The market mix is described as the combination of the four main elements of marketing, which are the product, price, promotion, and place to meet a certain market need. The market mix model is usually used as a tool by many companies to define their marketing strategy to attempt and produce the optimal response in the market by blending the variables in an optimal way (Masterman, 2009). The product (one of the 4Ps) is the good or service you offer to customers with others also defining it as a bundle of benefits that are delivered to meet the needs of the customers. Qualities of a good product or service include the functionality, quality, appearance, packaging, brand, and service (Tronstad, 1995).
The Price is usually the amount our customers will be willing to pay to access the good or service on offer with its value coming along (Ellickson & Misra, 2006).
Place simply refers to the means through which a company’s product reaches the targeted consumers. More than often, it refers to where the product can be purchased by the consumers without creating inconveniences and is often described by the distribution channel that has been put into place. The place includes factors such as locations, logistics, and channel motivation among others.
The fourth P of the marketing plan is a promotion that entails all the tools that a company or an organization uses to communicate with its customers. Marketers commonly refer to them as a communication mix (Masterman, 2009).
In this study, we shall try to analyze how Wilson Sporting Goods tennis equipment uses the four Ps of marketing in creating a marketing mix that serves its customers both locally and globally.
The Wilson as a company used to exist under three departments, which all fell under the same umbrella. The departments used the same marketing management and those who were in the sales team were not well versed with the culture and future of racquet sports and as a result, this forced Wilson to separate the company into racquet sports, team sports, and golf with every department having its members (Nitschke, ND).
For the product quality, Wilson Company has always ensured that it makes the best sporting equipment in the world. This has made the company attract many big names in the world of tennis such as the Williams sisters and the currently 2nd ranked tennis player Roger Federer. These players exclusively use the Wilson racquets and other sports kits during training major evens, such as grand slams.
Their love for the company products has been attributed to the high-quality product the company offers. The company has introduced new strings in the year 2011, which are said to have taken into account the varied playing styles players are exhibiting in the modern game. The strings have been developed to cater for the arm discomfort, reduce shock, and absorption. These products are aimed at providing their consumers with features that enhance the way they play and this is a major boost in attracting more customers (Naderi, 2010).
To the pricing strategy, the Wilson Company has been offering and currently is offering tennis equipment such as racquets at discounted prices to reach a higher market volume compared to other rival companies. The company has also ensured that it offers its product at discounts and currently they have special offers on their old model rackets since they have to get rid of them. This offer is aimed at attracting a higher market pool while still offering the desired quality to the many lovers of the sport in the world. The company’s pricing is also designed to be competitive as compared to other Tennis equipment makers; this is because as a brand, it has been using the vertical integration in pricing where they own or sponsor different participants at major events such as the Australian Open.
With the company’s promotion largely dependent on the accessible local stores the company also avails of targeted advertising and creating of alliances with respectable tennis figures such as the William Sisters and Roger Federer. The company has also been offering promotions on its products. For example, in the past, the company offered free bags for every Wilson racquet and tennis balls purchase made in their stores or independent distributors selling their products.
The second analysis of the application of the marketing mix will involve a recent college football program and how the event used the marketing mix as a tool to market the event to other colleges and local viewers who in the past have shown little or no interest at all at attending the events. Whereas marketing sporting goods like we have seen in the case of racquets is simpler due to the tangibility of the good, marketing a sporting event such as the said football program which took place in our college can be quite tricky.
With the spectators not aware of what to expect, such scenarios serve as both for the advantage and disadvantage of the program marketers. With the inability of the market of advertising the core product which is the result of the event, the program organizers ensured that notable musicians and artists graced the events and also promised lots of entertainment to ensure there were high fans turn out. There were also sales of juices and biscuits which had been prepared by the Food Science and Technology department and this also acted as another major boost as fans were assured of refreshments before, during, and even after the event.
The pricing strategy was used on ticket sales. To attract more fans, the tickets were offered at discounted prices depending on the time the football fan purchased one. For example, for the tickets bought two months before the event, the price was offered at a 25% discount and the offer declined as the fateful day neared with who bought in the fateful day paying the full ticket price. The VIP section was also offered at a higher price as usual in comparison with the ordinary tickets though the price was still low compared to the past pricing.
In a typical marketing scenario, most goods have a shelf life but for sports events, the service is only worth at its place of production which is the venue of the event. To take care of this, the football program organizers employed an aggressive marketing team that made sure the tickets were sold through the famous social joints and supermarkets around the city where they could be accessible to everybody.
The promotion aspect as well for the program event was served through a variety of functions that took place before, during, and also after the event. These events included advertising, personal selling, publicity, and sales promotions.
We can conclude that the combination of the four Ps of marketing to come out with a successful marketing strategy requires careful consideration as it’s through the marketing mix that the company or the organization can achieve the desire goals and objectives.
Reference List
Ellickson, P. B., & Misra, S. (2006). Supermarket Pricing Strategies. Web.
Masterman, G. (2009). Strategic Sports Event Management: Olympic Edition. New York: Butterworth-Heinemann.
Naderi, N. (2009). WILSON LAUNCHES NEW STRING FOR 2011 Four New Strings for Every Player Type. Web.
Nitschke, R., (Not Dated). The 5Ps of marketing: Arago Partners LLC. Web.
Tronstad, R., (1995). Product Position. Web.