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Roles Of Marketing Mix In Business Organization
[A CASE STUDY OF LUBCON NIGERIA LIMITED, ILORIN, KWARA STATE]
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BUSINESS ORGANIZATION:
A business organization is an entity formed for the purpose of carry out commercial activities. It can also be analysed as an individual or group of people that collaborate to achieve certain commercial goals.
MARKETING MIX:
Marketing mix is the set of marketing tools that business organization use to purse their Marketing objective in the target market. These include Product, Price, Place, and Promotion, popularly known as four Ps.
PRODUCT:
The element of marketing mix that represent the basic offering being made to consumers. It is everything (both favourable and unfavourable that one receives in an exchange, it is a complexity of tangible and intangible attributed, including functional, attributed, including functional, social and psychological utilities or benefits. A product may be a good, service or an idea.
PRODUCT CONCEPT:
This is the marketing philosophy that holds the believes that consumers will not buy a product unless it offers the most quality, performance and features that will arouse and retain the interest of the consumers. The consumer’s perception is how to get a quality product that will perform to their expectation.
PRICE:
one of the marketing mix (4p’s). This is the value agreed upon by the members in the exchange process. It is the means that allows products or services to get value in the eyes of both buyers and the sellers.
PRICE DIFFERENTIATION:
A demand-orientated pricing method whereby a firm uses more than one price in the marketing of a specific product; differentiation of price can be based on several dimensions, such as type of customers, types of distribution used, or the time of the purchase.
PLACE:
In marketing this the various activities the company undertakes to make the product accessible and availableto target customer. It includes two major activities; channel of distribution, and physical distribution.
PROMOTION:
One of the marketing mix (4p’s), that communicate with individuals, groups, or organizations directly or indirectly to facilitates exchanges by influencing audience members to accept an organization’s products. All forms of communication other than advertising that call attention to products and services by adding extra value toward the purchase.
Includes temporary discounts, allowances, premium offers, coupons, contests, sweepstakes e.t.c
PROMOTION MIX:
The specific combination of promotional methods that an organization uses for a particular product. It comprises the promo tools (Advertising, Sales Promotion, Personal Selling, Public Relations and Publicity).
DISTRIBUTION MANAGEMENT:
Distribution management can be define as the system designed to move goods and services from Producers to consumers which consist of people and organizations supported by various facilities, equipment and information resources.
CONSUMERS:
A consumer is a person that buys goods and services for personal use rather than for resale or use in manufacturing.
BRAND:
A brand is the totality of product, features that distinguishes it from other product or a means by which the firm identifies itself to consumers.
BRAND NAMES:
This is the part of a firm’s brand which can be spoken. Example LUBCON, LUX etc.
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