Marketing mix is the foundation concept of marketing. This can be defined as the combination of the marketing factors, which are used by the firms to follow the marketing objectives in the target market. According to Hamzah and Sutanto (2016), marketing mix consists of four factors of marketing decision such as product, price, place and promotion. Therefore, it can be stated that marketing mix refers that the combination of the actions, which are used to promote the brand of the goods.
This study has highlighted a brief discussion about the factors of the marketing mix in the following:
In the opinion of Huang and Sarigöllü (2014), price covers the real quantity the consumers are expected to pay for the goods. In this context, it can be stated that price of the products directly affects how it sells. Therefore, Rahmani, Emamisaleh and Yadegari (2015) opined that price is based on the cost of production and also on the ability of the market to pay, demand and supply between the direct and the indirect factors. There would be different types of pricing policy as well as business plan.
Products are assumed as the tangible products or as an intangible goods, which seems to meet the targeted consumers as per their necessities. All of the products would follow a logical product life cycle and it is crucial for the marketers to identify and plan for several stages as well as unique challenges. The products required to be delivered into the minimum level of performance.
Hamzah and Sutanto (2016) pointed that place marketing tool refers the point of sale. In this context, it can be stated that each of the industry aimed to catch the eye of the customers and also make it easier for the consumers to purchase it for the distribution of the place strategy. On the other hand, it can be mentioned that retailers would pay a premium for the right place. More specifically, it can be stated that the major principle of the successful business is location, location and location.
Promotion strategy refers that all of the activities would be considered to make the goods or service, which is known to the user and also to the traders. This would highlight the advertising, incentives and also the consumer schemes. Promotion is associated with the sales promotion, special offers and also with the public relations.
This is the process of working, where a group of people works collaboratively in order to achieve the business goal.
According to Ruefle et al. (2014), it can be stated that problem solving team is a function, which considers the key line managers together in order to solve the real time problems, which are connected with the project. This is helpful to make an association among the learning and also between the doing. With the help of the problem solving team, the programmers would demonstrate how the new techniques can be applied instantly. Participants are chosen from several teams or even from several organizations. All of the business decisions would be made in order to improve the organizational performance. The problem solves with the help of new methods.
A self-managing team is a group of workers working together who are responsible for all of the aspects of the tasks. As pee the statement of Griesinger and Schmitt (2016), a self-managing team is different from the self-directed team. A self-management team is helpful to boost up the organizational productivity and can also encourage the workers. Therefore, the members of the self-managing team mainly aimed to plan, coordinate and control the activities of an organization.
A cross-functional team is a group of people with several operational expertise working for a common business goal. This would consider the team members who are belonging from several operational fields such as finance, marketing and also from human resources departments. Körner et al. (2016) pointed that cross-functional team is benefitted to improve the coordination the coordination and the organizational integration and then reduce the production cycle in case of new product development. In this context, it is necessary to remember that employees from several disciplines can solve the problems and can lead in the decision making process.
Virtual team is the group of members, which spread across several time zones, languages, cultures and these are united by a common business goal. According to Griesinger and Schmitt (2016), virtual team is developed to achieve and perform the critical organizational task. In case of increasing the competition in the market place, virtual teams are eligible to control the arising problems. More precisely, it can be mentioned that the manufacturing sectors, health care organizations, automobile and the retail as well as nonprofit organizations would get the benefit from the virtual team decision.
It is known that there are several types of business such as partnership, sole traders, limited partnership, cooperation, nonprofit organization, limited liability Company etc. In this study, the advantages and the disadvantages of sole traders would be discussed. In addition, this study would highlight how the sole traders has followed in their organizational operation.
A sole trader is the easiest mode of organizational structure and it is comparatively simple and cheaper to develop. A sole trader organizational structure is a person, who trade and perform legal responsible for all aspects of a business. On the other hand, Stimpson and Joyce (2017) mentioned that sole traders consider any type of debts and losses, which would not be shared with the other organizations.
In the opinion of Rhodes (2015), it can be stated that sole traders would be able to maintain overall control of the organization. Therefore, they are efficient enough to control the business and make it successful. The business structure is simple to develop and the operation of the organizational function is easy to control. Moreover, information regarding the sole traders is required to keep private. In this context, it can be mentioned that any losses incurred by the organizations would be offset over the other income like the organizational investment income and wages of the organization. Bovée and Thill (2015) also mentioned that sole traders offer a higher personal service along with the local roots and ties. This would be highly appealing to potential consumers within the local community. There is no necessity to confer with the decision makers, sole traders can take decisions and act on them swiftly. This would provide the necessity of the consumers.
Sole traders are not considered as the separate entity as per the organizational law. As a result, these are subject to the unconstrained liability. This refers that if an organization faces any business debt, then the business owner would be liable. On the other hand, the sole traders often find it difficult to increase finance to make fund in the business. Sole traders would not be able to get the organizational advantage of economies of scale in the similar way. Lastly, in case of sole trading, sole traders do not consider the other employees in the decision-making process and therefore, this would make a negative impact on the subordinates of the organizations. On the contrary, Stimpson and Joyce (2017) argued that sole traders have lower opportunity for tax planning; therefore, the sole traders would be liable to pay tax on all of the income level from the organization.
Planning is helpful to the employees of an organization to achieve the business goals. With the help of planning process, the subordinated would be able to control the resources, follow the determined action plans, then coordinate the functioning among the divisions and also focus on the time management to achieve the business goals.
Benefits of planning:
With the help of Focus, the employees would have a wide range of variety. In this context, Dongenet al. (2014) opined that while the organizational values pursuit several activities, then the subordinated would be able to focus on the leverage organizational competencies. On the other hand, the subordinates can participate in the decision-making procedure and can make effective decision based on the resources of the organization. Therefore, organizational productivity will be improved. Hence, organisational performance would also be improved and this would increase the sales of the organisation. This would in turn increase the profitability statement and the financial position of the company would also increase. As a result, revenue earning by the organisations would be increased (Griesinge and Schmitt 2016).
Secondly, the employees would be able to gain the concept of team development. With the help of this planning, each of the subordinate can understand the necessity of team development. In the opinion of Koontz (2014), it can be sated that team development is useful to increase the spirit of cooperation among the employees and this would increase the performance level of the organization. Team development is also helpful to control the economic as well as the competitive environment.
Therefore, thirdly the employees can learn the necessity of Control from planning. The control approach is depending upon the benchmarks. In this context, it can be mentioned that controlling is helpful for the standard of comparison during the actual operational outcomes. Controlling relies on the planning procedure in order to determine the viable objectives and it would be worked through managing the operations.
`Lastly, Shawet al. (2017) cited that time management is the important tool to maximize the use of the time in order to minimize the production cost. If a subordinate can complete their work within 32 hours, then the planning procedure can discover meaningful use for rest of the time. Costs would be lowered and then productivity would rise as per the operational procedure functioning as well as also depend upon the ideal time constraint.
References
Bovée, C.L. and Thill, J.V., 2015. Business in action. Pearson.
Dongen, A., Ruiter, R., Abraham, C. and Veldhuizen, I., 2014. Predicting blood donation maintenance: the importance of planning future donations. Transfusion, 54(3pt2), pp.821-827.
Griesinger, A. and Schmitt, T., 2016. Training and Qualification: Recommendations for Virtual Team Development. Handbook of Human Resources Management, p.395.
Hamzah, S.B. and Sutanto, J.E., 2016. The Role of Marketing Mix (7P) for Consumer Buying Decision Pastry Cake in Malang City.
Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer New York.
Koontz, T.M., 2014. Social learning in collaborative watershed planning: the importance of process control and efficacy. Journal of Environmental Planning and Management, 57(10), pp.1572-1593.
Körner, M., Luzay, L., Becker, S., Rundel, M., Müller, C. and Zimmermann, L., 2016. Team Development in Medical Rehabilitation. Die Rehabilitation, 55(2), pp.74-80.
Rahmani, K., Emamisaleh, K. and Yadegari, R., 2015. Quality Function Deployment and New Product Development with a focus on Marketing Mix 4P model. Asian Journal of Research in Marketing, 4(2), pp.98-108.
Rhodes, C., 2015. Business statistics. Economic policy and statistics.
Ruefle, R., Dorofee, A., Mundie, D., Householder, A.D., Murray, M. and Perl, S.J., 2014. Computer security incident response team development and evolution. IEEE Security & Privacy, 12(5), pp.16-26.
Shaw, M., Hewson, J., Hogan, D.B., Raffin Bouchal, S. and Simon, J., 2017. Characterizing Readiness for Advance Care Planning From the Perspective of Residents, Families, and Clinicians: An Interpretive Descriptive Study in Supportive Living. The Gerontologist.
Stimpson, P. and Joyce, P., 2017. Cambridge International AS and A Level Business Revision Guide. Cambridge University Press.
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