Impacts on the Business - Essay Sample

Introduction

Marketing in an organization is essential since it contributes to the organization's success in terms of performance, resulting in huge profit generation. Therefore, the three marketing mix, that is, products, price, and promotion affects the business operations and performance, determining the success or failure of the business. This paper aims at discussing products and various categories using a relevant example from HubSpot Company, the price of the product, and product promotion of the company.

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Product and Categories

Products define the good or service that is being marketed to consumers in the market. The product affects all the other three factors of the marketing mix: price, promotion, and place (Reeves). The product must meet and satisfy the needs and wants of the consumers in the market so that it can be successful in the market. Thus, the product can impact the business as it affects its operation and performance since the HubSpot has to ensure that the products produced meet the consumer's needs, resulting in the business's profitability.

Kotler and Armstrong suggested that products are categorized into three: core customer value that involves defining the core problem that needs to be solved that the customer seeks. The actual product is the other category, which involves developing a product and service elements, brand name, quality level, design, and packaging. Lastly, the other category composes of additional customer benefits and services. For instance, iPad consumers are provided with complete connectivity solutions. HubSpot products such as CRM, marketing hub, and App marketplace software and services are the currently developed products matching its stated target market since the targeted group is companies who need to implement inbound marketing. Furthermore, HubSpot covers areas related to customer association, management, and sales services. Moreover, the company's mission is to ensure business growth with inbound, thus creating a platform bonding software, education, and society to ensure business development matches the company's products and services.

Price

According to Guliyev, pricing philosophy refers to various ways used by a given organization or individual to price their goods or services. Therefore, considering that customers may be attracted to a given company through the pricing strategy, the organization or business may be influenced by price. HubSpot Company consists of three main software that is marketing hub, sales hub, and services hub. These software's do not function as different platforms but are bought differently.

The company uses a freemium pricing strategy to provide free customer relationship management (CRM) but charges for other marketing, services, and sales tools. Since each hub has four plans which compose of add-ons and features, the company prices these tools differently. For instance, for free CRM, the company charges AUD$0 per month, while starter charges AUD$60 per month, professional charges include AUD$1282 per month, and marketing hub enterprise charges include AUD$4610 per month (Guliyev). Therefore, this freemium pricing strategy tactic contributes to the company's success and attainment of revenue goals and value sales. Moreover, these tools' pricing matches their target market since they first earn the customer's trust before asking for the additional cost access for the limited specific features access.

Promotion

Kotler and Armstrong mentioned that promotion involves any form of communication used to educate and persuade the targeted group in the market. Therefore, advertising is one of the major techniques for promoting organizations' products and services and, thus, a major subset or marketing (Reeves). HubSpot uses blogs in its advertisement since they attract most of the individuals. This tactic has enabled the company to attract more customers, promoting its products, which allow it to attain its mission and vision as per the objectives. Therefore, through blogs, the company attracts and converts the visitors interested in the company products allowing local businesses growth by catering best blogging strategy to local businesses such as "Best online marketing platform" (Reeves). Thus, the use of blogs in promoting the business products and services matches its target market since it abides by the company's objectives and mission, which is to promote local businesses and enhance customer relationships.

Conclusion

Conclusively, marketing is essential in every business globally. Therefore, through the marketing mix, businesses can be influenced positively or negatively. Thus, products, pricing, and promotion strategy should be wisely made up to positively impact the business, reducing the uncertainty of business failure.

Works Cited

Guliyev, Heydar. Pathways to an Efficient Customer Experience Management in B2B Environment: Inbound Method of HubSpot. Diss. Technische Hochschule, 2019.

Kotler, Philip, and Gary Armstrong. Marketing: an introduction. Pearson Education, 2019: 418 https://openvellum.ecollege.com/course.html?courseId=16265366&HepID=8c5fed41dcdbf2fdafb1677df6db9769#10201

Reeves, Rosser. The reality in advertising. Lulu. com, 2017.
https://books.google.co.ke/books?hl=en&lr=&id=P1AoDwAAQBAJ&oi=fnd&pg=PA3&dq=Reeves,+Rosser.+Reality+in+advertising.+Lulu.+com,+2017.&ots=H2nHSHsBAt&sig=npxU3FZS5YKNIfUZHZIhpojWoiQ&redir_esc=y.