{"id":55276,"date":"2024-01-04T19:44:47","date_gmt":"2024-01-04T19:44:47","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/?p=55276"},"modified":"2024-01-04T06:03:12","modified_gmt":"2024-01-04T06:03:12","slug":"redefining-the-marketing-mix","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/redefining-the-marketing-mix","title":{"rendered":"Redefining the \u2018Marketing Mix\u2019"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>This article is intended for Marketing students, instructors, researchers, theorists, practitioners, as well as casual readers who may have an interest in gaining an understanding of the nitty-gritty of the elements of what is commonly referred to as the \u201cmarketing mix.\u201d<\/p>\n

It is devot\u00aded to a cursory description of the following: (a) the four elements of the classical or traditional marketing mix; (b) an organization\u2019s personnel, decision makers or the group of executives who make and\/or implement decisions relating to the traditional elements of the marketing mix; and (c) the nature of marketing decisions associated with each of the elements of the marketing mix.<\/p>\n

The article is designed to introduce \u201cmarketing personnel\u201d or the group of marketing executives who make and\/or implement decisions relating to the elements of the traditional marketing mix as an additional and important element of the marketing mix.<\/p>\n

This consists of the following four elements: (a) the product; (b) pricing; (c) promo\u00adtion; and (d) distribu\u00adtion, which is sometimes referred to simply as \u201cplace\u201d by scholars who desire to designate the elements of the traditional marketing mix as \u201cthe 4Ps\u201d of marketing. The four elements of the traditional marketing mix are described in a nutshell in the remainder of this section.<\/p>\n

The \u201cproduct\u201d is the most important element of the market\u00ading mix because it is at the core of a business entity\u2019s market\u00ading efforts. A product may be described as anything that an organizati\u00adon can offer to a given market for atten\u00adtion, acquisi\u00adtion, use, or consump\u00adtion that might satisfy a need or want. It includes physical objects, services, persons, places, organizations, and ideas.<\/p>\n

When developing a prod\u00aduct, marketing executives and other organizat\u00adio\u00adnal members who may be in\u00advolved in product planning, design and develop\u00adment need to think about the product at three levels; namely, the core prod\u00aduct, the tangible product, and the augmented product.<\/p>\n

The most fundamen\u00adtal level is the core product level, which refers to the benefits or servic\u00ades (and not the features) associated with the product. For example, consider a vehicle\u2019s rear-view mirror. The core product (safety on the road) has to be converted into a tangible product (rear-view mirror), which may have as many as five characteristics: features, styling, quality level, packaging, and a brand name.<\/p>\n

Finally, an organization may offer additional services and benefits (a one-month guaran\u00adtee, for example), which make up the augmented product. This augmentation may be used as a competi\u00adtive tool to differen\u00adtiate the organization\u2019s product offerings.<\/p>\n

In theory, products gener\u00adally go through a number of stages in their life spans; each set of stages constituting any given product\u2019s life span is commonly referred to as the product life cycle. The life cycle for any given product normally consists of four dis\u00adtinct stages; these are: (1) in\u00adtro\u00adduction, which may some\u00adtimes follow the test-market\u00ading of a product; (2) growth; (3) maturity; and (4) decline.<\/p>\n

This means that an organization\u2019s profitable products will not remain so forever, hence the need to monitor products con\u00adtinuous\u00adly in order to decide when it is appropriate to modi\u00adfy or phase out those which may have reached the decline stage.<\/p>\n

Thus, marketers should always be on the lookout for new product ideas and be positively involved in product development in order to have new products ready to replace those which are not doing well and those which are designated to be phased out.<\/p>\n

The \u201cprice\u201d is the only element in the marketing mix that generates revenue; the other three elements represent costs. Prices take many forms, such as fees, fares, tuition, rent, rates, premi\u00adum, inter\u00adest, and so on.<\/p>\n

There are several important ele\u00adments that should be taken into account when making pricing decisions: the firm\u2019s costs of production, the marke\u00adt\u2019s perception of the value of the product, custome\u00adrs\u2019 sensitivity to changes in prices, the competition which the firm faces, and any gov\u00adernmental price legislation.<\/p>\n

The price of the product does not necessarily reflect the cost of producing it, although cost informa\u00adtion is an important aspect of price setting. Ordinarily, setting a price for a good or service involves the follow\u00ading six sequential steps:<\/p>\n

(a) Selecting the pricing objective. This in\u00advolves the organization deciding what it wants to accomplish with a giv\u00aden prod\u00aduct. Some of the objectives may be the follow\u00ading: surviv\u00adal, profit maximization, market share lead\u00adership, and product quality leadership.<\/p>\n

(b) Determination of demand. Each price leads to a differ\u00adent level of de\u00admand and, t\u00adher\u00ade\u00adfore, af\u00adfects mar\u00adket\u00ading ob\u00adjec\u00adtives dif\u00adfer\u00adent\u00adly. This rela\u00adtion\u00adship is cap\u00adtured in the de\u00admand sche\u00addule, which may be de\u00adscri\u00adbed as a list of quan\u00adti\u00adties of a prod\u00aduct bought and the cor\u00adre\u00adspon\u00adding pric\u00ades.<\/p>\n

Nor\u00admal\u00adly, price and de\u00admand are in\u00advers\u00adely re\u00adlat\u00aded, mean\u00ading that at higher prices, the demand is lower, and vice-versa (except for prestige goods). Demand sets the ceiling to the price.<\/p>\n

(c) Estimation of costs. The business entity or non-business organization has to set a price that has the potential to lead to the re\u00adcovery of all the costs of producing, promoting, and distributing the product, as well as yield a fair return on invest\u00adment. The total costs associated with the production, promotion, and distribution of a particular product should, suggestively, be the minimum price for an organization that wishes to break-even.<\/p>\n

(d) Analysis of competitors\u2019 prices. The organization needs to know the prices charged by comp\u00adetitors and possible reactions to competitors\u2019 prices by buyers in order for it to decide on its own pricing. If the organization con\u00adsiders its package to be very similar to that of com\u00adpet\u00aditors, then it will have to price its product or products close to existing competitors\u2019 prices.<\/p>\n

(e) Selection of a pricing method. Organizations may decide on the pricing method by refer\u00adring to the four elements\u00ad\u00ad cited ear\u00adlier, name\u00adly, costs of produc\u00adtion, the market\u2019s percep\u00adtion of the quality and value of the product offering, buyers\u2019 sensi\u00adtivity to changes in prices, competit\u00adors\u2019 prices, and any prevailing govern\u00adment legisla\u00adtion on pricing.<\/p>\n

Some meth\u00adods that may be used are cost-plus pric\u00ading, per\u00adceived-va\u00adlue pric\u00ading, and going-r\u00adate pricing. For definitions of these pricing methods, see Kyambalesa, Henry, A Fresh Look at Marketing (LAP Lambert Academic Publishing, 2022), Glossary.<\/p>\n

(f) Determination of the final price. To decide on the final price, further consid\u00ader\u00adations must be taken into account. These consid\u00ader\u00adations include psycho\u00adlogi\u00adcal pricing, the organization\u2019s pricing policies, and the impact on other parties, such as dis\u00adtributors, sales person\u00adnel, competi\u00adtors, and the host govern\u00adment.<\/p>\n

Product pricing for new products is especially challeng\u00ading for market\u00aders. They have a choice of using either market skim\u00adming or market penetra\u00adtion pricing. The first tech\u00adnique means that a high price is charged in order to reap profits as quickly as possi\u00adble. It is, there\u00adfore, a risk-red\u00aducing tech\u00adnique intend\u00aded to benefit the innovator before competi\u00adtion sets in and prompts a reduction in prices.<\/p>\n

The second technique\u2014that is, market penetra\u00adtion pricing\u2014in\u00advolves the setting of very low prices in order to attract a large segment of the market and make it difficult for com\u00adpetitors with higher produc\u00adtion and\/or operational costs to enter the market. This techniq\u00adue\u2019s major advantage is the increased sales volume that may general\u00adly be facilitat\u00aded by the attrac\u00adtively low prices which an organizat\u00adion may set for its product offerings.<\/p>\n

One of the most visible aspects of market\u00ading is \u201cpromo\u00adtion,\u201d which includes all of the activities carried out by business and\/or non-business organiza\u00adtio\u00adns in order to communicate with potential and existing custom\u00aders or clients. There are different means of promotion or marketing com\u00admunica\u00adtion. These are collectively referred to as the promotional mix for any given organization.<\/p>\n

The four major tools in the \u201ctradi\u00adtional\u201d promotional mix are advertis\u00ading, sales promo\u00adtion, publicity, and personal selling. Within these four tools of promotion, there are numerous other tools that are more spe\u00adcific. The four promotional tools, as well as new ones, are discussed in Kyambalesa, Henry, A Fresh Look at Marketing (LAP Lambert Academic Publishing, 2022), Appendix 1.1.<\/p>\n

The distribu\u00adtion of products may involve wholesal\u00aders, retailers, trans\u00adport\u00aders, and agents, in addition to the manufac\u00adtur\u00ader, who to\u00adgether comprise what is commonly referred to as the marketing channel. By and large, marketing channels may take different forms depending on whether a supplier is distributing \u201cconsumer products\u201d or \u201cindustri\u00adal products.\u201d<\/p>\n

But regardless of the nature of products involved, suppliers often have several channel alterna\u00adtives: selling directly to final users or industrial buyers, or through one or more intermedi\u00adaries. Therefore, the decision regarding which alterna\u00adtive to use will usually be influ\u00adenced by the nature of the product involved, as well as the availabili\u00adty of \u2018middlemen\u2019 or market\u00ading interme\u00addiaries.<\/p>\n

It is important to note that marketing channel members may be independent and, ther\u00adefore, their aims may conflict with those of the manufac\u00adturer. Channel decisions are crucial because they affect all the other marketing decisions of an organizati\u00adon, particularly because they establish the necessary link between an organization and its existing and\/or potential customers.<\/p>\n

There is an additional and important element of the marketing mix that is neither expressly considered nor overtly acknowledged in existing literature. This element consists of individuals and\/or groups of individuals who make product-related, price-related, promotion-related, and distribution-related decisions, as well as individuals and\/or groups of individuals who implement such decisions.<\/p>\n

We may provisionally refer to such individuals and\/or groups of individuals as marketing executives, personnel or decision makers. There should perhaps be no disputing the fact that marketing \u201cpersonnel,\u201d \u201cexecutives\u201d or \u201cdecision makers\u201d constitute an important and active element of the marketing mix, but one that is neither expressly considered nor overtly acknowledged in existing literature.<\/p>\n

Accordingly, we can define the \u201cmarketing mix\u201d in shorthand as comprising the following \u201c5Ps\u201d: (a) the product; (b) pricing; (c) promo\u00adtion; (d) place; and (e) personnel.<\/p>\n

The following summary describes the nature of decisions associated with each of the four traditional elements of the market\u00ading mix, and the group or groups of executives, personnel or decision makers in any given organization who make and\/or implement marketing mix decisions:<\/p>\n

(a) Product decisions: Making changes to ex\u00adist\u00ading prod\u00aducts, brand\u00ading, packag\u00ading, labeling, adding new products, phasing out unprof\u00adit\u00adable products, and so on.<\/p>\n

(b) Pricing \/ costing decisions: Deter\u00admining mar\u00adketing costs and setting prices (which may be in the form of fees, charges, fares, rent, premiums, rates, inter\u00adest, com\u00admis\u00adsions, and the like) that will yield returns consis\u00adtent with the overall goals of the organization, while con\u00adsidering such factors as the fol\u00adlow\u00ading: (i) custome\u00adrs\u2019 sen\u00adsitivity to chang\u00ades in prices; (ii) costs of produc\u00adtion; (iii) prices of compet\u00ading products, if any; and (iv) govern\u00adment policy per\u00adtaining to pric\u00ading, if any.<\/p>\n

(c) Promotional decisions: Deter\u00admining the appro\u00adpri\u00adate promo\u00adtion\u00adal mix of advertis\u00ading, publicity, sales talk, bait promo\u00adtion, shop garnish\u00adment, extensive exposure, cus\u00adtom\u00ader rela\u00adtions, impulsive mail, and emis\u00adsary-style promo\u00adtion. All these promo\u00adtion\u00adal tools are discussed in Kyambalesa, Henry, A Fresh Look at Marketing (LAP Lambert Academic Publishing, 2022), Appendix 1.1.<\/p>\n

(d) Distribution decisions: Making deci\u00adsions regard\u00ading distri\u00adbu\u00adtion chan\u00adnels (sell\u00ading directly to ulti\u00admate users or through agents, wholesalers, and\/or retail\u00aders), ware\u00adhousing or storage, trans\u00adporta\u00adtion meth\u00adods, and the like.<\/p>\n

(e) Staffing decisions: Making personnel-related decisions relating to the recruitment, hiring and retention of both line personnel and staff personnel for an organization\u2019s marketing unit or department in collaboration with the organization\u2019s human resource unit or department.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. This article is intended for Marketing students, instructors, researchers, theorists, practitioners, as well as casual readers who may have an interest in gaining an understanding of the nitty-gritty of the elements of what is commonly referred to as the \u201cmarketing mix.\u201d It is devot\u00aded to a cursory description of the following: (a) […]<\/p>\n","protected":false},"author":84,"featured_media":55275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6,7,248],"tags":[234,235,233],"class_list":["post-55276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nRedefining the \u2018Marketing Mix\u2019 - Zambia<\/title>\n<meta name=\"description\" content=\"This article is intended for Marketing students, instructors, researchers, theorists, practitioners, as well as casual r ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/redefining-the-marketing-mix\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redefining the \u2018Marketing Mix\u2019\" \/>\n<meta property=\"og:description\" content=\"This article is intended for Marketing students, instructors, researchers, theorists, practitioners, as well as casual r ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/redefining-the-marketing-mix\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-04T19:44:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704335446.610615.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/redefining-the-marketing-mix#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/redefining-the-marketing-mix\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Redefining the \u2018Marketing Mix\u2019\",\"datePublished\":\"2024-01-04T19:44:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/redefining-the-marketing-mix\"},\"wordCount\":2076,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/redefining-the-marketing-mix#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2024\/01\/sm_1704335446.610615.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"files\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/redefining-the-marketing-mix#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/redefining-the-marketing-mix\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/redefining-the-marketing-mix\",\"name\":\"Redefining the \u2018Marketing Mix\u2019 - 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