Marketing Mix In Marketing

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In this highly competitive market, consumers are given more choice over the goods and services they buy. There are fours factors or tools for an organization to effectively promote and sell a product or service. It is known as marketing mix. Khan (2014) claimed that the marketing mix is a set of manageable, tactical marketing tools that an organization applies on its targeted market to form a desired response from its customer. In contrast, Khan (2014, pp.95-107) identified that “Marketing Mix is also referred and known as the Four P's i.e. product, price, place of distribution, and promotion”. The most important thing to consider when we want to start a business is product. Product defines a solution or the combination of goods and services…show more content…
Organizations are usually taking the risk when they pricing a good or service because it will affect the marketability of the product or service. So the company would normally do a research on comparison of the price of similar product from its competitors to ensure they are setting the right price that will increase the demand of its product (Morello, 2014). Therefore, all the organization should undergo some research before they set the…show more content…
As highlight by Pride & Ferrel (2008), the key to apply a successful marketing strategy is to recognize the right target market. Thus, it switches its intention to the adults (target customer). In order to attract these targeted customers, the company is offering a variety of healthy breakfast such as cereal to meet the customer’s requirement. In addition, to make a product stand out in its competitive market, the company improves its product by adding some healthy ingredients. Surprisingly, without spending any cost, Kellogg was able to deliver $10,000 advertisement value through the social channels and reached out 2 million customers patronaged their new restaurant. Social media are widely used by the company as a platform for complimentary advertising. Moreover, this platform will not only assist the company to save its promoting cost but also obtain the attention of the public about the company and it enabled the company to get immediate response from the public and existing customers about their opinions and feedbacks of new products. Social channels become an important stage for companies to get closer with, satisfy and retain their best customers (Barry et al., 2011). Hence, it helps the company to attain more customers but still manage to retain its existing customer by keep tracking with their

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