Elements of Market Mix
Name
Institution
Marketing Mix
In business, organizations, especially production companies need to evaluate business tactics in order to keep in business by capturing markets and maximizing opportunities for making sales. Marketing mix includes the type of product itself, their prices, the right place to manufacture and sell them and how much the company does to promote the sale of the products. This means that market mixing includes the four principles; product, price, place and promotion, all of which determines the development of an organization. This research paper will summarize how the four factors affects the development of an organization, for instance the Nokia Company which manufactures mobile phones as the main product, its expected business marketing strategies and how it might affect its position in the market.
The Nokia Company is among the top giant organizations that have stretched wide across the globe. It falls under the manufacturing industry and competes with so many other mobile phone companies which deal with cell phones, their accessories and other electronics including computers and cameras. The organization being in the manufacturing industry needs to keep up with the market trend, making sure it makes quality products to stay competitive, constantly advertising its products to entice prospective buyers and also by making sure it does promotions at the right places.
For the first element, product would mean the mobile phones and accessories that come with them. The company has to make quality products to ensure that it does not lose its position in the market (Mcgraw-Hill, 2009). This will ensure that consumers do not have anything to worry about when doing business with the company because the trust in the product is retained. The company has to keep a steady growth and watch on its progress in the business as far as profit margins are concerned. The quality of the products also means the company should maintain the standards set by the responsible agencies that put in place policies to control the type of products made by manufacturing companies. The Nokia Company should market products that have gone through enough inspection and confirmed to be of the best intended quality to avoid complaints from clients that would eventually cause loses due to loss of trust by consumers. One of the aspects in terms of quality of the product is the lifespan of the products, how long is expected to stay in good condition, especially how it is designed to withstand accidental falls onto hard surfaces, resistant to heat and liquids. This ensures that consumers realize the value of their money and saves the company strenuous marketing campaigns (Lamb, Hair, & McDaniel, 2010).
Place is the second element, which specifically means the point of sale and where consumers are available. Companies that wish to sell their products have to make their goods and services available to the consumers and entice them to make purchases. Nokia has to choose strategic places to sell their products, including booking considerable shops that are located in major cities with a lot of human traffic in order to capture as much prospective buyers as possible. The company should take up many shops in urban areas and select the ones that are situated where other major business types such as banking industries because it is expected that such places has a population that deals with numerous transactions. Business-minded people know that people have the tendency to spend money as soon as they have made a withdrawal, therefore erecting Nokia shops around banks and other banking institution lures customers by tempting them to spend their earnings. The company would also invest less in terms of advertising, for example locating the business in urban areas where the majority of people need mobile phones for communication.
The price of the product is also another key element that affects the sale of goods and services as well as translating to the amount of sale and profits accrued. Nokia should standardize the price of their mobile phones and accessories in relation to the prices offered by other companies manufacturing the same types of products. People have a tendency to run for cheaper products and therefore Nokia should access the price tags by other mobile phone companies and charge relatively the same, slightly lower on other types of phones and higher on others to make sales and at the same time avoid losses (Mcgraw-Hill, 2009).
Depending on the quality of the product, the company should not charge too much or too cheap. For the buyers who need to make large purchases, Nokia should be able to adjust their prices and offer a discount for the consumers who spend much money on their products at once. This is a tactic to encourage more customers to come in and make more purchases, especially those small outlets that intend to sell from their own shops. This plan advertises for the company, retains customers and increases the volume of sales of the company. The company should also consider doing market surveys on the consumers about the pricing of products to assess if adjustments should be made to maintain the rate of sales.
Lastly, promotion refers to the way producers and sellers communicate with their customers. It gives the customers a platform to make decisions about the different types of products, One of the best communications strategies which the company should impellent is advertising their products and educating consumers on how different types of products work. Consumers need guidance and information on how certain products, especially those that are new in the market work. Sales promotions ensure that all important information about the products reach the consumers.
As the amount of sales is elevated, the company invests more on advertising to maintain its standard in the market. By maintaining a good business communication with the consumers, the company will identify which customers and which areas to focus on most in terms of the efforts of promotion and advertising. Responding to feedbacks from customers shows concern and respect on their needs and this impresses the buyers and thus retains them in business. Increased promotional activity also puts the company at an advantage, by keeping in communication with its customers who would like to find out about changes in prices and learn about new product releases.
Reference
Mcgraw-Hill, T. (2009). Qb In Business Studies Xii 7E. Tata McGraw-Hill Education
Lamb, C. W., Hair, J. F & McDaniel, C. D. (2010). Essentials of Marketing. Cengage Learning, 2010
