The Effect Of Marketing Mix In Attracting Customers: Case .
African Journal of Business ManagementVol. 7(34), pp. 3272-3280, 14 September, 2013DOI: 10.5897/AJBM12.127ISSN 1993-8233 2013 Academic Journalshttp://www.academicjournals.org/AJBMFull Length Research PaperThe effect of marketing mix in attracting customers:Case study of Saderat Bank in Kermanshah ProvinceBahman Saeidi Pour1, Kamran Nazari2 and Mostafa Emami3*1Department of Educational, Payam Noor University, Iran.Department of Business Management, Payam Noor University, Kermanshah, Iran.3Young Researchers Club, Kermanshah Branch, Islamic Azad University, Kermanshah, Iran.2Accepted 24 November, 2012This study investigated the impact of marketing mix in attracting customers to Saderat Bank inKermanshah Province. Questionnaire which included 30 questions was used to collect information inthis research. The reliability of the questionnaire was calculated using Cronbach's alpha, and a value of0.882 was obtained, greater than 0.7 which is the reliability of the questionnaire. The population used inthis study is the customers of Saderat Bank in Kermanshah Province, with at least one account, interestfree loans and savings. 250 questionnaires were collected by stratified random sampling. The work hasone main hypothesis and 5 sub- hypotheses. Pearson correlation test was used to test the hypotheses. Itwas established that factors in the marketing mix have a significant positive effect in absorbingcustomers. That means the bank has a significant positive effect.Key words: Marketing, marketing mix factors, customers‘ orientation, customers‘ satisfaction.INTRODUCTIONProgress and transformation in industries, institutions andcompanies has to do with their ability to deal with problems, activities, as well as competitors. Each institutionshould adopt policies with respect to long-term vision,mission, goals, opportunities, arrangements and usinginternal facilities of an external to develop comprehensivemarketing (Industries, 1384), because in today's globalbusiness environment there is increasing complexity,rapid change and unexpected developments (Mason,2007).With the development of science in all fields, banks andfinancial markets have become competitive in recentyears as seen in the development of their activities, creation of private banks and financial institutions andapplying marketing techniques and strategies forattracting customers and increasing deposit. Using themarketing mix factors such as access to appropriateservices and providing services to customers quickly andappropriately in a variety of services and advertising toattract customers, there is increase in financial institutions and banks. Marketing is one of the issues that issubject to change, due to market changes in consumption patterns and tastes of individuals. Population growth,urban expansion, changes in community structure,diversity of products, advance knowledge and generational changes are factors that will determine marketvariables (Lavak, 1382).Each institution has the task of marketing managers byanalyzing, planning, implementing and controlling effectively marketing programs in order to develop a superiorcompetitive position in target markets. Marketing planincludes a process designed for predicting future eventsand determining strategies to achieve the objectives of aninstitute (Mnty and Trustee).Institutions should try to obtain an appropriate share ofthe market by studying the market, applying marketing*Corresponding author. E-mail: emamemostafa@yahoo.com.
Pour et al.mix variables, using appropriate methods of distributionand supplying of goods and services and be aware of thecampaign and identification of opportunities. They shouldattract more resources to deal with scientific creativityand innovation to meet customers‘ needs; and matchresources to increase market share and take care ofcustomers. Strengthening financial markets in the countryfor its economic development and saving of resources forthe health of the economy seem to be necessary. Thesavings rate in the banking and credit system andfinancial institutions can lead to increased investment andeconomic growth.In Iran, the main hub of the financial markets, banksand financial institutions is the main source of capital forbuying products and services, granting loans and as thefunding source for all economic units in the country. Inbanks and institutions, appropriate activities and effectiveuse of marketing are very effective for achieving theirgoals. A significant number of banks and institutions needto make more use of marketing variables in order toincrease resources to customers. Apart from thesecategories in which the bank is not required in thisresearch, institutions have found the effect of competitionwith some of the marketing mix strategies for increasingtheir deposits and investments.MarketingIn the 1960s, the term was common in marketing. It sayseverything starts with consumer‘s needs and demands. Marketing and market management, an importantbranch of knowledge management, is the main task ofunderstanding people‘s needs and desires and help themthrough the process; a process where resources areexchanged. Society needs are increasing today morethan ever, especially with the growing shortage of humanand other resources. Managers are faced with limitedresources available to meet those demands which areunlimited; but knowledge management is here to help theeconomy scientifically as well a set of skills andknowledge for the optimal use of limited resources.Marketing also needs to recognize the efforts put up bythe exchange of resources (Venus, 1386). Marketing is asocial and managerial process by which needs anddesires of individuals and groups are provided throughthe production, supply and exchange of useful goods(Holm, 2006).Marketing management can be defined as follows: "Theanalysis, planning, implementation and monitoring ofprograms to create, provide and maintain a profitabletransactions process with the buyers, in order to achieveorganizational goals (Cutler, 2000). ‖Marketing management is the analysis, planning, implementation andcontrolling of programs to achieve organizational goals. Itinvolves programs made to establish and maintainbeneficial exchanges with buyers (Lavak, 1382).3273"Marketing management opportunities, including analysis, planning, implementation, execution and monitoringof programs to establish and maintain a favorableexchange markets aim to achieve organizational goals.Thus marketing management or demand management,supply and demand caused by or in the form ofmotivation is essential (Alvdary, 1387).According to the Marketing Association of America,‗‘marketing is the process of planning; the realization ofan idea, pricing, advertisement and distribution of goodsand services, where the exchange makes the individualand the organization in it a reality (Cutler, 2000; Belchand Belch, 2001). The art and science of marketing is tocreate or establish favorable conditions between supplyand demand. The main task of marketing is to meetproduct and service needs of customers and focus ontarget market (Frank, 1994).Marketing involves activities that provide a comprehensive definition. Marketing experts raise their ownvision based on these activities. Some of the definitionsof marketing involve a group of activities that take placein the market and others include the ways marketershave to comply with the definition. Table 1 shows someof these definitions.The art of marketing entails carrying the correct amountand quality of product or service to meet the need ofcustomers at the right place and time, and ensuring thatcustomers benefit from its activities (Arto and Sample,2005).Today, advertisement is to be considered as part ofmarketing territory and all economic activities includingmanufacturing, distribution of a wide range of services,the management of sales and production and sales ofgoods and services.In summary, the designing, manufacturing, packaging,distribution and sale of goods and services to consumers,which ultimately lead to customers‘ satisfaction play animportant role (BolurianTehrani, 1376). In marketingservices, field marketing is important. Service activitiesinclude features such as intangibility, indiscernible andbeing different and impossibility (Pickton and Broderick,2001). The exchange of product marketing and marketingservices with the different goods and services betweenthe same characteristics such as inseparable, intangibility, lack of maintenance and service is different(Murrar, 1995). In recent years, branches and widevariety of services in the market over several servicecenters are more tangible (Table 2).Marketing mixThis is a set of controllable elements of marketing toolsand marketing strategies of a company in combiningthese elements. Cutler says that a set of marketing mixvariables can be controlled by the marketing companiesand institutions in their target market and its composition
3274Afr. J. Bus. Manage.Table 1. Definitions of marketing eting means finding a suitable position in the marketUnderstanding what people want and seek in a market and supply and provision ofgoods and services to meet their needs and achieve ng structure and demand for products and services is estimated to predict thespread.Ranjbariyan1378Satisfy human needs and to define the process was considered with the market. On theother hand, the buyer and seller in a market where it is located.Hosseini1379A set of human and economic activities conducted in order to satisfy the needs anddemands of the people through the exchange process .Alvdary1383Process in which groups of people, goods and benefits from production and exchangewith others to meet their wants and needs.Events in Iran1386Targeted marketing enabling the company to plan and execute pricing, promotion anddistribution of products, services and ideas.The marketing activities such as buying and selling of goods, transport and storage.A series of activities called the flow of commercial goods and services from producer tofinal consumer.Table 2. Community services sector (research).SectionPublic sectorExampleHospitals, educationalSectionDepartmentCommerceNon-profit sectorCharitable institutions, mosquesManufacturing sectorare required for the reaction (Cutler, 2000). Elements ofthe marketing mix are a set of marketing tools forachieving the goals of the institute of marketing(HaKansson and Waluszewski, 2005).Marketers, in order to receive favorable responses fromtheir target markets, use many tools. These tools comprise the marketing mix. In fact, it is a set of tools thatinstitutions use to achieve their marketing goals.McCarthy classified these tools into four major groups,called the 4P's of marketing: product, price, place andpromotion (Harrell and Frazier, 1999). Decisions aboutfuture marketing by marketers should also affect the finalconsumer and commercial channels. Thus, despite thedecision of institutions concerning a number of variablesof the marketing mix and because it requires a long time,little can change in the short term in their marketing mix.Robert‘s statement to the seller regarding the 4P‘s vs4C‘s of customer is shown in Table 3.Based on the 4C‘s, for institutions to meet the needs ofconsumers, their products should be economical; theyshould consider comfort, convenience and effectiveofExampleHotels, insurance companies,banks and financial institutionsand creditComputer operatorscommunication; they should take customers‘ interest intoaccount and try to charge them less. Customers shouldbe expected to benefit from their products. Price shouldcommensurate with the capabilities of the buyer. Theirproduct should be available to customers purchasing it.Finally, promotions should be made available to potentialconsumers of such products (Mohammadian, 1382). Theconcept of marketing mix is defined as the organization'sperformance using a set of controllable variables anduncontrollable factors of the environment (Newson et al.,2000).Marketing mix of traditional management models overcomes dynamic market, where the beggar works,alongside other methods of Anderson and the theoreticalparameters of a system developed by the University ofCopenhagen in Europe. Methods such as vision of a newproduct, functional vision are faced with suchgeographical perspective. Just a few of these modelswere able to maintain their survival against the 4P‘s(Pourhassan, 1376). The concept of marketing mix, forthe first time in 1950, was introduced by Neil Bvrdn and
Pour et al.3275Table 3. Component Model of 4Ps and 4Cs.4C customerCustomer solutionCustomer costsProfits and customer comfortCommunicationsCustomer solutionCustomer coastConvenienceCommunicationThe 4PsProductPriceLocation distributionAdvance salesProductPricePlacePromotionTable 4. Definitions of the four elements of marketing mix.ProductProduct is a physical object that is sold and has a palpable characteristic, a complex set ofbenefits that can be used to meet customer needs.PriceIncludes issues such as discounts, list prices, credit, repayment term and conditions .The priceis included in the price, product or service offered for sale and will determine the level ofbenefits. Price is the only element that does not include costs charged to the customers to buyproducts they take.PromotionIncludes issues such as advertising, personal selling, sales promotion, public relations anddirect marketing. Distribution channels are the most important questions about how anorganization can optimize a connection between inner and outer channels.PlaceIncludes issues such as distribution channels, market coverage, product inventory,transportation and distribution sites.became known as the 4P‘s (29). McCarthy, in the early1960s, blends marketing with four variables known asthe 4P‘s classification that included: product, price, placeand promotion (30).McCarthy has since created dramatic changes in themarketing mix, and the 4P's is still used a lot in literatureas the main concept for coordinating many other aspectsof marketing (31). Four elements of marketing mix aredefined in Table 4:The most important element in the marketing mix isproduct. What makes our product marketable? For pricesensitive element of the marketing mix, customer is liablefor the amounts paid to deliver the product. The thirdelement is the distribution of all the activities that aim todeliver the product to the customer. The fourth element ofthe marketing mix is promotion, which is used tocommunicate with customers. This association is toencourage customers to buy products. Figure 1 showsthe elements of the marketing mix.History and implementation of marketing mixBorden (1965) claims to be the first to have used the term―marketing mix‖ and that it was suggested to him byCulliton‘s (1948) description of a business executive as―mixer of ingredients‖. An executive is ―a mixer ofingredients, who sometimes follows a recipe as he goesalong, adapts a recipe to the available ingredients andexperiments with or invents ingredients no one else hastried‖ (Mei, 2011).The early marketing concept is similar to the notion ofmarketing mix, based on the idea of action parameterspresented in the 1930s by Stackelberg (1939).Rasmussen (1955) then developed what became knownas parameter theory.He proposes that the four determinants of competitionand sales are price, quality, service and advertising.Mickwitz (1959) applies this theory to the Product LifeCycle Concept.Borden‘s original marketing mix had a set of 12elements namely: product planning; pricing; branding;channels of distribution; personal selling; advertising;promotions; packaging; display; servicing; physicalhandling and fact finding and analysis. Frey (1961)suggests that marketing variables should be divided intotwo parts: the offering (product, packaging, brand, priceand service) and the methods and tools (distributionchannels, personal selling, advertising, sales promotionand publicity). On the other hand, Lazer and Kelly (1962)and Lazer et al. (1973) suggested three elements ofmarketing mix: the goods and services mix, thedistribution mix and the communication mix. McCarthy(1964) refined Borden‘s (1965) idea further and definedmarketing mix as a combination of all of the factors at amarketing manger‘s command to satisfy the targetmarket. He regrouped Borden‘s 12 elements to fourelements or 4Ps, namely product, price, promotion and
3276Afr. J. Bus. Manage.place at a marketing manger‘s command to satisfy thetarget market (Mohammadian, 1382).Especially in the 1980s onward, a number ofresearchers propose new ‗P‘ into the marketing mix. Judd(1987) proposes a fifth P (people). Booms and Bitner(1980) add 3 Ps (participants, physical evidence andprocess) to the original 4Ps to apply the marketing mixconcept to service. Kotler (1986) adds political power andpublic opinion formation to the Ps concept. Baumgartner(1991) suggests the concept of 15 Ps. MaGrath (1986)suggests the addition of 3Ps (personnel, physicalfacilities and process management). Vignalis and Davis(1994) suggest the addition of S (service) to themarketing mix. Goldsmith (1999) suggests that thereshould be 8 Ps (product, price, place, promotion, participants, physical evidence, process and personalisation).Moller (2006) presents an up-to-date picture of thecurrent standing in the debate around the mix asmarketing paradigm and predominant marketing management tool by reviewing academic views from fivemarketing management sub-disciplines (consumer marketing, relationship marketing, services marketing, retailmarketing and industrial marketing) and an emergingmarketing (E-commerce) (Iranian Events, 1386).Most researchers and writers that reviewed in thesedomains express serious doubts as to the role of the mixas marketing management tool in its original form; andtherefore propose alternative approaches, which isadding new parameters to the original mix or replacing itwith alternative frameworks altogether.Use of the marketing mix conceptLike many other concepts, marketing mix concept seemsrelatively simple, once it has been expressed. Beforethey were ever tagged with the nomenclature of"concept," the ideas involved were widely understoodamong marketers as a result of the growing knowledgeabout marketing and marketing procedures that cameduring the preceding half century. But once the ideaswere reduced to a formal statement with an accompanying visual presentation, the concept of the mix hasproved to be a helpful device in teaching, in businessproblem solving, and, generally, as an aid to thinkingabout marketing. First of all, it is helpful in giving ananswer to the question often raised: "what is marketing?"A chart which shows the elements of the mix and theforces that bear on the mix helps to bring understandingof what marketing is. It helps to explain why in ourdynamic world the thinking of management in all itsfunctional areas must be oriented to the market. In recentyears, the authors have kept an abbreviated chartshowing the elements and forces of the marketing mix infront of their classes at all times. In case discussion, ithas proved to be a handy device by which queries wereraised as to whether the student has recognized theimplications of any recommendation he might have madein the areas of the several elements of the mix. Referringto the forces, we can ask if all the pertinent market forceshave been given due consideration. Continual referenceto the mix chart makes the authors to feel that thestudents' understanding of marketing is strengthened.The constant presence and use of the chart leaves adeeper understanding that marketing is the devising ofprograms that successfully meet the forces of the market.In problem solving the marketing mix chart is a constantreminder of the following (Mei, 2011):1) The fact that a problem seems to lie in one segment ofthe mix must be deliberated wit
was established that factors in the marketing mix have a significant positive effect in absorbing customers. That means the bank has a significant positive effect. Key words: Marketing, marketing mix factors, customers‘ orientation, customers‘ satisfaction. INTRODUCTION Pr
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Figure 1. Model of the Customer Market offering dimensions of the Marketing Mix (Lipson, et al.) Marketing mix development for target market process involves four important steps: 1. Division of the marketing mix into four component-mixes: the product mix, the terms of sale mix, distribution mix and communications mix. 2.
Apr 20, 2021 · Marketing: The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large. (Marketing Management 15e, Kotler and Keller, 2016) Marketing Management is the art and science of choosing target markets and building profitable .File Size: 720KBPage Count: 30Explore further(PDF) Marketing Mix of 4P'S for Competitive Advantage .www.academia.eduMarketing Mix of 4P’S for Competitive Advantageiosrjournals.org(PDF) The Evaluation of Marketing Mix Elements: A Case Studywww.researchgate.netMARKETING MIX THEORETICAL ASPECTSgranthaalayah.comTHE 4 P’S OF MARKETING MIXwww.angle180.comRecommended to you b
