Free «The Marketing Mix: Promotion» Essay Sample
Table of Contents
The common ground is that most companies in this world of capitalism always want more. They want more profit, more shareholder value, and more market share, among others. The realizations of these objectives have been attained through the successful initiation, development and management of marketing strategies in most instances. For companies to achieve this vital objective in business operation effective and efficient marketing strategies are put in place in order to compete with competitors’ in the same industry. This paper therefore seeks to analyse and examine marketing mix promotion as marketing concept in achieving profitability in the organization. To achieve this objective two companies were put into consideration; Airline flights I considered British Airways and carbonated soft drinks I considered Coca Cola.
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To understand the concepts of marketing it is important to define marketing, Marketing mix and promotion. According to Kotler (2002) marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. On the other hand marketing mix is the most sorts out marketing concept. Marketing mix comprise of the price it is important ant to understand that price is the one that create sales revenue. The price of an item is one of the major determinants of the value and volume of sales made. Furthermore consumer satisfaction and need is to be able to get value for their hard earned money. The second aspect of marketing mix is the place. Place revolves around the various method s of transporting and storing goods, and being able to make the goods available for the customer whenever they need them. A good distribution system will ensure getting the right product to the right place at the right time for the customers, the choice of distribution system will vary as some manufactures will find it convenient for them to sell their products directly to wholesalers who then sells them to retailers while other manufactures will prefer to sell their products directly to the retailers of customers (Baker and Saren 2010).
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The third vital marketing mix concept is promotion. Promotion can be briefly defined as the process of the business communicating with customers. In the process of communicating with customers it will create awareness about its product and provide important information that will eventually assist them in making informed decision to purchase a product or service. a good , effective and successful promotion increases sales so that advertising and other coast are spread over a larger output. Increased promotional activity is often a sign of a response to a problem such as competitive activity; it enables an organization to develop and build up a succession of messages and can be extremely cost-effective (Doyle 1994).
The marketing mix of British Airways
Product is the most important component in any business. Without a product there is no place, no price, no promotion, and no business. Product is anything that can be offered to a market to satisfy a want or a need. It is the vital and basic ingredient of the marketing mix and is everything favorable and unfavorable, tangible and intangible received in the exchange of an idea, service or good (Kotler 2002). British Airways is a global business offering service products, flights across destinations, in the transportation industry. British Airways marketing strategy includes flight services, quality of flights, various destinations across Europe and the world, executive class, business class, speed, security, support facilities and years of experience. British Airways as a product is to provide efficient and comfortable transport to its customers. In the product development a key factor is the company's positioning in order to choose the best possible strategy.
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British Airways has positioned it self as high standard, high quality airline and it's the leader in its category. British Airways tries to satisfy all the different customer needs and expectation from an economy class to the business and the first class providing various services. It has different lounges for the first class customer and an on-board menu for the food and wines than it has for the economy class. British Airways offers business class seats, blue / silver or gold card for frequent fliers and executive lounge at all main airports. It also provides customers with free food and drinks on flights and very good service. It has as well two in-flight magazines, a great collection of movies, four radio channels and TV programs for the entertainment of the people. It also flies the busiest and more convenient airports and flies from and to almost every country in the world in 153 different destinations around the
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To expound marketing mix, British Airways has come up with effective and pricing strategies that that cater for customers across the board. Price is the value placed on what is exchanged during the marketing process. The customer exchanges his/her money or donation in return for a satisfaction or utility (Dibb and Simkin 2001). The neoclassical economists believed that utility is the end of the economic activity Thus it is very important the price to be set in a manner that customer will perceive value of his/her belief in terms of the money spent. The company must set the price in relation with the value delivered and perceived by the customer.
If the price is higher than the value perceived then the company will loss potential profit. However if the price is lower than the value received then the company will fail to harvest potential profits (Kotler P. 2003). British Airways has set different prices considering their different needs:) the executive class (golden members), the middle class (silver members) and the economy class (blue members and free travelers).In addition to the above British Airways has set promotional pricing of flight to some destinations and on special occasion as charismas season. For example low fares on Domestic and European destinations.
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Marketing mix of Coca Cola
Coca Cola was established in 1886 by Dr John Styth Pemberton. Today, this company is known as one of the leading manufacturer in food and beverage industry. Coca Cola is one of the global companies that effectively uses the marketing mix concept in maintaining and acquiring new market to beat its competitors Coca Cola Produce a wide range of products these includes Sprite, Fanta, Fruitopia, Coke and Powder juices too. Packaging of these product do vary from the size of 300mL, 600mL, 1.25 litres, 2 litres and cans of 375mL. Coca Cola is one of the best known trademarks around the world with ninety four percent of population being in a position of recognizing it. It a product that has withstand the dynamic of the market and evolved to be a brand that every one want to be recognized with. In going with the four Ps of marketing mix Coca Cola has priced its product according to size and the amount. The company prices are constant are readily accepted by the larger population which increase the demand for the product (Bathgate 2003). It will be unjust without talking about the promotion prowess of Coca Cola.
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Coca Cola did promotion from the very start in an efficient and effective in order to maintain customers and attract news customers too. The promotion of Coca Cola comprises of television, radio, internet, billboards pamphlets and supporting global sporting event like the Fifa world cup. As one of the leading soft drink brand Coca Cola is easily accessible and available worldwide. It goes without doubt that Coca Cola can be found everywhere due to increased demand for the product. Finally Coca Cola has endeared them to their target market which is the young star. Coca Cola has always implemented attraction and effective strategies that attracted it target market for instance participating in basketball event with Sprite products.