How to Develop Appropriate Marketing Mix Strategies - Essay Example

? Research Proposal on Marketing Mix Introduction Marketing is a business concept that involves creating awareness of the products and services offered by a business enterprise. Every business enterprise involve in marketing as a way of retaining the existing customers and attracting new customers (Iacobucci, 2012). Precisely, marketing refers to the promotion and selling of goods and products to both existing and new customers. Even though many studies have been conducted in respect to marketing mix, there is no doubt that with dynamisms within the contemporary environment there is need for a deeper analysis of marketing mix (Meyer, 2010: 91). Deeper analysis of the marketing mix will provide an adequate understanding of the concept hence accurate strategies. The following is a framework that will aide in conducting studies on marketing mix. The framework provides the rationale, research questions and objectives, review of literature, methodology, and ethical problems. Rationale Contemporary business organizations continue to experience increased competition hence the need to have effective marketing strategies. In order to make a marketing strategy effective, there is need for every stakeholder involved to ensure that various components of marketing are protected (Iacobucci, 2012: 116). The main components of marketing include product, price, promotion, and place. Every effective market strategy balances between the product, price, promotion, and place. A poor balance or composition of each of the four components definitely leads to ineffective marketing strategy (Wenderoth, 2009: 52). Imperatively, effective marketing strategies continue to appeal to many customers (Meyer, 2010: 78). Given the appeal that effective marketing strategies have on customers, every business enterprise needs to structure their promotional tools in a way that would incorporate the other three marketing components proportionately (Fried, 2005:48). Despite the many studies conducted on how to attain an appropriate marketing mix for the purposes of enhancing the marketing strategies, there is need for a more detailed research study especially in the contemporary environment where there has been dynamisms within tastes, preferences, fashions, and other components. As a result, the following is a research proposal, which provides adequate literature review, methodology, and ethical problems. The framework will be useful in conducting a quantitative analysis in respect to marketing mix. Research Questions and Objectives The main aim of this study is to establish how to develop appropriate marketing mix strategies that would not only be effective to a business enterprise but also appeal to the customers. Therefore, this study aims at finding answers to different questions that include: 1. What percentage of customers within soft drink sector consider price as the most determining marketing mix component in making buying decisions? 2. How does the buying decisions of consumers within the soft drink industry affected by product market mix? 3. Are consumers’ buying decisions based on perceptions in respect to products of soft drink firms affected by promotion market mix? 4. What impact does place as a market mix has on the buying behaviours and decisions of consumers within the soft drink industry? Based on the above research questions, the objectives of this research study in respect to the marketing mix strategies include: 1. To identify the percentage of customers within soft drink sector that consider price as the most determining marketing mix component in making buying decisions. 2. To establish the changes in consumers buying decisions on the basis of soft drink products. 3. To evaluate the changing perceptions of consumers towards soft drink produced on the basis of promotion as a market mix 4. To identify the impact of place on the buying decisions of consumers towards soft drinks. The above four questions and objectives cut across the marketing mix elements and components hence making it easier for the study to make a conclusion in respect to the significance of the four elements within the marketing process. Literature Review Since marketing involves selling and promoting of products and services, all businesses have to ensure they are making a positive approach to the market. Identifying and executing effective marketing strategies are vital aspects within the operations of business enterprises especially in respect to direct performance (Iacobucci, 2012). Businesses that have profound activities in the market make a better impact and will always record improved performance (Miller, 2000:18). In order for an organization to achieve effective marketing, there is need to understand the specific components of the market; product, price, promotion, and place. The combination of the product, price, promotion, and place is known as the marketing mix. In most cases, effectiveness of marketing strategies is noted from the sale capacity and the outflow of the products and services (Haberer, 2010b: 69). Therefore, businesses that rely on well-formulated marketing strategies will have an added advantage in appealing to customers, which will be reflected from their sales turnover (Iacobucci, 2012:120). Naik, Raman and Winer (2005: 30) argue that marketing strategies usually have an impact on the performance of an organization through attraction and retention of customers. In most cases, ineffective marketing strategies are likely to create a room for the competitors to take advantage and attract the customers of their rivals (Prenzel, 2010: 14). On the other perspective, effective marketing strategies are effective in both attracting and retaining customers. It is worth noting that in order for the marketing strategies to be effective there is need to have basis of their creation and development. Naik, Raman and Winer (2005) identify the planning and execution of concepts as the main bases for developing effective marketing strategies. Rust and Verhoef (2005: 477) on a different perspective believe that planning and executional concepts stem from the marketing mix elements, which include the price, product, promotion, and place of distribution. Whilst incorporating all the marketing mix elements, every business enterprise needs to have both short and long term plans (Haberer, 2010b: 69). The short and long term plans in this scenario will enable the firm in question to evaluate the effectiveness of the marketing strategies or plans within the short term before incorporating them fully. There is no doubt therefore that marketing mix elements are very essential and effective in providing adequate understanding on how to penetrate new and existing markets (Haberer, 2010a: 96). Marketing strategies therefore need to be developed on the basis of marketing mix elements, which ensures that customers do not only receive the highest product at reasonable prices but also in places that make the production cycle complete (Fried, 2005; 56). It is also important to note that the contemporary world continues to experience high competition thus the need to have effective marketing strategies (Pauwels & Hanssens, 2007: 308). Through effective marketing strategies contemporary business organizations are able to counteract the impact of increased competition hence attract and retain customers. Methodology The research study will be achieved through quantitative research design. Quantitative research design usually collects numerical data, which are then analyzed on the basis of descriptive and inferential statistical analysis in order to establish or make sense of the data. Based on the research questions, it is evident that there are numerical values that will be required in order to establish and identify the required percentages. It is the percentages that will be used in making sense of the data as well as aiming at answering the research question hence achieving the research objectives. Methods used: The method used will be quantitative research methodology. The quantitative research methodology will assist in collecting the required data necessary in answering the questions and fulfilling the objectives. Quantitative research methodology provides a deeper way of understanding the figures hence the need to employ the same. Since there are many industries and sectors, the soft drink sector will be used as a sample of the population. The soft drink sector is selected given the fact it many the sector has a high number of consumers. Given the high number of consumers, the research study will be able to obtain sufficient data for the purposes of answering the research questions and achieving the objectives. Sampling framework: The soft drink sector is selected out of the many sectors given the market share it commands. In addition, soft drink sector has a high number of consumers making it possible to obtain adequate and relevant data. However, the population is too big hence the need to have a sample representation. A sample of 250 consumers will be selected randomly. Using questionnaires with short-structured or multiple-choice questions, the interviewer will ask the participants whilst filling the questionnaire forms. The aim of the researcher is to have 125 ladies randomly selected and 125 gentlemen also selected randomly. Ethical Problems There are ethical problems relating to this study given the fact that it is a quantitative research design. Firstly, the participants are human. Human participants pose a lot of challenges in respect to ethics. One of the ethical concerns when dealing with human participants is obtaining informed consent as well as trusting that the information given will be true. Besides, it is an ethical issue in respect making sure that such studies do not affect them in any way. In the event that there are social implications on the participants, the effect should be weighed against the benefits. If the latter are more than the former then the study will be conducted and if the former is greater than the latter then the study should not be conducted. Bibliography Fried, R.M. (2005) A marketing plan for life, New York, Penguin Group USA. Haberer, J. (2010) Disneyland international marketing mix: international marketing mix of Disneyland Hong Kong, New York, GRIN Verlag. Haberer, J. (2010) Marketing plan - friends provident, New York, GRIN Verlag. Iacobucci, D. (2012) Marketing models: multivariate statistics and marketing analytics, New York, Cengage South-Western. Meyer, T.A. (2010) Writing a results-driven marketing plan, London, CreateSpace. Miller, S. (2000) How to get the most out of trade shows, New York, McGraw Hill Professional. Naik, P., Raman, K. & Winer, R. (2005) ‘Planning marketing-mix strategies in the presence of interaction effects’ Marketing science, vol. 24, No 1, p. 25-34. Pauwels K. & Hanssens M. (2007) ‘Performance regimes and marketing policy shifts’ Marketing science vol. 26, No 3, p. 293-311. Prenzel, I. (2010) Applicability of mobile marketing in the marketing mix of trade fair organisers, New York, GRIN Verlag. Rust, R., & Verhoef, P. (2005) ‘Optimizing the marketing interventions mix in intermediate-term CRM’ Marketing science, vol. 24, No 1, p. 477-489. Wenderoth, M. (2009) Particularities in the marketing mix for service operations, New York, GRIN Verlag. Read More