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Marketing MixProduct Place Price
Promotion
Objective• Explain what is Marketing Mix
• Explain the 4 Ps and 4 Cs of Marketing Mix
• Explain what is Viral Marketing
• Explain Extended Marketing Mix
• Explain 7Ps & 7Cs of Marketing Mix
• Describe the Characteristics of Marketing Mix
• Explain Marketing Planning Process
• Explain AIDA
• Explain SWOT Analysis
• Compare Old-School vs. Predictive Marketing Mix Analysis
Introduction
Helium Pvt. Ltd. is a major player in the field of cosmetics.
Till now, it has majorly focussed on cosmetics related to skincare of men and women.
However, now it intends to venture into the baby healthcare products.
???
Look at the various questions that come into the minds of the marketing people at Helium.
Introduction
What should be the products / services to be offered?
Which areas should be first ventured into?
What kind of pricing strategy should be followed?
How should the new products be marketed / promoted to make an impact?
Introduction
What should be the products / services to be offered?
Which areas should be first ventured into?
What kind of pricing strategy should be followed?
How should the new products be marketed / promoted to make an impact?
All of the above questions as well as several other questions pertaining to the marketing of a product or service can be answered through an understanding
of the concept of ‘marketing mix’.
Let us learn about ‘marketing mix’ and its role in marketing.
What is Marketing Mix?
‘Marketing Mix’ refers to the primary elements that must be taken care of in order to properly
market a product or service.
••
Marketing mix is the combination of
four elements: Product, Place,
Price and Promotion.
••
Hence, it is a term that describes the key elements used by an organization
to help meet its marketing objectives.
••
So, by altering the elements within a marketing mix, the offer you make to your customer can
be altered.
••
So, for a high profile brand, the focus on
promotion is increased and whereas the
weightage laid on price is decreased.
Product - Customer/Consumer
In the four Cs model, the product part of the Four Ps model is replaced by customer or consumer which shifts the focus to satisfying the consumer.
PRODUCT
Components of a Product
••
••
•
Variety
Quality
Design
Features
Brand Name
• Packaging
Different Kinds of Pricing of ProductThe different kinds of pricing of a product include:
Credit Terms
Payment Period
Discounts & Allowances
List Price
In retail, list price is regularly quoted to customers before applying discounts. List prices are usually the prices printed on dealer lists, invoices, price tags, catalogs, or dealer purchase orders
Setting a Price
Society & Law:Price should be set within societal norms and legal framework defined by state and national laws
Cost
Target Segment
Competition
Society & Law
Variant Prices
Discount Policy
Society & Law
7Ps & 7Cs
1 2 3 4 5 6 72
Achieving the Right Marketing Mix
First, choosing the product that meets the identified need of the target segment
Second, the right distribution channel is used to make the product available
Third, the firm undertakes eye catching promotion
Fourth, the price platform is acceptable to the customer & firm
The right marketing mix can be achieved by:
Inter-relationship between Components of Marketing-mix
The four elements of
marketing mix, namely:
product, price, promotion
and place are related with
each other.
An example of an inter-relation can be
seen in that tools of promotion depends
upon the nature of product, the price
that can be charged for that product,
and the process through which it would
reach the consumer.
Hence, a marketer has to
consider these inter-
relationships and then design an
optimum marketing mix which
takes care of both customers’
satisfaction and organisational
objectives.
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