LO2 COMPARE WAYS IN WHICH ORGANISATIONS USE ELEMENTS OF THE MARKETING MIX (7PS) TO ACHIEVE OVERALLBUSINESSOBJECTIVES.

The marketing mix combines elements that businesses use to achieve their marketing objectives. The 7Ps of the marketing mix are product, price, place, promotion, people, process, and physical evidence. In this section, we will compare the ways in which organizations use the elements of the marketing mix to achieve their overall business objectives.

1. Product: Organizations use the product element of the marketing mix to create products that meet customer needs and wants. This involves designing, developing, and packaging the product in a way that appeals to the target market. For example, Apple’s focus on design and innovation has helped the company achieve its overall business objective of creating high-quality products that are both functional and aesthetically pleasing.

2. Price: Organizations use the marketing mix’s price element to set competitive and profitable prices. This involves analyzing the costs of production and distribution, as well as the prices of competitors. For example, Walmart’s “Everyday Low Prices” strategy has helped the company achieve its overall objective of providing customers with affordable products.

3. Place: Organizations use the place element of the marketing mix to ensure their products are available at the right place and time. This involves selecting the right distribution channels and ensuring that the products are delivered to the customers on time. For example, Amazon’s focus on fast and reliable delivery has helped the company achieve its overall business objective of providing customers with a convenient shopping experience.

4. Promotion: Organizations use the promotion element of the marketing mix to create awareness and interest in their products. This involves advertising, sales promotion, public relations, and personal selling to reach the target market. For example, Coca-Cola’s “Share a Coke” campaign has helped the company achieve its overall business objective of increasing brand awareness and customer engagement.

5. People: Organizations use the people element of the marketing mix to ensure that their employees are trained and motivated to provide excellent customer service. This involves hiring the right people, providing training and development opportunities, and creating a positive work environment. For example, Starbucks’ focus on employee training and development has helped the company achieve its overall business objective of providing customers with a unique and personalized coffee experience.

6. Process: Organizations use the process element of the marketing mix to ensure that their internal processes are efficient and effective. This involves streamlining operations, reducing costs, and improving quality. For example, McDonald’s focus on process innovation has helped the company achieve its overall business objective of providing customers with fast and reliable service.

7. Physical evidence: Organizations use the physical evidence elements of the marketing mix to create a positive impression of their products and services. This involves designing the physical environment, such as the store layout, packaging, and signage, to create a positive brand image. For example, Burberry’s focus on store design and visual merchandising has helped the company achieve its overall business objective of creating a luxury brand image.

In conclusion, organizations use various marketing mix elements to achieve their overall business objectives. By understanding how these elements work together, businesses can create effective marketing strategies that appeal to their target market and help them achieve their goals.