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The marketing mix refers to the 4 P's of Product, Price, Place, and Promotion that are used to meet marketing objectives. It involves developing the right product features, setting the proper price, distributing the product effectively to target locations, and creating awareness of the product through advertising and sales promotions. Some experts expand the marketing mix to the 7 P's to also include People, Processes, and Physical Evidence which relate to how the product is supported and represented to customers.

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prasunkanti
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33 views

Final Presentation

The marketing mix refers to the 4 P's of Product, Price, Place, and Promotion that are used to meet marketing objectives. It involves developing the right product features, setting the proper price, distributing the product effectively to target locations, and creating awareness of the product through advertising and sales promotions. Some experts expand the marketing mix to the 7 P's to also include People, Processes, and Physical Evidence which relate to how the product is supported and represented to customers.

Uploaded by

prasunkanti
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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MARKETING MIX

Definition: MARKETING
The Chartered Institute of Marketing define marketing as –

'The marketing process responsible for


identifying , anticipating and satisfying
customer requirements profitably‘

 Marketing is the process of assessing the needs and


wants of the customer and accordingly designing the
product or service.

 Finding out what customer want and creating


product, services that match those requirement.
MARKETING MIX
 Marketing mix refers to the primary elements that
must be attended to in order to properly market a
product or service.

 Marketing mix is the combination four elements:


Product, Place, Price and Promotion. They are
called the “Four Ps of the marketing mix”.

 Marketing Mix is a term describing the key


elements used by an organization to help meet its
marketing objectives
MARKETING MIX
7 P’s OF MARKETING
To create the right marketing mix, businesses have to
meet the following conditions:

 The product has to have the right features – e.g. it


should look good and work well.

 The price should be right.

 The goods must be in the right place at the right time.


Making sure that the goods arrive when and where they
are wanted is an important operation.

 The target group needs to be made aware of the


existence and availability of the product through
promotion. Successful promotion helps a firm to spread
costs over a larger output.
PRODUCT

 To find out what customers want & need & then develop a product to
meet the need of the potential customers.
 Suppose now: The competitors products offer the same benefits, same
quality, same price. You have then to differentiate your product with
the following:

 Design
 Technology
 Usefulness
 Convenience
 Quality
 Packaging
 Accessories
 Warranty
Price

A product is only worth what a customer is prepared to pay for it.

 Premium Pricing.

Use of high pricing where there is a uniqueness about the product or


service. This approach is used where a a substantial competitive
advantage exists. Such high prices are charge for luxuries such as
Cruises, Luxury Hotel rooms, Designer products.

 Penetration Pricing.

It is the strategy of entering the market with a low initial price to


capture greater market share.
 Price Skimming. The practice of ‘price skimming’ involves charging
a relatively high price for a short time where a new, innovative, or
much-improved product is launched into a market.

 The prices are set high in order to attract least price sensitive
customers to generate high profits.

 Competitive pricing: If your product is sold at the lowest price


regarding all your competitors, you are practicing competitive
pricing. Sometimes, competitive pricing is essential. For instance,
when the products are basically the same, this strategy will usually
succeed.
Promotion
 This is the way in which you communicate to your potential customers
about your product.

 It includes the various ways of communicating to the customers


of what the company has to offer. It is about communicating the
features/ benefits of using a particular product or service.

 Advertisement: It takes many forms like TV, radio, internet,


newspapers, yellow pages, Leaflets, Posters etc.

 Sales Promotion: Buy One Get One Free. Others include couponing,
money-off promotions, free accessories (such as free blades with a
new razor), introductory offers (such as buy digital TV and get free
installation) and so on.

 Personal Selling: It is an effective way to manage personal customer


relationships. The sales person acts on behalf of the organization.
Place

It refers to the place where the customers can buy the


product and how the product reaches out to that place. This
is done through different channels like:

 Retails
 Wholesale
 Internet
 Mail orders
 Direct Sales
People

 An essential ingredient to any service provision is the use of


appropriate staff and people. Recruiting the right staff and training
them appropriately in the delivery of their service is essential if the
organization wants to obtain a form of competitive advantage. Staff
should have the appropriate interpersonal skills, attitude, and
service knowledge to provide the service that consumers are
paying for.

Process
 It refers to the methods and process of providing a service Processes
must help the customers get what they want. Always keep
customers informed. This can be done at the store or through faxes
and emails.
PHYSICAL EVIDENCE
 This is particularly important in services marketing as it is the only
physical items that a customer will see and so it must reflect the
image that the service is trying to project. including some of the
following:

 Internet/web pages.
 Brochures.
 Furnishings.
 Signage (such as those on aircraft and vehicles).
 Uniforms.
 Business cards.
 The building itself (such as prestigious offices or scenic headquarters).

Example:
If you walk into a restaurant your expectations are of a clean,
friendly, hygienic environment which will want you to visit again.

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