advantage. When it extended the new products of Coke it developed it with lemon and vanilla coke. Just by meeting the customer’s demands, the outcome was positive and it stimulated profits. In 2001, the Coca Cola Company introduced the idea of selling its products to the customers though SMS messaging. Come 2002, Coca Cola introduced Fridge pack, cans that are packed 2-by-6. It captured the attention of the customer increasing the consumption rate raising the profits.

Price

Pricing a product can be very challenging. While making pricing decisions, the management should take into consideration the profit margin of the business and the pricing response other companies are likely to educe. The coca cola company prices its products depending on the size and the brand. It also prices its products around the same level as its competitors. Mullin, Hardy, Sutton and Stern (2007: 47) advise that the marketer should be wary of pricing blunders or gaffes that may have immense impact on the ability to sell. The cost should neither be too high nor too low. the company should also focus their price levels on break-even. This analysis helps determine pricing to avoid losses.

The Coca Cola Company allows the companies to which they sell their products to set the pricing methods for example, retail stores, convenience stores, and petrol stations. Discounts though, are introduced by the company during sales or special occasions. It generates sales and amplifies profits. In addition to that, The Company uses psychological pricing method. For example, a pack of 375ml can goes for $8.99 instead of $9.00. This makes the customers perceive the product as cheaper.

Place

This is where the consumer meets the merchandise. In regard to this strategy, the marker or sales representative must identify the best channels of distribution that can be used to get the product to the prospect market or target customers. This can be achieved by selecting wisely the channel members, market coverage, logistics and levels of service. The company cannot afford to make the wrong decisions as this might cause delays among other inconveniences that may work well against the objective of the marketer. The company should also consider transportation. This helps to ensure the product reaches the consumer in good time and in good condition. The company applies indirect distribution strategy by using intermediaries in its distribution. Instead of selling direct to the consumer, it distributes its products to wholesalers, petrol stations and restaurants. They also apply intensive tactic of distribution by supplying their products to almost every outlet including newsagents, schools, entertainment venues etc from vending machines (Market Research website: 2009). This way everyone can get access to his or her favorite brand wherever they are. This helps avoid long channels of distribution as this could cause additional costs in addition to delaying delivery to the consumer.

Promotion

The whole idea of promotion is to inform the customer and help them gain exposure about the product. The organization should be able to persuade the customer to purchase the product. To achieve this, the company should apply the different types of promotional strategies (Shank 2001). These strategies include personal propaganda, where the company creates and distributes their own brochures, newsletters, fliers and poster. The other one is professional organization, advertising which can be done through outdoor ads, print ads, broadcast ads etc and media relations campaign. This is a plan that helps develop relationships and contacts with the media.

Advertising is the most preferred source of increasing customer awareness by the coca cola company. Television advertisement enables a company to capture a hefty audience. The way they make their adverts is attractive as it captures the attention of the audience leaving them eager to try the product. Coca Cola Company also uses the radio to advertise their products. Radio is cheaper compared to television. The company benefits a great deal by involving itself in the worlds most celebrated games like The Olympics and World Cup (The Coca-Cola India website: 2009). The coca cola company takes advantage of the millions of people who watch these games to advertise their products (Market Research website: 2009). The business does well during this time. The company’s vastly trained sales team works as its representative. This strategy has proved to be very effective as it helps maintain service and product loyalty.

In conclusion, the marketer to consider every ingredient of the mix in order to satisfy the target customer. The coca cola company has made billions by defining the strategic vision and objective of the marketing mix.

Reference List:

Hindle, Tim (1994). “Marketing Field Guide.” The Economist Publishers Ltd; Boston

Simon. Majaro, (1993). “Marketing Essence.” Prentice Hall; New York

Market Research website: (2009). http://www.marketresearchworld.net/index.php?option=com_content&task=view&id=741&Itemid=77

Shank, M (2001). “Sports Marketing: A Strategic Perspective” 2nd Edition, Prentice Hall

The Coca-cola India website: (2009), http://www.coca-colaindia.com/media/media_news_releases_detail.aspx?id=310