Marketing mix is defined as the combination of price, product, and promotion and place aspects of a product to satisfy the needs of the customers in the market. These components are applied to meet the goals of marketing plan. Other ingredients such as people, process and physical evidence have been added to the components of marketing mix. The over all goal of integrating marketing mix in business processes is to add value to the marketing process while satisfying the needs of the consumers (Banting & Ross, 2010).
The iPhone is a product manufactured by Apple Inc and is marketed to the global market. The iPhone is a smart phone product which has innovative features and has been readily accepted in the global markets. The price of the iPhone is relatively favorable to all people in the market. Apple has established the strategy of using online stores and retail stores to market its products. The online stores are also used to promote the products to various groups of consumers. The company has distribution centers located in different countries to ensure that the iPhone is accessible to all consumers in different parts of the world (Apple, 2010).
Marketing mix enables marketers to better use their resources to achieve a better market position. By applying the principles of the marketing mix marketers get better strategies of maximizing profits and minimizing losses during the marketing process. Marketers are able to satisfy the needs of the customers by applying different marketing mix elements. In addition consumer value is obtained when customers get the products they require at the right place, right time and in the right price (SAS, 2010).
Marketing mix increases the satisfaction of marketers by enabling them to communicate with their consumers about the products offered in the market. Through the marketing mix strategies the gap between consumers and marketers is reduced because the two parties are able to understand each and this satisfies the needs of all stakeholders in the market. When marketers present their products in the right place, right time and conduct appropriate promotion, they are able to capture consumer demand and in the long run attain consumer loyalty (SAS, 2010).
Marketing mix is used when selecting new products or services by identifying the best price, place and promotion for the product as compared to similar products in the market. As a consumer I would use the marketing mix strategies of other products in the market to compare the appropriate strategies of selecting new products or services in the market. Marketers with better strategies of promoting, pricing, locating and matching the products aspects to the particular needs of the consumers get higher sales. These strategies should be applied when delivering new products or services to capture market demand (SAS, 2010).
Marketing mix can be used to a seamless value chain to transport the product or service to the customer by providing better strategies of identifying the specific needs of customers and delivering the products to fulfill the needs. By the use of marketing mix ingredients marketers are able to satisfy the needs of customers while maintaining profitability of the organization. There is value added to the products when marketers deliver the right product at the right time and to the right place (SAS, 2010).