The purpose of this report is to identify the success of marketing mix of Swisse by analysing marketing mix principles it applies: product, people, promotion and placement. While Swisse focuses more on four elements of marketing mix strategies analysis, other elements of marketing mix as well as other aspects such as business environment might be overlooked.
Overview of the theory: Marketing Mix
Market mix is a foundation conceptual framework in market. It is a set of marketing tools the marketing managers used to develop long-term strategies and short-term practices in order to meet targeted customer needs. Different elements are included in marketing mix in different industries. Through long development history, the marketing mix generally comprises the traditional "4Ps": product, price, promotion and place to the developed "8Ps" with people, process, physical evidence and performance in addition. The company in question forms its own 4Ps strategy by focusing on product, people, promotion and place.
Products are the goods or services a company delivers to satisfy customers' needs and are the basis of a company's revenues. A company can control the product quality, design, features, after-sales services and brand name to add value to its products. Besides, in order to keep the competitive advantages, a company may continually introduce new products in response to customer needs and market environment.
Human resources including expertise involved in research and development, product line and marketing. A company should hire qualified personnel that are ethical, professional, high-performing and adaptable to the business culture. There should be working regulations, explicit standards incorporating code of ethics and a reward and punishment systems within a company . A comfortable working environment may increase the productivity of staff. The company should also establish and communicate positive values and culture for higher loyalty.
Promotion is used by companies to convey the features and theories of their products to targeted consumers. General promotional tools may include advertising, public relations, brand name selling, etc. While products needs innovations and upgrades, promotion tools should also be creative and meet the market needs to attract customers and beat competitors.
After production and promotion, a company needs to determine how customers are accessible to its products. Distribution channels include retailers, wholesalers, e-commerce, dealers, etc. As more and more business are going globalization, place becomes a specific concern due to difference in cultures and what works for a place may fail in another.