THE IMPACT OF “MARKETING MIX” IN THE ACCOMPLISHMENT OF ORGANIZATION OBJECTIVE
1.1 GENERAL BACKGROUND TO THE SUBJECT MATTER
This study practically involves the investigation of marketing mix (product, price, promotion, place) in the accomplishment of organisational objectives. There are numerous definitions of marketing written by various marketing fanatics and practitioners around the globe. As a result, student’s lectures, and marketing practitioners believe so much on whatever tool or monographs they could lay their hands on that relates to marketing.
Marketing administration itself takes a managerial approach to marketing problems. Hence, marketing is an instinct discipline. Practitioners consequently rely on principles; researches, ideas, concept and techniques including a problem solving approach to enable them (practitioners and scholars) handle global challenges. In general, a well-organized marketing economy creates numerous opportunities for viable investment and it gives rise to high level of business activities. But, when marketing activities are overlooked diminishing returns on investment and total failure of business initiative is likely to be encountered.
Looking at marketing from a marketing managers facet, one can envisage that he is concerned with the direction of specific functions and activities which must lead to specific result.
Having conceived this notion or idea logy, we may say that; Marketing is the performance of business activities that direct the flow of goods and services from producer to consumers in order to satisfy customers and accomplish the firms objectives from this stand point, we can define marketing as; the performance of activities that direct the flow of goods and services from source (producer) to the customer (consumer) or users.
Marketing as a managerial practice rest on the economic functions of, production, distribution and consumption. Based on the discussion so far, we should try to establish a link between marketing and marketing mix.
The marketing mix is a major concept in modern marketing. It is the term used to describe the combination of the four variables which constitutes the core of a company’s marketing system, viz the product, price, the distribution system and promotional activities. The application of these variables determines to a large extent the success in the marketing environment.
A firms marketing mix has been defined as the particular blend of controllable marketing variables that the firm uses to achieve its objectives I the target market:- P. Kotler. It can also be defined as a combination of those controllable internal marketing variables- comprising the four ps (product, place, price and promotion) which the firm uses to operate successfully within the marketing environment.
The marketing mix is further sub. Classified showing the possible mix for each marketing mix. In this study, each element of the marketing mix will be analyzed with a view to understanding the essential facts of the marketing mix. These facts will be illustrated in a diagram below.