MARKETING MIX

PRESENTED BY : SOUMYAJIT PAIKARAY

• The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.

• The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place

• Simply, to meet consumers needs, businesses must produce right product, at right price, make it available at right place, and let consumers know about it through right promotion.

DEFINITION OF MARKETING MIX

4PS OF MARKETING MIX

Organisational Objective• Marketing decisions generally fall into the

following four controllable categories: (1) Product (2) Price (3) Place (4) Promotion

7PS OF MARKETING MIX

• Boom and Bitner suggested the extension of the 4Ps framework to include three additional factors :

(1) Product (2) Price (3) Place (4) Promotion and (5) People (6)Physical evidence and (7)Process

MARKETING MIX

Product/Service• What does the customer want from the

product/service? What needs does it satisfy?• What features does it have to meet these needs?• How and where will the customer use it?• What does it look like? How will customers

experience it?• What size(s), color(s), and so on, should it be?

MARKETING MIX

Place • Where do buyers look for your product or service? • If they look in a store, what kind? • A specialist boutique or in a supermarket, or both? • Or online? • Or direct ?• How can you access the right distribution channels?

MARKETING MIX

Price• What is the value of the product or service to the buyer?• Are there established price points for products or services

in this area?• Is the customer price sensitive? • Will a small decrease in price gain you extra market share? • Or will a small increase be indiscernible, and so gain you

extra profit margin? • What discounts should be offered to trade customers, or

to other specific segments of your market?

MARKETING MIX

Promotion• Where and when can you get across your

marketing messages to your target market? • Will you reach your audience by advertising in the

press, or on TV, or radio, or on billboards? • Through PR? • On the Internet?• When is the best time to promote?• Is there seasonality in the market?

MARKETING MIX

• PEOPLE refer to all people directly or indirectly involved in the consumption of a service, example employees or other consumers,

• PHYSICAL EVIDENCE, that related to the environment in which the service is delivered, and the tangibles that help to communicate and perform the service, and

• PROCESS is the delivery and operating systems of procedures, mechanisms and flow of activities which services are consumed.

FACTORS AFFECTING MARKETING MIX

Internal factors I. Product Planning II. Price III. Branding IV. Personal Selling V. Sales Promotion VI. Physical Distribution VII. Market Research.

External Factors I. Consumer's Buying Behavior II. Trader's behavior III. Competitor's Behavior IV. Governmental Behavior

FACTORS AFFECTING MARKETING MIX

MARKETING MIX

Conclusion• The marketing mix is a very important aspect of creating

a marketing strategy. • Once the company develops a product or service that

will meet the customers needs, it will be either through direct or indirect channels of distribution and in some cases may have multiple channels.

• The company will then determine how to communicate to the public about the new product or service. Finally, the company will determine a price for the product or service that ensures a profit.

THANK YOU