Marketing Mix

Marketing by a company is done to identify the customer, satisfy the need of the customer and try to retain the customer. So, the company does the marketing research and tries to find out what is the need and want of the consumer, who can be the target consumer and how satisfaction can be delivered. After the market research, the company plans accordingly to meet the company’s goal.

Earlier there was no such approach. They used to have different orientation such as production orientation, the product orientation and the selling orientation. Production orientation was till 50s and the profit making method for such orientation was production. Such firm used to focus on producing as much as possible of a given product or service. Production orientation used to be fruitful to the companies when a high demand for a product or service exists and the taste of the consumer would not change frequently.

Product orientation was till 60s. The profit making method for such orientation was quality of the product. Such firm used to be concerned with the quality of its own product. The firm used to assume that as long as its product was of a high standard, people would buy and consume the product.

Selling orientation last till 70s. The profit making method for such orientation was selling. Such firm used to focus on the sales and of a particular product and never cared about the new consumer demand and desires. These firms used to simply sell an already existing product and tried to use promotion techniques to attain the highest possible sales.

Simply focusing on the quantity, quality and sales of the product did not work in those days. So by the 1970, an orientation was developed called marketing orientation and the firms started to make research on the consumer need and want. Marketing orientation is the most common orientation used in todays marketing. It involves a firm essentially making its marketing plans around the marketing concept and supplying the products to suit new consumer tastes. So, today firm employ market research to know the consumer desires, utilizes R&D to develop a product accommodating the consumer desire as per the revealed information, and then utilize promotion techniques to ensure their target consumers know that the product is in the market.

When developing a product, a proper marketing plan is required. There are many factors that need to be considered and all these elements are interlinked, overlooking one factor could lead into a wrong decisions. Traditionally, a marketing mix was developed for the fast moving consumer goods sector, and there were Product, Price, Promotion, and Place (or distribution). The marketing mix is a business tool used in marketing products. The marketing mix is often crucial when determining a product or brand's unique selling point (USP). USP is the unique quality that differentiates a product from its competitors in terms of price, product, promotion and