Marketing in the 21st Century Essay Example | Topics and Well Written Essays - 2500 words

Marketing in the 21st Century - Essay Example Marketing mix is an extremely important step in marketing planning once the company has decided the overall marketing strategy. Marketing mix is a set of tactical marketing tools that the company or precisely the marketing management wants to produce a response in its targeted market. Marketing Mix consists of four significant marketing elements, namely Product, Price, Place and Promotion and they are generally termed as 4Ps of marketing. As Belch and Belch observed, an effective marketing occurs when and where there is an exchange process and business relation by examining customers’ needs and wants, designing, manufacturing and developing products accordingly, distributing them to customers, offering them to customers for an affordable price and arranging certain programs that can promote customers to make them aware and interested of the products. As and when there is a careful and effective combination between these elements, and especially there is an integrated approach to these elements, the marketer will be able to influence the demand in the market and thus to bring greater competitive advantages. In recent years, markers have been giving greater emphasis to devise marketing activities to assemble fully integrated marketing programs so that the company can create, communicate and deliver value to the customers. The ultimate goal of the effective marketing mix strategy is to create and deliver values to the customers.... In recent years, markers have been giving greater emphasis to devise marketing activities to assemble fully integrated marketing programs so that the company can create, communicate and deliver value to the customers (Kotler and Keller, 2006, p. 19). The ultimate goal of the effective marketing mix strategy is to create and deliver values to the customers. Integrated Marketing Communication approach, that attempts to build strategic combination between marketing elements, has been considered to be an easy system approach to achieve the marketing goal. When it comes to the Hospitality industry, the main product mix is mostly of Service in nature. As far as Hotel Verta is concerned, various multicultural and organic food and drinks it prepares and makes them available to customers along with superior services it offers inside the hotel are the major portions of its Product element. Quality of the foods, varieties available, wedding specials, Spa verta, different designs and organic cha racters along with attractive packaging are some of the important variables of the product mix. Price is simply the amount that the products are offered for sale. But when it comes to Hotel Verta, discounts, free-food corner, credit allowances etc help the company create more values to its customers. Place normally indicates marketer’s activities that make the product available to the targeted customers for an affordable price. Highly attractive rooms, eco-friendly environments, the spa and rest rooms, and other infrastructures are helpful to retain customers and convert them to be loyal and therefore are some of the significant factors that add values to customers. As far as the Promotion element is