The 4Ps of Marketing Mix
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Marketing mix consists of a combination of various variables of decision making that are adopted by a company to market its goods and services. The marketing team has a role to play after identifying the market and collecting the important information about it. They have the task of deciding on the most appropriate strategies and instruments to use to attain the customers’ needs and attain a competitive edge in the market. Therefore, it provides the firm with an optimum combination of all the ingredients of marketing and investment. The marketing mix is classified under four major marketing aspects that include product, price, place, and promotion (Martin, 2009). Product and promotion are among the most important elements of market mix since they define the target market of the business.Product is a physical product or service for which a customer is willing to and ready to pay (Tapp & Spotswood, 2013). The product that Antz Inya Pantz Coffee Co. wishes to introduce into the market is the coffee infused soju. It is a new line of product consisting of new psychographic, demographic, and benefits segmentation. The firm intends to introduce the product to the Western countries claiming that it is a new method of tasting coffee. Moreover, the company claims that it is derived from the renowned soju, a clear spirit made in Korea. According to Constantinides (2006), product makes up the most important part of the marketing mix because it determines the functionality of the other three. The product will gain new markets in many western countries because Soju liquor has gained a significant popularity in United Kingdom, United States, and Australia. The use of Soju for the new product is key because of its ability to take on different flavors of other ingredients because of its alcoholic elements. Further, the product will be effective because it uses a substantial amount of Soju and coffee and takes only two weeks to infuse the flavors of coffee. Therefore, the product provided by Antz Inya Pantz Coffee Co is tangible and the consumers are ready to pay for it because it is outstanding and readily available. Another important and powerful component of the marketing mix, particularly for Antz Inya Pantz Coffee Co. is promotion. The colon sales activities of include exhibitions, publicity, demonstrations, and public relations. The marketing manager is the one who makes the decision regarding the level of expenditure on promotion (Singh, 2012). Additionally, activities of promotion are intended to operate as an addition in advertising, selling, and publicity elements. Promotion is essential in the marketing mix because it increases the sales force and enable the trader to represent the customers in an effective way and encourage them to purchase the coffee across different markets. Promotion consists of different combinations of marketing mix, which are adopted to attain the marketing objectives of a company. One of the most common forms of promotion in the marketing mix is advertising. The goal of advertising a product is to build and develop the product image in the market (Huang & Sarigöllü, 2014). This is because consumers are unaware of the new product in the market; hence, they need a form of presentation that will create positive image. Coffee infused soju is a unique brand of coffee that can gain a wide market among coffee drinkers in the western countries. The marketing team of Antz Inya Pantz Coffee Company should adopt advertising as the main method of promotion because it can be effective for the product (Naik, Raman, & Winer, 2005). This is because it reaches a wider number of people and creates a lasting memory for the consumers. Moreover, advertising is an essential tool for competition that maintains dynamism of a business. Engaging the coffee infused soju in the promotion mix facilitates good positioning of the product in the target market. Moreover, the production cost of the product is low; hence, adding the expenditure of promotion such as advertising will not greatly affect the pricing of the product.