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Marketing mix
MARKETINGMIX
product
place
price
promotion
By Avinash Sunny Rekhi
What is Marketing ?
Marketing is management process to retain customer
by satisfying the consumer in the form of offering , exchanging products & services of value with others
What is Marketing mix?
Marketing Mix are the tools available to a business to gain the reaction it is seeking
from its target market in relation to its marketing objectives
4Ps in marketing mix are Price, Product, Promotion, Place.
Factors affecting marketing mix
Consumers Behavior:• It is determined by consumers motivation in
purchasing, buying habits, living habits, buying power.
• Technical and socio-economic development of the society also brings changes in consumers behavior.
Competitors behavior :• Competition is another factor affecting the demand
and supply for the product.• Major factors included in competitors behavior are:i. Size and strength of the competitors.ii. Number of competitors.iii. Product choices offered to the consumers.
Government exercises control and regulates the production and pricing of products, advertising and sales promotion.
The management should consider the consider the government laws and policies while formulating the marketing mix.
Basic elements of
Marketing mixPODUCT PRICE
PLACE PROMOTION
TARGET MARKET
PRODUCT
A product is anything which can satisfy a need, want or desire of consumers and can be offered as a material product.
PRODUCT
Product design Product development Product variety Quality Features Packaging Branding Services Warranties
ESSENTIAL ATTRIBUTES OF A PRODUCT
• Tangibility
• Intangible attributes
• Exchange value
• Consumer satisfaction
PRICE
Price is the value that the company expects to get from customers in return of the product or the service the company is providing to the customer.
Price is what the company gets back in return for all the effort that it puts into manufacturing and marketing the products.
Price = fixed cost + variable cost +profit
PRICE Cost Competitive price Discounts and allowances Credit period and terms
FACTORS AFFECTING PRICING DECISIONS
• Factors affecting pricing decisions are divided into two groups
• Internal Factors
• External Factors
PRICING OBJECTIVES
Survival Profit maximization Target return on investment Market share goals Status pricing
PRICING METHODS Cost based a) Markup b) Markdown Demand based pricing Competition based pricing
PLACE
Place or its more common name is “Distribution ” is about how a business gets its products to customers. It is to make products available in the right place at the right time in the right quantities.
PLACE OR DISTRIBUTION
Channel selectionChannel coverageInventory managementStorage and warehousingDistribution logistics
PROMOTION
• Promotion is any communicative activity whose main objective is to move forward a product, service or idea in a channel of distribution.
• Sales do not take place automatically without promotion or marketing communication.
ELEMENTS OF PROMOTION
• Publicity• Advertising• Sales promotion• Public relations