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Marketing Mix ProductPlacePricePromotion

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

Components of a Product - Brand Name Brand Name The brand name is often used interchangeably within "brand". However, brand name is more correctly used to specifically denote written or spoken linguistic elements of any product In this context a "brand name" constitutes a type of trademark, if the brand name exclusively identifies the brand owner as the commercial source of products or services

Different Kinds of Pricing of Product The different kinds of pricing of a product include: 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 PolicySociety & Law

Factors Governing Promotion-mix Nature of product: Different types of products require different promotion mix. In case of consumer goods, advertisement is considered to be the most important because the goods are non-technical and produced on a large scale Type of the market: If the number of customers is quite large and they are spread over a vast area, advertisement is more helpful because it can reach people everywhere Stage of the product life cycle: The promotional mix depends upon the stage of the product in product life cycle. During introduction, heavy expenditure is incurred on advertisement followed by personal selling and sales promotion. At the maturity stage, competition is more intense Budget: Funds available for promotion also decide promotion mix. Personal selling involves continuous spending. Thus, budget is a deciding factor for promotion- mix Push vs. Pull Strategy: When the firm pushes the product to the middlemen they push it to consumers, known as ‘push’ strategy. Pull strategy refers to a policy to strive to build consumer demand without middlemen

7Ps & 7Cs

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.

AIDA Attention: Marketing must first attract the customers’ attention to the product. Customers become aware of a product and know it is available. Interest: Then, marketing must create an interest in the product. Customers will develop an interest in the product. Desire: Next, marketing must develop a desire to own or have the product so that customers actively want the product. Action: Finally, marketing must prompt action to purchase, so that customers take steps to buy the product. For example, by going to the shop or ordering it online. A D I A

Learn Management the Easy Way with the Help of Downloadable Power-point Presentations - Learn at Your Own Pace. Just Download the Presentation and Run the Slide-Show. This is a DEMO Course On – Marketing Mix. The Complete Course Consists of 96 Slides. Click here to Register Now Click here to Register Now & Download Your Set of 6 Free Powerpoint Presentations with total of more than 1,000 Sl i des. 75 Courses Added So far with more than 15,000 Slides + New Courses Added Every Week. – Click here to Go to All CoursesClick here to Go to All Courses Learn Management the Easy Way with the Help of Downloadable Power-point Presentations - Learn at Your Own Pace. Just Download the Presentation and Run the Slide-Show. This is a DEMO Course On – Marketing Mix. The Complete Course Consists of 96 Slides. Click here to Register Now Click here to Register Now & Download Your Set of 6 Free Powerpoint Presentations with total of more than 1,000 Sl i des. 75 Courses Added So far with more than 15,000 Slides + New Courses Added Every Week. – Click here to Go to All CoursesClick here to Go to All Courses ManagementStudyGuide.com