The paper “ Product and Place as Components of Marketing Mix" is a wonderful example of term paper on marketing. Increasing competition is one of the challenges facing business organizations in contemporary markets. Overcoming such challenges requires an effective marketing strategy to be developed and adopted by an organization. Marketing has become an integral part of organizational management. Traditionally, the marketing roles were often associated with commercial firms; however, these roles have become essential and nearly all organizations will employ marketers or seek the services of marketing consultants (Ellis et al, 2011, p. 13; Burrow, 2012, p. 5).
Marketing will entail all the processes that an organization undertakes in order to produce products and get customers to know about the products and services such as advertisement and transportation of the products (Burrow, 2011, p. 5). Marketing goes beyond mere advertisement or promotion of products and will include the decision as to what products to introduce into the market and the benefits associated with such products (Goi, 2009). Effective marketing planning requires a manager to understand all the variables that determine the market patterns. This brings in the concept of a marketing mix.
Marketing mix refers to different controllable marketing elements that an organization can put together following the different forces that prevail in the market (Hisrich, 2000, p. 1). An effective marketing mix provides managers with an efficient way of putting marketing plans into practice (Bennet, 1997). The kind of blend that a manager develops out of these marketing elements may influence its competitive position in the market (Grö nroos, 1994). This paper bases on the 7P model of the marketing mix and will focus on two of these seven elements; product and place.
The effects that these elements have on the achievement of the marketing objectives of the organization, as well as the strategies that a marketing manager should apply, are discussed. Components of the marketing mixThe constitution of a marketing mix has taken different dimensions over the years. Microeconomic theorists had put much focus on price as the key market element. Neil Borden (1964, cited in Constantinides, 2008) suggested that there are twelve such controllable marketing elements. With the other forces identified in the market, McCarthy (1964) developed a marketing mix consisting of 4Ps: Product, Price, Promotion, and Place as a reduction of the model developed by Borden.
The development of such a marketing mix helps identify marketing roles and separate them from other managerial roles (Goi, 2009, p. 1). Different scholars and economists such as Lauterbon (1990), Walter van Walterschoot and Christophe Van den Bulte (1992), Moller (2006) and Popovic (2006) have criticized the 4P model and suggested the addition of other elements to the marketing mix. Booms and Bitner (1980) suggested that 3 more P’ s be added to the 4P’ s namely People/Participants, Physical evidence, and Process to make a marketing mix of 7P’ s. Marketing strategyThe focus of management in the design of products should remain on the consumer needs.
Customization of products and services to customer needs improves the relationship with the customers (Kim et al, 2006). It has been pointed out that the key strategic decisions that an organization makes on marketing activities ‘ should be founded on the wants and wishes of the targeted group of customers’ (Hisrich, 2000, p. 1). Product development requires elaborate research and development programs (Borden, 1984, p. 9).
Before developing a product, it will be necessary for a marketing manager to perform market research to learn the current needs of the consumer. The manager should also research on the products produced by competing companies and their features. The next step is to develop products with features that meet the current needs and communicate these features to the clients. The products need to be reliable. The management should ensure that the products do exactly what they are supposed to do.