What is the marketing mix?
Marketing mix is blind for the compound of all the marketing efforts honoring round the four integrity namely product price promotion and place this integrity are interrelated and all resolved ground potential consumer satisfaction as the focal point.it is the complex of mixtures relating to input and resources utilized in marketing program to attend the business objectives such as profit return on capital employed sales volume market share and so on. Marketing efforts involve a good many decisions to convert consumer desire into demand and converting cash outflow into cash inflow over a shorter period.
The elements of the marketing mix
The main elements of the marketing mix are product mix
The product mix the product is the focus of making and marketing efforts. Product is the total of physical and psychological satisfaction it provides to the buyer.
The product makes is the composite of product efforts offered for sale by the firm over some time.
The product mix variables
The product line and product range
a product line is a group of closely related products that can satisfy a class of needs to be used together to be sold to the same consumer groups to be moved through the same distribution channel for fall within a given price range.
Product designs the marketing decision starts with designing the product in AV which is required by the target consumer. Product design is an important factor in the sale of many products the trend in the product appearance is always from ornamentation and leaving for words letter simplicity in form and construction.
Product package what clothes are to the human beings who are packages for the product. The package is the container or a wrap used to house the products. The packaging is the general group of activities in designing the container or wrapped for the products. A good package has the pride of place in merchandising because it protects the products provides convenience to the consumers to increase economic and communicate.
Product quality establishment and control of quality standards is the basic step in merchandising. Generally, specific grades for standards of quality as a tablet for the product either by agreement among the producers of or by law this product quality standard are based on factors like color texture flavor weight finish opinion size shrinkage strength shape must rise and the other physical features depending on the nature of the product.
a product label may be either descriptive informative grade designating or a combination of these. Labels are fixed to products to identify them and to describe their in ingredients quantity quality and other characteristics
The brand image is part of complex activities used to reduce the risk is inherent in modern business by creating a degree of loyalty among the customers.
After-sale service and guarantees
every increase in the use of machinery appliances equipment and the Jets there is inherent and need of after-sale service purchase installation guarantee and warranty is against defect servicing repair spare parts maintenance and the like
Services marketing mix to sell the products or services in the market organization need to look with the products they are selling will be attractive and valuable to customer the price to ensure it is not too cheap or too expensive where they can best distribute their product and finally how interest and awareness can be created for their products and in case of services what tangible clues should be attached to the offering’s?.all these elements need to be targeted at the right people at the right time in order to tackle this correct organization is needed to get the appropriate blend of the marketing mix.
the marketing mix is the combination of elements that make up the entire marketing process, various elements of the traditional marketing mix for goods are our 4 P’s however in view of different in goods and services marketing mix of services is extended to including 7 P’s and product price promotion place process physical evidence and people. And then it extended for 12 P’s people positioning plan punctuate project and proposal. Today I will explain to you four-piece product price place promotion
Product is a key element in the market offering it is said that a good product will sell itself but people buy products for their benefit and thereby expectations for example consumer by drills for the expectation of marketing holes. It is concerned with what the product means to the customer. Customer expectations change over time what is is during today may be neglected tomorrow. These changes in needs or expectations are identified through market research
the product element of the marketing mix needs special attention of marketers as decisions are required to be like
Who are the products aim at?
What benefit will they expect?
What level of quality is required?
What differential advantage wills the product of over its competitors?
What types are labels of service are required?
To send the market we have to decide on which place which product should be sold.
Every product whether good or service has a life cycle the consideration of the product life cycle is very much important for the marketer as the type of marketing strategy and the amount invested will be different from each stage of the product. as a product evolves and passes through stages of PLC profit is affected and different strategies have to be employed to ensure that the product is a success within its market. Determining the stage of a product’s life cycle is the first step in assembling the marketing mix stages of the product life cycle are in tradition growth maturity and then it declines
Products tend to go through four stages
Market introduction stage
Decline or stability stage
Pricing refers to the process of setting a price for a product including discounts.it involves the development of objectives and devising pricing policies to be used for product offerings in market segments. Pricing strategy includes the price charged and terms associated with the sale such as list price discounts allowance credit terms payment period and coupons etc.
Price is the only element of the marketing mix that is directly associated with the sales and revenue whereas the others are capital capturing. Show the price of an item is an important determinant of the value of sales made. When the product cannot be differentiated for the through its attributes it is differentiated through price. It is an effective competitive weapon in the hand of marketers.
Many times people equate promotion with Marketing. Promotion for its ubiquity attracts more than it due to attention from the management. Marketer’s employee various promotional tools like advertising sales promotion activities public relations and personal selling to inform potential buyers about what they have to offer and persuade them to respond favorably to the same. The uses of promotional tools have not been uniform across different industries. Industrial goods companies employ more of a personal selling dominated promotional mix while consumer goods forms focus on advertising and sales promotions. The importance of promotional tools varies between consumer and industrial markets. Consumer goods companies’ rate advertising sales promotion personal selling and public relations in that order. Industrial goods companies rate personal selling sales promotion advertising and public relations in that ordered service sector companies used promotional tools are not very old. Services for different reasons have not been aggressively promoted. However, now which changes it’s market conditions use of promotional tools as an active marketing strategy component is emerging very fast to function effectively in emerging competitive markets the service market yrs. are pushing their services by the aggressive use of promotional tools this is particularly true in the content of services like education health care, airlines, banking, and insurance.
Prof. Dr. Rashmi Gujrati,
Professor Principal (KCSMCA)
Regulatory Board member of In Traders Academic Platform
Member ICA, IAA, AICP- India FSSER-Malaysia AASE -Taiwan, IBIMA- Spain AGBA -USA,