Integrated Marketing Mix for a Product Marketing Plan

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Marketing StrategyMarketing is a term used to refer to the process of putting the right product, in the right place, at the right price, and at the right time. While it sounds an easy proposition, marketing is a complex process requiring a significant amount of research and work. If one of the elements of marketing goes wrong, a promising product can completely fail and end up generating losses for a company. A South African company operating in the computer industry is considering launching a new laptop and requires an effective marketing strategy. The company is considering launching a new product at a time when COVID-19 has significantly impacted people’s lives and businesses. In this regard, the success of the new product would require a comprehensive marketing strategy that caters to the existing need in the market. This paper provides an integrated marketing strategy for the company.Part A – The Marketing MixThe first element in the marketing mix is product, which refers to what a company or organization introduces to the target audience (Al Badi, 2015). As the first element, product affects other components of the marketing mix because of its nature and attributes. In essence, a product offered by a company to a specific audience or market differs in its features and attributes, which are also influenced by the marketing environment. Product is also defined as anything offered by a company/business to a market for attention, purchase, use, or consumption that might satisfy an existing need/want in the target market (Al Badi, 2018). The features or attributes of the product/service act as the foundation for customer satisfaction and loyalty. Therefore, businesses are faced with the need to provide high-quality products or services that align with customers’ needs and wants in order to generate customer satisfaction and loyalty as well as a competitive advantage over rivals. A product can be a tangible item like a laptop or non-tangible like communication services.Price is the second element of the marketing mix and refers to the amount of money the customer is willing to part with in exchange for the product/service. Price is a critical factor in the purchase decision as it is affected by the consumers’ buying power. For a business, pricing decisions are influenced by various factors including product differentiation, market share, consumers’ perceived value of the product, competitive level, and cost of materials (Al Badi, 2018). While fixing the product’s price is an increasingly complex process, it has significant impacts on the perceived need of the product and organizational productivity. There are different strategies employed when determining product prices including cost-based, demand-based, and competition-based approaches. Cost-based approaches are based on the effects of costs facing the business while demand-based approaches are influenced by the level of demand. For example, a company could lessen the pricing of a product/service when demand decreases or reduce prices by using low-cost materials. Competition-based approaches consider the pricing of relatively similar products by competitors.

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The third element in the concept of the marketing mix is place, which refers to the mechanism used to move products and services from one manufacturer/provider to the consumer. Some of the components relating to place include warehousing facilities, distribution channels, location, logistics, mode of transportation, and inventory control management. Successful distribution processes ensures the availability of the product or service at the right place for ease of access by customers or end-users. Thabit & Raewf (2018) contends that a marketing strategy should ensure that products/services are readily available in the target markets. However, the business must choose whether to provide products/services to distributors or sell directly to consumers. For example, public water…

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…products and intense competition in the market, the place strategy to be employed for this new laptop is using distribution channels. Distribution channels will be used to promote, sell, and distribute the new laptop to final buyers or end-users. Direct selling to the customer and distributors will be used as part of a dual distribution channel to enhance product availability to consumers. Customers can directly purchase the product online or in retail shops. The use of multiple channels for distribution will be beneficial for the company since it enhances product reach and is a significant aspect of marketing personal computers (Chu, Chintagunta & Vilcassim, 2007).As multiple distribution channels are utilized, the company will employ various channels of advertising to reach the target market. As part of product promotion, online advertising in social media and educational blogs will be adopted. Online advertising will provide a cost-effective marketing approach with the ability to reach a wider target audience in comparison to conventional advertising methods. Advertising messages will emphasize the benefits of the new laptop, especially its high processing speeds, storage space, and high-speed Internet connection to support e-learning.In conclusion, a marketing strategy is an essential component of the success of any business venture and product/service. Companies need to develop marketing strategies that enhance product/service reach in the target market while enhancing organizational productivity. Each marketing strategy should incorporate the four major elements of the marketing mix including product, price, place, and promotion. The incorporation of these elements helps to ensure the company has a successful marketing strategy resulting in increased profitability. For the South African company, the distinctive rise in e-learning provides a new opportunity in the market for a new laptop. As evident in this integrated marketing mix, an affordable, high-speed laptop that supports e-learning activities is ideal to meet the need….....

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