Posted at 10.15.2018
It has already become a commonplace to state that marketing is now constantly innovating and changing; marketing methods are ever more applied in commercial companies and nonprofit organizations all around the globe. In this respect, many elements of the marketing theory have become universally accepted "classical" marketing tools: segmentation and positioning, the idea of product life cycle, Ansoff matrix, BCG and GE matrix, SWOT-analysis, etc. Precisely the same world popular marketing tool became the idea of Marketing Mix that is normally known as the Four P's. Thus, it is necessary to describe main elements of the marketing combination in this job. Also it is necessary showing how each one of the four elements of the marketing combine affects the development of the organization's marketing strategy and tactics. The organization of my choice is Sony Company.
Marketing Combine Definition
The term "marketing mix" became often used after having a famous Neil H. Borden released his article entitled "The idea of the Marketing Blend" in 1964. It was not the first mentioning of this term, because Borden started by using this term in the late 1940's when James Culliton experienced identified the marketing administrator as a particular kind of "mixer of ingredients". Interpretation of these elements in marketing combine by Borden included not only product, price, place and advertising, but also planning, branding, personal selling, servicing, distribution stations, advertising, evaluation etc. Thus, in this part of this project it's important to define the concept of the marketing mix.
According to Wilson and Gilligan (2004), it becomes apparent that nowadays "Marketing Combination is a major idea in modern marketing and involves practically everything that a marketing company may use to influence consumer understanding favorably towards its product or services so that consumer and organizational aims are achieved, i. e. Marketing mixture is a model of crafting and applying marketing strategy. " In other words, marketing combination is a couple of marketing tools by which the company looks for a way to affect the demand for goods or services; and yes it is a couple of actions (strategies) that form the demand for several goods at a specified price at a certain place by using certain campaign.
Marketing Combination in Details
As it was above mentioned Marketing mix consists of four main elements:
Describing marketing combination with more details it is necessary to say that the above numerated marketing tools have been isolated from numerous others generally because their use has a direct impact on demand and may encourage consumers to make purchases. Conducting of general market trends, analysis of advantages and weaknesses of the company, segmentation and other marketing tools, of course, also help marketers in their search to increase demand for products and services of certain companies, but have only an indirect impact: for example, the demand won't increase just because the firm acquired marketing research or segmentation of consumers. The consequence of a successful marketing research may be used to change a number of components of the marketing combination and is the only way to impact consumer demand. (We have to note that the aim to increase demand is not necessarily the true goal, because the elements of marketing combination can be blended and used with the aim to lessen demand that is called "demarketing", matching to F. Kotler meaning. )
Another useful property of the elements contained in the marketing combination, is their control - the marketer can control every aspect to the required effect on demand, choose the most encouraging blend of elements. Furthermore, the order of the elements of the marketing mixture obviously shows the series of the key marketing functions implementation.
Product as some marketing mix
Product provided by a company on the market implies the occurrence of a set of specific properties in its mother nature, both materials - defining the physical features of product (color, product packaging, warranty, size, style, etc. ) and intangible - the elements of emotional evaluation (degree of commitment to consumers, easy handling, prestige, quality, style, etc. ).
First of most, it's important to know what the company helps bring about on the marketplace: consumer goods or commercial goods, product or service. From your standpoint of marketing combine, during the deal of industrial products is more important factual information in regards to a product, since the decision on the purchase depends upon professionals' opinion. In turn, when discussing customers of consumer products marketers usually used more emotional appeal.
Price as an Element of Marketing Mix
In most cases price symbolizes a monetary expression of value of the merchandise and really should be installed as the compromise between the seller and buyer. Marketing blend should reflect the purchase price from the buyer's position. Companies use price marketing mixture strategies for the purpose of to stay competitive and create a positive consumer attitude to the merchandise. In addition, for the intended purpose of staying competitive marketing combine strategy, the company can sell the product, comparable to the essential properties of an identical nature at a lesser price. If owner uses the worthiness of the products to struggle with competition, he must show the buyer the price percentage of its product in comparison with others.
Place as some Marketing Mix
Distribution channels - are people and organizations that help move products from the manufacturer to the finish consumer. Marketing combination distribution is dependant on the following plan: wholesalers buy goods from a producer or another wholesaler and sell it using retail or low cost trade. They tend to use campaign as an aspect of marketing mix (personal selling, for example) and take procedures to activate sales. But at this time they may also use other marketing combine strategies, including the sale of mail order, advertising in special publications, issue directories, taking part in trade fairs.
Promotion as an element of Marketing Mix
According to Lancaster and Reynolds (2005), we see that "in the context of the marketing blend, promotion represents the many areas of marketing communication, that is, the communication information about the merchandise with the goal of generating a positive customer response. " Furthermore Lancaster and Reynolds (2005) explained that "marketing communication decisions include: promotion strategy (force, move, etc. ), advertising, personal offering and sales force, sales promotion, public relations and publicity, and marketing and sales communications budget). "
Sony Corporation in Brief
Sony Corporation can be an productive follower of marketing mixture and we will discuss the implementation of the marketing blend four elements giving it as example. Thus, modern Sony Company is a huge organism. It really is large in proportions, complex in structure, operates in nearly all countries of the world and maintained by a global team of professionals. It becomes apparent that Sony Firm isn't just a multinational conglomerate company, but it is also considered to be one of the world's major multimedia conglomerate.
In its fast development, Sony Corporation has transferred through three major levels: the small producer, specialised company and the big monopoly. The main element points of Sony Company development are the selection of major goals and setting ambitious medical and anatomist problems.
Marketing Combine and Sony Corporation
Analyzing product as the first element of the marketing mix by giving Sony Company as example we see that Sony products are oriented on differing people and companies that allow to help make the circle of potential consumers as extensive as you possibly can. Customers always look for novelties having good brand and excellent quality, so a number of products which range from different gadgets to entertainment area (such as video games, for example) allows Sony Company to be not only competitive, but also successful company.
In Sony Firm costing, decisions are always made in consultation with marketing management and relating Sony's prices to the grade of its products, all customers are sure they will pay normal price for excellent product.
Thinking about the syndication we should discuss that Sony Company provides its products in various stations. Three branches of circulation such as exclusive, selective and intensive network supply the opportunity to gratify the need of each consumer, who is considering Sony's products.
Promotion is a key aspect of success of any business and Sony Organization has a huge promotional budget that includes not only advertising, but also personal offering, sales promotion, direct marketing and promotion. In this case promotion of products - is a marketing pressure applied in a certain limited time frame to activate trial acquisitions, increasing demand from customers or enhance the quality of the products.
Thus, using all components of marketing mixture Sony Corporation functions successfully. Despite the fact that Sony Corporation is not really a young company, it can not be considered ossified. The design of the business's management still distinguishes by newness and freshness of the young company and it remains popular through a series of measures to regulate the implementation of all marketing combine components.
Thus, after taking into consideration the transformation of the marketing blend it can be concluded that the marketing blend - is a set of parameters of the marketing activities of the organization, when it attempts to meet the needs of aim for markets in the best way. Last but not least, you'll be able to say that there have been mentioned all necessary components of marketing mix and its own implementation giving Sony Company as example.