Introduction

In this paper, the discussion will be made on the concept of “Marketing Mix”. It has been observed that it is important for the companies to consider marketing mix concept has it can help in attaining success in the highly competitive market. Marketing Mix is one of the marketing tools that are used by the companies to pursue its marketing objectives. The concept also covers the four broad levels in context to the marketing decisions such as product, price, place and promotion. This concept also affects the marketing activity which directly focuses on the satisfaction level of the customers (Abril and Rodriguez-Cánovas, 2016). Therefore, this paper will highlight the in-depth analysis of marketing mix in reference to the other key marketing theories and its impact on the success of the marketing activity.

Nature of Marketing Mix

The nature of marketing mix can be defined by considering the major components such as product, price, place and promotion. One of the best in context to the nature of Marketing Mix can be of the Nestle Company.

• Product Mix

 In this factor, the brief analysis is made of the products which are offered by the company in the market. In the category of products, it can be observed that there are different beverages, milk products and chocolates are offered to the customers. In the beverage category, Nescafe is one of the most popular products of the company. In the category of Mil products, Nestle Slim and Nestle Milk are some of the milk based products of the company. Nestle also offer chocolate products such as Kit Kat, Munch, Milky bar and Polo. The two popular brand of the company are Nescafe and MAGGI and the competitors of the products are also present in the market like Bru and Sun feast Yippie (Dadzie et al., 2017).

• Price Mix

It can be examined that price determine the sales of the products. The popular products of the company such as MAGGI and Nescafe are the leaders of the market and the process are set with higher margins. Nestle pricing strength is related with packaging and consumption based pricing. Nestle focuses on setting the competitive pricing, so that it could be easy to attain growth in the market (O’Cass and Heirati, 2015).

• Place Mix

It determines the place from where the products are delivered or transferred to the customers. For example: Nestle consider FMCG strategy in context to distribution and also there is a process in relation to another distribution strategy considered by the company. The process starts from manufacturing, C&F agent, Distributors, retailers, consumer manufacturing, bulk buyers and at last consumers (Bahadir, Bharadwaj and Srivastava, 2015).

• Promotion Mix

In this the strategies are considered that helps to promote the products in the highly competitive market. For example: Nestle promote the products through different sources such as social media marketing and also through websites. The company also emphasizes on the sale promotion by offering discounts and offers to the customers (Kotler and Armstrong, 2015).

Importance of Marketing Mix

It can be said that in the marketing process, marketing Mix plays an essential role. There are various points that explain the importance of marketing mix.

• Market Mix assist in new product development

It is evaluated that at the time of designing the existing products, there are different ideas that can be related with the product that can be designed by the organization. The pricing, place and promotions can be different but at the time of designing the new product, it can be easy for the company to come up with the new ideas in relation to the new product development.  For example: At the time of introducing the MAGGI product, the Nestle company has considered the idea of new product development in which the management launched different flavors such as MAGGI OATS and Masala MAGGI Noodles (Chokshi et al., 2016).

• The concept helps to bring improvisation in business

Marketing mix is one of the effective concept through which the companies can consider different techniques and methods which are beneficial for them. By considering the different P’s it can be easy for the company to bring improvisation in the working pattern in the workplace. With the help of marketing mix concept, it can be easy for the business to improve the functions and also it helps in considering the decisions which are beneficial for them (Liu et al., 2017).

• Marketing mix assist in maintaining differentiation

It is analyzed that at the time of evaluating the marketing mix of the competitors, there are various ways that can be help in differentiating the products of the company from the competitors. The competitors can have in effective promotions but by evaluating, it could be easy to create better promotion for the products offered in the market. Also, in depth analysis can be made of the concept of marketing Mix is considered by the companies. For example: Nestle considered this concept and then brought modification by offering different flavors of MAGGI. It was done by in depth analysis through marketing mix and at that time they analyzed that there are also different companies such as yippee who are offering similar products, so to make differentiation the company focused on introducing the different flavors in the market (Datta,  Ailawadi and van Heerde, 2017).

• Marketing Mix also helps to boost the portfolio of the products

To enhance the product depth or the product line, the management has to focus on making the minor changes in the products. The modifications are made in the features of the products, its pricing and also the promotions considered by the company. So, by making modification in the process of marketing mix and its features, it can be simple for the company to boost its product portfolio, which will directly impact the sales of the company in the highly competitive market. For example: Nestle has considered the strategy of bringing modification in MAGGI as there are many controversies that was aroused. So, at that time company considered the concept the concept of marketing mix and modified the MAGGI Product according to the need of the customers (Jain, Sanbonmatsu and Posavac, 2015). So, in this it is examined that brand portfolio of the Nestle company has been enhanced.

Marketing Mix and its impact on the success of marketing activity

It has been observed that marketing mix is considered as an important tool that helps in creating the right marketing strategy. Also, it is one of the effective tools that assist in implementing the effective tactics. It can be observed that marketing activities are considered by the companies so that it could be easy to promote the products and services in the competitive market. Marketing mix consist of the 4P’s of the marketing strategy. It is created so that it could be easy for the company to achieve the marketing objectives by offering the customers with the value,  The 4P’s in relation to the marketing mix is related with establishing the position of the products within the target markets. If effective marketing mix is not considered then it will be difficult for the companies to manage the activities at the time of marketing (Baker and Saren, 2016).

The success of marketing activity is related with marketing mix because marketing is defined as the sum total of the operation engaged in the efforts to create and sell of the products and services to the consumers. The activities are also designed in reference to product, pricing, packaging, selling and promotion. It has been observed that marketing mix helps to offer the right decision to the management. The marketing activities are designed by analyzing the factors related to the products, price, place and promotion offered to the customers. By analyzing the needs of the customers, it could be easy for the company to offer the right product, price and promotion in the market (Baines, Fill, Rosengren and Antonetti, 2017).

SWOT ANALYSIS as marketing theory

One of the marketing theories that impact the success of the marketing activity is related with SWOT ANALYSIS. This is one of the effective marketing theory that assist the company to achieve success by analyzing the different concepts such as Strength, weakness, threats and opportunities. It is important for the company to evaluate the different factors in relation to the strength, weakness, threats and opportunities so that it could be easy to positively impact the marketing activities. By evaluating these factors, it could be easy for the company to consider the right marketing strategy. SWOT ANALYSIS is one of the effective business strategies as it helps in considering the right decisions which are directly influenced by the marketer. The elements such as strength, weakness, threats and opportunities, provide the marketers an opportunity to have better understanding in relation to the business environment (Ahmed and Rahman, 2015)

SWOT ANALYSIS also helps the marketers to maximize the satisfaction level of the customers. It is noted that by considering the concept of SWOT ANALYSIS it would be easy to have in-depth analysis of the internal factors that will help in marketing activity.  It is analyzed that the marketing theory in relation to customer satisfaction is related with the strategies considered by the management.

Example of the Nestle Company in reference to the marketing theory (SWOT ANALYSIS)

 Nestle focuses on the marketing theory related to SWOT ANALYSIS. In reference to the strength of the company is related with strong geographic presence in the market. The company has the large market share due to which it is easy to achieve growth. Also, the company has more than 8000 brands under the different ranges such as Coffee, breakfast cereals and soups. The weakness is related with brand structure in which the company has many brands under the same umbrella and this creates conflict of interest.  The company is also involved in the controversies such as Nestle baby formula boycott, child labor suppliers and chocolate price fixing and these controversies has negative impacted the marketing activities.  Opportunities in relation to the Nestle company are concerned with expanding market, boost the income levels and also to manage the ethical issues, the company focuses on research and development. The threats faced by the company are high level of competition and also the price of commodities (Kotler et al., 2015).

Therefore, it can be stated that these marketing theories assist the companies to achieve success and also it helps the management to consider the right option. With the help of the effective marketing activities, the customers can easily gain the information of the company and also the satisfaction level of the customers can be boosted effectively. Therefore, it can be said that marketing mix should be considered by the company so that it could be easy to manage the activities of the company effectively (Wu and Li, 2018).

Conclusion/ Recommendation

It is recommended that to achieve success in relation to the marketing activity with reference to the customer satisfaction it is important to consider the different strategies, as it helps to manage the entire activities of the company.  It is recommended that company should pin point the target market and should also outline their goals and budgets so that it could be easy to achieve success in reference to the marketing activities. If target market is decided then it will be easy for the company to bring improvisation in the entire functions of the company. It is also necessary for the company to outline the goals so that it could be attained effectively. Therefore, it is concluded that Marketing Mix is one of the effective process in relation to the marketing process.  With the help of marketing mix it could be easy for the company to consider the right approach and also will help in making appropriate decisions. So, it can be stated that marketing mix should be considered so that in depth analysis can be made of the different marketing activities. The concept positively impact the process of marketing as it can be said that if in depth analysis is done of the marketing mix, then it will help to maintain the marketing strategy of the company in the highly competitive market.

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