Last Updated 25 May 2020

Adapting Marketing Mix in Consumer Segments

Category Marketing Mix
Essay type Research
Words 470 (1 page)
Views 235

A tool that may be able to assist in defining a marketing strategy of a business and to generate optimal response from specific consumer targets is the Marketing Mix. The Marketing Mix can be adjusted on a frequent basis in order to meet and satisfy the changing needs of a specific consumer group as well as the other dynamics of marketing environment. The Marketing Mix is a general phrase that describes different kinds of choices businesses have to make in the process of establishing or introducing a product or service to the market.

One way is through the 4 P’s of marketing, which helps in establishing a package not only to satisfy the needs and wants of consumers within a target group but also to maximize the performance of a business. The 4 P’s are Product/Service, Price, Place, and Promotion. One way understanding 4 P’s is by the questions needed to ask in order to define a business’s marketing mix. On the other hand, the 4 P’s model is just one of many marketing mix approaches. Lauterborn’s 4Cs is another approach that presents the marketing mix from the buyer’s perspective. 4Cs stands for Customer needs and wants, Cost, Convenience, and Communication.

Customer needs and wants is equivalent to Product in 4 P’s; cost is equivalent to Price; convenience is equivalent to place; and communication is equivalent to promotion. (Starling, 1980, p. 19) The 4Cs model of marketing mix is a useful tool in the process of evaluating the efficiency of many forms of communication; that is, what is working, what’s not working, and why it’s not working. This model is able to assess marketing and business communications, entertainment, everyday person-to-person communication from blogging and email to relationship talk, as well as political communication. Conclusion

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Having a full knowledge as well as a clear perspective of consumers result in holistic assumptions and businesses are able to shift successfully from marketing to the masses to meeting and satisfying the needs and wants of specific consumer segments. Marketers should be able to balance business income, public interest, consumer satisfaction in their marketing policies. It should always be remembered that marketing has had many other benefits for individuals and society. Thus, it has helped accelerate economic development and establish new jobs as well as enhanced the choices of consumers and contributed to technological progress.

BIBLIOGRAPHY:

Abell, D. & Hammond, J. (1979). Strategic Market Planning. New Jersey: Prentice Hall Inc. p. 78. Cornwell, T. B. & Drenan, J. 2004. ‘Cross-Cultural Consumer/Consumption Research: Dealing with Issues Emerging from Globalization and Fragmentation. ’ Journal of Macromarketing, vol. 24, no. 2, pp. 108-121. Kotler, P. (1980). Marketing Management: Analysis, Planning and Control. New Jersey: Prentice Hall, pp. 35-36. Starling, G. (1980). The Changing Environment of Business. Boston: Kent, p. 19. Yavitz, B. and Newman, W. (1994). Systematic Corporate Planning. New York: Wiley, p. 78.

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Adapting Marketing Mix in Consumer Segments. (2018, Nov 12). Retrieved from https://phdessay.com/adapting-marketing-mix-in-consumer-segments/

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