Essay Marketing Mix Of Lean Marketing

798 Words Nov 21st, 2016 4 Pages
Lean Marketing Marketing has been divided into four interrelated decisions known as the marketing mix. These four principles are product, price, place, and promotion, where product is creating value, price is capturing value, place is delivering value, and promotion is communicating value (Grewal & Levy, 2014). Lean marketing refers to a systematic continuous improvement process with the goal of eliminating wastes and inefficient processes and increasing the professionalism of people in every aspect of marketing (Dewell, 2007). It provides space for the application of lean production in marketing due to lean production’s applicability to every variable in the marketing mix. These wastes typically range from 40 to 60 percent of an organization’s selling activities, and the elimination of these wastes which can be cut down to increase efficiency (Lowry, 2003).
Benefits of Implementing Lean Marketing
Goldmann (1991) reported in a study that respondents found it easier to save 15 percent of marketing and sales costs than to increase sales by 15 percent This makes lean production an applicable tactic to improve profitability. To apply lean production to the product variable, the firm should examine product quality to increase the observability and compatibility of products to consumers because the features that cannot be observed or adopted can be wastes. The Pareto effect of a firm concentrating on their most profitable items should be applied to products to…

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