The Power of Office Document Processing: Marketing Mix & Business Strategy - Essay Sample

Introduction

Excellent office document processing skills are essential for all people in current times. This paper demonstrates the helpfulness of these skills in conveying a message to a reader. The paper will show this using a research paper that considers the significance of the marketing mix to the strategy of a business.

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The Importance of Marketing Mix to the Strategy of a Business

Marketing is a significant part of any business since it is one of the most important sources of income for the organization. Many companies use different strategies to attract clients to appreciate what the company offers. Currently, the most crucial strategy that businesses use is the marketing mix, which describes four parts of how the industry conducts its marketing operations (Thabit & Raewl, 2018). This strategy considers the place, product, price, and promotion that a firm uses to market its products. The place focuses on how a business introduces its products to its clients. The product deals with the features and attributes of a business' products to its clients. Then again, the price aspect focuses on the purchasing power of the clients of a company, and it defines the primary source of income to the firm. Finally, promotion is the method that a firm uses to communicate with its clients (Badi, 2018). These factors affect how clients get to learn about the products of a business. If a company designs and implements an appropriate marketing mix, it will reach many clients and get high sales.

Many researchers have focused on the significance of the marketing mix to the operations of a business. Figure 1 below is an example of the research of Pour, Nazari, and Emami (2013), who study the effects of the marketing mix of business. Now, given the importance that researchers have placed on the marketing mix, the following section examines these sections to show their impact on the operations of the business.

Figure SEQ Figure \* ARABIC 1: The four elements of the marketing mix.

Source: Pour, Nazari, & Emami, 2013)The Significance of the Product Aspect

The product part of the marketing mix describes the features of the product that a business offers its clients. This aspect helps differentiate the offering of one company compared to its competitors. A business may develop its product to have more features and advantages than those of its competitors to attract more clients. In some cases, this factor can also influence customer loyalty and make customers prefer purchasing the products of a firm CITATION Sou15 \l 2057 (Souar, Mahi, & Ameur, 2015). Therefore, businesses need to pay close attention to this factor.

The Significance of the Price Aspect

The price factor of the marketing mix is crucial since it defines the mode that a business uses to get money from its products. This aspect describes the method that a company uses to determine the cost of its products and the ability of its clients to purchase them. If a business prices its products expensively, it could lose its clients. However, if it sets the prices too low, it could end up making loses since it would not recover its investment. Therefore, it is crucial to pay attention to this factor.

The Significance of the Promotion Aspect

Promotion defines the methods that a business uses to publicize its products. Making the right products and giving them a reasonable price is not enough. A company has to inform its clients of its products for it to have sales. Therefore, this aspect is also essential, and business should design it appropriately.

The Significance of the Place Aspect

This factor describes the methods that a business uses to provide its products to its clients. It deals with factors such as distribution channels, warehousing, and transportation of the product. It affects the availability of products to clients, and therefore, it affects the sales of a company.

References

Badi, K. S. (2018). The impact of marketing mix on competitive advantage of SME sector in the Al Buraimi governorate in Oman. SAGE Open, 8(3), 1-10. doi:10.1177/2158244018800838

Pour, B. S., Nazari, K., & Emami, M. (2013). The effect of marketing mix in attracting customers: Case study of Saderat bank in Kermanshah province. African Journal of Business Management, 7(34), 3272-3280. doi:10.5897/AJBM12.127

Souar, Y., Mahi, K., & Ameur, I. (2015). The impact of marketing mix elements on customer loyalty for an Algerian telecommunication company. Expert Journal of Marketing, 3(1), 1-10.

Thabit, T. H., & Raewl, M. B. (2018). The evaluation of marketing mix elements. International Journal of Social Sciences & Educational Studies, 4(4), 100-109. doi:10.23918/ijsses.v4i4p100