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Elements of Marketing

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Select a company of your choice. Here, identify and describe the four elements of their marketing mix as described in chapter 12. What are their external environment characteristics? What are the roles of ethics and social responsibilities of the company?

Your work MUST include a reference list. All research should be cited in the body of the paper. Reports without citations may not earn any higher grade than a 'C' letter grade. Your report should contain a short introduction and conclusion in addition to the body of the paper. Please note that if you have a source in your reference section, you need to cite it in the body of the paper and vice-versa, per APA guidelines.

Objective: Define the role of ethics and social responsibility in business.

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Select a company of your choice. Here, identify and describe the four elements of their marketing mix as described in chapter 12. What are their external environment characteristics? What are the roles of ethics and social responsibilities of the company?

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The company chosen for this assignment will be Mercedes-Benz, the European luxury car manufacturer that produces some of the finest luxury automobiles in the world and is a brand associated with luxury, quality and prestige. Let us identify each of the four marketing mix elements for Mercedes one by one.

The first element is product. Luxury car manufacturers have to pay extreme importance and attention to the product aspect of marketing to make sure that each new car model developed by Mercedes conform to the highest standards in terms of luxury, comfort, innovation and security. The luxury car market is extremely competitive with numerous players such as BMW, Audi, etc. figting for market share. Therefore, car manufacturers like Mercedes not only need to launch unique models with value added features and world class technology to compete in the marketplace, but also need to keep in mind about the legacy of the company as a world class provider of luxury automobiles. Mercedes spends millions of dollars each year on product development and R&D to ensure that it comes up with world class models and features, technology and styling in its cars.

The second important marketing mix element is promotions. Promotions involved all the strategies of Mercedes Benz to promote its product in the marketplace via advertising, sales promotions, etc. As we know that Mercedes has established itself as a premium luxury brand and a symbol of ultimate luxury among its customers, the promotions strategy of the company is targeted at such buyers and is aimed at supporting the brand image and reputation of Mercedes brand. In today's era, Mercedes uses both traditional marketing channels as well ...

Solution provided by:
Sheetal Jain, PGDM
Education
  • BComm, University of Delhi
  • Post Graduate Diploma in Management (Equivalent to MBA), All India Management Association
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