The marketing and sales functional area is responsible for finding out whether there is a demand for a product or service through market research, promoting the product or service and finally selling the product or service using a variety of means.
Businesses have to create the right marketing mix in order for their products to be sold. The ingredients of the marketing mix are known as the four P’s:
Product - It must have the right features otherwise customers will not want to buy it.
Price - This must be at the right level so customers will buy it rather than going to a competitor
Place - The product must in the right place at the right time. If the customer is unable to buy the product when they want it they will go to a competitor.
Promotion - Target market segments need to be aware of the product if they are going to buy it.
There are many different ways a marketing mix can be designed. It will be different for every product and every company. It is important that all of the 4 Ps combine in such a way that will persuade a customer to buy the good or service.
What do you think a successful marketing mix for a Christmas Party should be?
Many businesses are product orientated. This means they design a
product and then try to convince consumers to buy it, e.g.,
computing companies will develop new technologies and then try and
convince consumers to buy them. Businesses place the emphasis on
developing a technically sound product, producing it and selling
it. The only contact with customers comes at the final stage.
Businesses can also be market orientated. This is where
businesses try to find out what consumers like before designing a
product, for example Diet Coke was designed to suit the needs of
the more health conscious consumer. Just because businesses are
market orientated doesn’t guarantee success and profits. There is a
chance that people still won’t like the good or service or they
will continue to buy from competitors.