2.
- 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 Psof the marketing mix.
- Marketing Mix is a term describing the key elements used by an organization to help meet its marketing objectives
3. 4 P of marketing (Marketing-Mix)
4.
- Theproduct has to have the right features e.g. it should look good and work well.
- The goods must be in the rightplace 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 throughpromotion . Successful promotion helps a firm to spread costs over a larger output.
To create the right marketing mix, businesses have to meet the following conditions: 5. Product
- To find out what customers want & need & then develop a product to meet the need of the potential customers.
- Suppose : The competitors products offer the same benefits, same quality, same price. You have then to differentiate your product with the following:
DESIGN & KNOW YOUR USP 6.
DESIGN & KNOW YOUR USP 7.
- The value of goods and servicesexpressedin terms of money , wecalled as PRICE.
- It is the value which a firm receiving in result of exchange goods and services to consumers.
- There are different types of pricing strategy is existing.
- A firm normally choose four types ofpricing
Price 8.
- Use of high pricingwhere there is auniqueness 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.
- It is the strategy ofentering the marketwith alow initial pricetocapture greater market share.
- The practice of price skimming involves charging arelatively 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 thelowest 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.
9. 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:
10. Promotion
- This is the way in which youcommunicateto your potential
- customersabout 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.
11. The 4 As of Marketing
- Appropriateness(Relates to Product)
- Affordability (Relates to Price)
- Accessibility (Relates to Place)
- Accountability for the promises made (Relates toPromotion)
12. The 7 Ps of Service Marketing
13. Service-Mix : 4 + 3 Extra Ps
Charu Bharti Asst. Professor APIM 14. People
- Recognized as most important P
- Employees represent organization to the customers
- Onlysatisfiedemployees can render satisfactory services
- Onlycompetentemployees can render satisfactory services
- Onlymotivatedemployees can render satisfactory services
- Employees must share a vision
Charu Bharti Asst. Professor APIM 15. Physical Evidence
- A physical object is tangible, possess search qualities and is self-defining
- Unfortunately, Services are not
- So a Corporate identity need to be created
Charu Bharti Asst. Professor APIM 16. Process
- Process of creating and delivering the service
- How easily the service is accessible?
- How fast the service is created?
- Where the service is delivered?
- Whether the service is customized?
- What is the role of customer in service production?
- What is the level of complexity in creating the service?
Charu Bharti Asst. Professor APIM 17. Queries??? 18.
