THE ROLES OF MARKETING MIX IN BUSINESS ORGANIZATION
1.0 GENERAL INTRODUCTION
Several explanatory notes have been proposed for the term Marketing. Each tends to emphasized different issues concerning marketing as well as drawing a valid conclusion.
Many definitions of marketing have been put forth over the years. A popular one holds that “Marketing is the performance of business activities that direct the flow of goods and service from producer to consumer or end user”
The American Marketing Association (1995) offers managerial definition of marketing: Marketing is the process of planning and executing the conception pricing, promotion and distribution of ideas, goods and service to create exchange that satisfy individual and organizational goals.
Philip Kotler (Custom Edition 2005), says marketing is the methodology of communicating the value of products and services to customers for the purpose of selling the products and service. This involves some techniques such as choosing the target marketing through market analysis and segmentation, understanding consumer behaviour and advertising the product value to the customers.
In marketing, marketers use numerous tools to elicit the desired responses from their target market. These tools constitute Marketing Mix (McCarthy, 1999); Marketing Mix is the set of marketing tools that business organization use to pursue their Marketing objective in the target market. These include: Product, Price and Promotion; popularly known as four Ps
In a general sense, this research project bring to light how Marketing Mix allow business organization to build and sell value to their ultimate customers and also getting better return on their investment.
1.1 BACKGROUND OF THE STUDY
A business organization is an entity formed for the purpose of carrying out commercial activities. It can also be analysed as an individual or group of people that collaborate to achieve certain commercial goals and this can be achieved by a well-structured marketing system.
Marketing (Kotler, 1991) is not the art of clever ways to dispose of what you make or producer. It is an art of creating genuine customers’ value and helping them become better-off. The introductory part of this project discussed marketing as a means of identifying customers’ needs and supply various goods and services to satisfy those needs most effective.
A business organization needs to produce goods and services, make it at a price the consumers find reasonable, supply the good and services at different outlets the consumers can conveniently access and also inform them about the product and services through the media they have access to. All these can be attributed to a set of controllable variables and the controllable variables in this context refer to four “PS” (Product, Price, Place and Promotion) which constitute marketing mix. Each firm or business organization strive to build up such a composition of four ‘p’s which can create highest level of consumer satisfaction and at the same time meet its organization objective and goals i.e. Maximization of sales and profit, Bigger market share, survival in the market amongst others. The impact of these variables on business organization form the basis of this research project putting into consideration the case study: LUBCON NIGERIA LIMITED ILORIN, KWARA STATE.
1.2 STATEMENT OF THE PROBLEM
Effective Marketing Mix constitutes to highest level of consumer satisfaction, maximization of sales and profit, bigger market share and survival of the market amongst others.
In conducting this research, the following outlines are some of the problem encountered:
⦁ Inadequate information as there are lots of neural response and restrictions of information in the questionnaire
⦁ Time factor
⦁ Data collection problem
⦁ Financial instabilities
1.3 OBJECTIVE OF THE STUDY
Roles of Marketing Mix in business organization cannot be over emphasized, therefore, it is the duty of management concerned to facilitate effective marketing mix. This will enable business organization to achieve its aims and objectives.
The aim of this research project is to examine roles of marketing mix in business organization. While the objectives comprises of the following:
1. To explain the concept of marketing mix and its components.
2. To find out the importance of marketing mix in business organization.
3. To identify the marketing problem encountered by LUBCON NIGERIA LIMITED, ILORIN, KWARA STATE and how to proffer solution to the problem.
1.4 SIGNIFICANCE OF THE STUDY
The importance of this study is to extend the sphere of knowledge on “Roles of Marketing Mix in Business Organization”. The heart of a business lies in its Marketing. Most aspect of a business depends on successful marketing. The overall marketing umbrella covers advertising, public relations, promotion and sales. Without marketing a business may offer the best products or services, but none of the potential customers would know about it. For a business to succeed, the product or service it provides must be known to potential buyers and this can be achieve through the use of effective marketing tools known as Marketing Mix (Product, Price, Place and Promotion).
This study is not only important to the case study (LUBCON NIGERIA LIMITED, ILORIN, KWARA STATE) but to organizations, individuals and researchers. It will also serve as a guide for industries, organizations and individual that might want to explore the importance of Marketing Mix.
1.5 SCOPE OF THE STUDY
The scope of this study involves the area covered by the research topic. The study dwells on “Roles of Marketing Mix in Business Organization” putting into consideration the case study: LUBCON NIGERIA LIMITED, ILORIN, KWRAR STATE.
The system adopted in achieving effective Marketing Mix and how the mix help the organization to achieve its objectives and goals are considered. The geographical area covered is Ilorin, Kwara State where the case study is located.
1.6 LIMITATION OF THE STUDY
Limitation of the study is the constraints and occurrence which hinder the research work. Some of the constraints include:
⦁ TIME FACTOR: The time available to carry out the research work and to measure change or stability over time is constrained by due date of the project and other academic work during the course of it.
⦁ FINANCIAL CONSTRAINT: This aspect has to do with the expenses incurred during the course of the project. This involves movement in order to get relevant information, online research amongst others
⦁ OTHERS INCLUDE: limited access to some of the officials and relevant information of the organization used as case study.
⦁ PROBLEM OF DATA COLLECTION
1.7 DEFINITION OF TERMS
Marketing is the process of planning and executing the conception pricing, promotion, and distribution of ideas, goods and services to create exchange that satisfy individual and organizational goals.
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 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.
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.
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.
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.
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.
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.
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
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 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.
A consumer is a person that buys goods and services for personal use rather than for resale or use in manufacturing.
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.
This is the part of a firm’s brand which can be spoken. Example LUBCON, LUX etc..