Select one element of the Marketing mix and discuss how marketing research could help that area. Be specific in your recommendations.
Your original response is due by 11:55 pm EST on Sunday, and then reply to another student’s post by Sunday at 11:55 pm EST. The required length for your original posting is 350 words, and your reply should be a minimum of 250 words.
1st student response (mayur choudary) :
Marketing mix refers to the set of marketing tools that the organization uses in the marketing of its product. Marketing is essential as it plays a major role in enabling the company goods and services to be known to the target consumers thus enhance their selling. Price is one of the key elements in the marketing mix. Price refers to how much a customer is willing to pay for a particular good or service. Pricing strategies have become difficult more so due to the educated nature of consumers. For instance, the offering of discounts on certain goods and services may stick into the minds of end users thus refuse to make payments for retail prices later. Technology advancement has made producers to directly sell to the end users without the use of retailers.
Marketing research on pricing can be essential in the marketing of the product or service. Marketing research helps in understanding the target population and therefore estimating how much they can offer for a particular product or service. People have different capabilities as far as paying for a particular product is concerned. This depends on how much they earn and thus what they can offer at a particular time (Hamzah & Sutanto, 2016). Doing market research will, therefore, enable a business entity to find how it will undertake the pricing of goods and services. There are different strategies for pricing. These include market penetration, market skimming, and neutral pricing. Undertaking market research will, therefore, help an organization to find out the best marketing strategy it will adapt to ensure that a product or service is accepted in the market. Understanding the kind of consumers a firm will be dealing with is significant in ensuring that the price set is favorable to the target consumers and that it will also not lead to the making of losses because after all, every organization work to ensure that it makes profits. (Hanlon, A. (2018))
Market research is therefore essential for an organization in coming up with the prices for its end users. With a proper understanding of the customers, a business firm will be able to know the kind of prices it will put for its services and goods to lure customers. By so doing, the productivity of the organization will be enhanced.
Hamzah, S. B., & Sutanto, J. E. (2016). The Role of Marketing Mix (7P) for Consumer Buying Decision Pastry Cake in Malang City.
Hanlon, A. (2018, May 31). How to use the 7Ps Marketing Mix. Retrieved from Smart Insights: https://www.smartinsights.com/marketing-planning/marketing-models/how-to-use-the-7ps-marketing-mix/
2nd student response (kiranmayee gummadi) :
Marketing is the business operations performance that guide the products flow and services flow to the consumer after the producer. It’s the operation that drives the exchange process to fulfill human desires. Promoting starts with defining specific shoppers want and end with the fulfillment of the requirement (Sharma & Sharma, 2017, p. 760). Marketing mix means the techniques of merchandise, distribution, promotion and pricing to generate and implement exchanges, and to meet the target markets. “Business mix-interrelated activities and approaches to meet the needs of customers and the business goals of the organization, a whole”. There are different types of elements of the marketing mix like promotion, product price, and place (Thabit & Raewf, 2018).
The product is described as a physical product to the customer that he is prepared to pay for. It comprises half of the raw goods, such as furniture, clothes and food and qualitative items. The definition of the product is therefore quite broad and includes not only natural goods and services but also the context, individuals, locations, property rights, companies or organizations, knowledge and ideas. Product growth, which starts when a company discovers and starts to introduce a new product concept, the sales revenue of which is zero in the course of its growth, and the investment costs are high (Išoraitė, 2016, pp. 25-37). Thus, the actual benefits-the key reason a consumer buys a product which shows the consumer the basic advantages of the product. The main product-this is the product’s minimum characteristics which require a substantial benefit for the consumer. The product anticipated contains the following product features the customer expects to get out of it and this covers the preferences of the consumer. A product augmented- a product that meets the average user’s standards and can be augmented with new or enhanced existing products.
In every area of the business, marketing research is carried out, it is the systematic and unbiased search and review of relevant information to identify and solve any marketing problems. Marketing analysis is used to evaluate the market in many ways, such as revenue, commodity, customer behavior, distribution, pricing, and distribution. From my point of view, marketing research provides the help to promote the product in the market. The business owners launch new products in the market with the benefit of market research. Marketing research helps you understand the areas in which your business strategy will work well and the areas you should avoid wasting money (Sharma & Sharma, 2017, pp. 760-771). References
Išoraitė, M. (2016). Marketing mix theoretical aspects. International Journal of Research, 4(6), 25-37. Retrieved from http://granthaalayah.com/Articles/Vol4Iss6/04_IJRG16_C06_07.pdf
Sharma, D. S., & Sharma, D. P. (2017). Marketing mix strategies for fmcg. Journal of Commerce & Management Thought, 8(4), 760-771. Retrieved from http://eds.a.ebscohost.com/eds/pdfviewer/pdfviewer?vid=0&sid=1d548b69-53e2-4f49-a418-7efa654e1815%40sessionmgr4007
Thabit, T. H., & Raewf, M. (2018). The evaluation of marketing mix elements: a case study. International Journal of Social Sciences & Educational Studies, 4(4), 100-103. Retrieved from https://www.researchgate.net/publication/324923406_The_Evaluation_of_Marketing_Mix_Elements_A_Case_Study