The combination of various marketing decisions, strategies and tactics by an organization management towards marketing its products and services describes the aspect of Marketing Mix. Generally, marketing principles are classified into four “P’s” that forms the elements of marketing mix and include, the Product, Price, Place and Promotion. The concept of marketing mix plays an important role in any business environment since it forms basis for the overall performance of an organization. Its significance can be realized in various aspects of business growth and performance such as, the exchange and development of products, rising living standards of the society, increase in the employment level, economic advancement and creating opportunities for the development of new ideas. Because of the constantly evolving nature on the business world, trading companies need to generate and apply effective combination of marketing elements in order to create value and gain competitive advantage.
In my view, most companies present different levels of emphasis on each element of marketing mix depending on their target market. However, marketing mix elements which include, price, product, promotion and place are considered to be the pillars of marketing strategy for all businesses. Overtime, companies have developed a range of element combinations that fit their businesses and enable them to face stiff competition globally. A company’s focus on any of the elements of marketing mix can be adjusted increasingly or decreasingly depending on the specific marketing forces and consumer requirements.
Whether the focus is on the introduction of a new product or making more money, a company requires an effective combination of marketing approaches to attain its objectives. However, an improper utilization and understanding of this aspect can easily contribute to a product development failure. Some companies have failed miserably in the past due to poor implementation of elements of marketing in the business sector. Such unfortunate examples include Turing Pharmaceuticals and Nesquik companies which exercised unequal balance on the marketing mix elements.
To begin with, poor pricing methods contributed to the failure of Turing Pharmaceuticals company in the healthcare industry despite its good product, geographical location and promotion methods. If consumers can’t afford a certain product in the market, then the entire company is at risk no matter how important that product is. After attaining the rights to Daraprim drug, Turing Pharmaceuticals increased its prices promptly creating a bad image on consumers. Overpricing contributed to a huge backlash of the company’s overall performance. Good pricing offers a company flexibility to conduct promotions and agreements that can improve its reputation without failure.
Secondly, Nesquik company maintained its good prices, reputable product and conducive geographical location. However, it failed to reach its target audience through promotion campaigns and social engagement due to poor execution of the promotion element of marketing mix. After its innovation of a smart expensive app to add bunny ears on photos, the company pushed for a national promotion event and found itself on the wrong side of marketing mix. The National Bunny Ears Day was a new terminology to consumers who failed to show any interest in downloading the new app. The promotion campaign was massive but contributed nothing towards motivating customers. The assumption by the Nesquik company was that the target group would care as long as the marketers liked it. The company thus, focused on its fantasy other than the real-world situation.
Therefore, it is important for any company to equally plan and emphasize on the four elements of marketing mix. An effective execution of marketing mix, allows a company to create strategies aimed at reaching customers, increasing sales and growing businesses.
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