Marketing Mix A Marketing Strategy - 1907 Words

According to the Economic Times, a marketing mix ‘refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.’ (http://economictimes.indiatimes.com/definition/marketing-mix).Define and critically evaluate the key areas of marketing mix that should be included as a part of successful marketing strategy: Use a case study to examine each area in detail. Marketing mix is a tool used by companies to strengthen products brand and help to sell the product or service. Companies have to work out a successful marketing strategy with a marketing mix. However, a lot of companies still do not have a deep understanding of the concept of marketing mix and cannot implement it properly, which results in a†¦show more content†¦(CIM, 2015, p.5). Due to the development of service industry, another three ps were added namely people, process and physical evidence. (Martin, 2014). The 7ps model has been widely used in many companies, which has made great success in business, such as McDonald’s. They have successfully implemented 7ps in their market strategy, which make them the largest world s leading fast food service retailer with over 36,000 locations in over 100 countries. (McDonald’s, 2014) Product is the most important element in marketing mix. Marketers should fully understand consumer demand and after that, products can be designed with the proper quality to satisfy their expectations in present and future. (CIM, 2015, p.5) Whenever companies launch a new product, marketers should do market research at first. Besides, they should track customers’ needs and preferences regularly by a system, such as online communities and apps. The product strategy of McDonald’s strictly followed these principles. There are a variety of food and drinks in the menu of McDonald’s, which can meet customers’ different demand, all of which developed after intensive market research of customers’ preferences.( McDonald’s , 2008) Moreover, in order to meet the