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Marketing - Research Paper Example

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Marketing

Some of the main benefits of an effective marketing campaign include market penetration, increased market share, increased market share, increased competitive advantage, and increased awareness among customers about the products of the company. However, in every marketing campaign, managers need to focus on finding an appropriate marketing mix in order to make the campaign successful and profitable for the company. In this, we will discuss the importance of the role of the marketing mix components in the success of businesses operating in today’s competitive business environment. Implementation of an effective marketing communication plan and taking steps to monitor the actual performance of the plan are of significant value for any company to succeed in a competitive business environment. In order to successfully monitor and control the working of the marketing communication plan, companies use marketing mix as one of the main marketing tools. As Belohlavek states, “The objective of a marketing mix is to establish the successive and simultaneous actions to influence the consumer’s or user’s purchasing decision” (11). Finding the right marketing mix holds the central value for the success of any marketing campaign. Marketing mix helps managers in determining the best way to market their products and services. ...
as, price being offered by competitors, similar products being offered by competitors, and buying power of people living in any specific geographical location. Proper analysis or evaluation of all components of the marketing mix, which include price, place, product, and promotion, plays a key role in making the marketing plan successful for the company. As McDaniel and Gates state, “The mix is the unique blend of product, price, promotion, and place (distribution) designed to reach a specific group of consumers” (3). Companies usually develop their marketing strategies depending on the needs of the public and the market in which the product is to be placed. In highly competing firms, such as, cell phone and automobile companies, the strategy regarding use of the marketing mix components does not remain the same forever. Managers of such companies review and change the nature of their marketing strategies continuously depending on internal and external business environments. For high profile brands, companies usually focus more on the promotion component of the marketing mix instead of price. Similarly, for a product which is to be placed in a market where there is a lot of competition, the company focuses more on price instead of promotion because customers like to buy products of such companies that offer superior quality at a relatively low cost. Managers of high profile companies also analyze their marketing mix frequently in accordance with the level of customer acceptability regarding their product in order to make required changes in the marketing strategies if needed. Marketing mix includes four main components of an effective marketing plan that managers analyze and evaluate before actually launching their marketing campaigns because the analysis helps them ...Show more

Summary

[Your full name] [Instructor’s full name] April 11, 2013 Marketing Marketing refers to the ways companies use to introduce their products in the market and to make people aware of their new products and services. It is one of the main components of success of a company in today’s world of competition…
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