• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

The marketing mix.

Extracts from this document...

Introduction

The marketing mix has several specific targets that can all collate together. (Jobber 2001) Suggests the strength of the four P's approach is that it represents a memorable and practical framework for marketing decision making. This can help to keep staff motivated and moving in the same direction but to many people it oversimplifies the reality of marketing management in the 21st century. (Gronroos 2002) Such a product based strategy can lead to a seemingly strong base product well advertised not leading to short or long term profitability because it is not exactly what the customer is looking for. In the 21st century customer expectation has become higher than ever and with more purchasing freedom of choice than ever before the job of attracting and retaining customers has become more and more difficult. ...read more.

Middle

Tesco's and Dunnes Stores for example done away with there loyalty card for customers as it was costing too much to run with little tangible long term benefits for the company. (Jobber 2001) Companies must therefore try to distinguish between profitable and non-profitable relationships as the short term costs of creating these relationships can be quite high. The marketing mix strategy can also have similar problems of hefty upfront costs. It is aimed at a target market which has usually been defined by market research. In depth and accurate market research is usually costly but can be very effective. Some companies that are particularly competitive in one of the four P's can often be very effective at attracting new customers. German supermarket chain Aldi compete mainly on low prices and this can be a key motivating factor in drawing new customers particularly in times of recession. ...read more.

Conclusion

The characteristics and priorities of this target market are such that a marketing mix strategy with a robust promotion and place policy are likely to prove successful but it has also proven that this approach can also then be fused with a relationship marketing strategy to then develop the company's place in the market. This is not true of every market. Priorities are very different in areas such as the five star hotel industry or the luxury car market. Quality of service is paramount and in this area relationship marketing is especially strong.(Kotler 2001) Every guest at the Ritz has there own personal created so a preference for say a foam pillow noted in its Montreal hotel will be provided for months later in the London Ritz. Such relationship building creates a strong customer loyalty in the long term. (Buttle 1996. P.5) Notes a cross industry trend 'Sales and profits per account increase the longer the relationship lasts'. ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing and Markets section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing and Markets essays

  1. Marketing mix

    and can only make a full assessment of the quality of the service offered after having attended the class. The customer has to have faith in the service provider. Different aspects of marketing become more important in service context. For example, a customer may rely more heavily on the advice

  2. Marketing Thorpe Park and London Dungeons.

    Labyrinth of the Lost One way in....but is their a way out? Darkness claws its way in from all sides, mirrored walls reflect sinister figures, tunnel after tunnel but no escape. Times is running out, panic sets in, and fear of the unknown rages inside you.

  1. Produce a marketing strategy for a new or existing product

    This will than hopefully tell me how many shares Cosmopolitan has increased by. Validity and reliability of data Planning and data collection helps to ensure data is reliable. In primary research it is important to think about what you are trying to achieve from the survey.

  2. Marketing Strategy - Nintendo Gamecube

    However, I know what I want to say and I can add more to the slides on Monday before the presentation, as I have time during the day. Overall, I was fairly satisfied with my presentation, but personally believe that it could have been one of higher quality if it were not due to the time constraints.

  1. Marketing Mix

    on certain stores in the high street both companies advertise the mobile on their glass windows and doors, which say some of the features of the phone, how much they are available for and how long the contract would be.

  2. RELATIONSHIP MARKETING AND CUSTOMER LOYALTY

    These were related to th? study to th? customer loyalty. Ndubisi (2004 pp 34-189) suggested that companies must make sacrifices and that is worth th? investment in building relationships with th? faithful, or at least th? potential customers. It is argued here that th?

  1. Launching a Cafe Chain

    The right mix Marketing strategy is such a big topic that it is divided up into the four P's to make it easier to deal with each of them individually. However, the task of a marketing department is to blend together all aspects of the product in the right amounts to obtain the best marketing mix.

  2. creating a marketing proposal

    But mass production, although allowing lower prices, does not have to mean low-quality production. Instead, mass-produced goods are standardized by means of precision-manufactured, interchangeable parts. The mass production process itself is characterized by mechanization to achieve high volume, elaborate organization of materials flow through various stages of manufacturing, careful supervision of quality standards, and minute division of labour.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work