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The marketing mix helps you define the marketing elements for successfully positioning your market offer. One of the best-known models is the 4Ps of Marketing, which helps you define your marketing options in terms of product, place, price, and promotion. As you already know, there are four elements in the marketing mix of any product (and seven in case of services). They are product place, price, and promotion and all of the four play an important.
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The Role of the Four PsThe first important aspect of the marketing mix is the tangible product. This first step for the marketer involves the decision-making process. The product should include tangible attributes. There are many product decisions to make such as, appearance, quality, and functionality. The function of a product must address the needs of the consumers. For example, high-tech devices such as an Apple iPod or a Microsoft Zune digital mp3 player have the tendency to attract tech savvy users. The target market suitable for this particular electronic product would be individuals in their 20s and 30s—Generation Y population. Hence, the mp3 product must have the right features. The features most consumers care about on an mp3 player are space capacity, battery life span, sound quality, screen size, and color. Touch screen, camera, and web access are additional features most customers care about as well. Consumers choose mp3 players that do more than play music. For instance, when consumers travel, an mp3 player will be the ideal portable entertainment and communication product during a trip. Since most customers shop for mp3 players to suit their needs and sometimes their budget, companies market mp3 players by their brand name, their product detail, and their price. An effective method for the product
ADVERTISEMENTS:Everything you need to know about elements of marketing mix. The elements of marketing mix are fundamentally four namely product, price, promotion and place though the experts have thought of additional Ps.Irrespective number, these constitute the heart of marketing decisions from the angle of marketer. Since, it is based on the marketing concept, consumers can not be forgotten. If ‘Ps’ are for marketers, consumers have C’s and A’s.Therefore, marketing mix is the master mix of sub-mixes namely, product mix, price mix, promotion mix and place mix.
These elements of marketing decisions over which firm has control. ADVERTISEMENTS:Hence, marketing were signifies internal controllable forces. The marketing strategic decisions are there in case of each segment and the variables that make.Learn about the elements of marketing mix, they are:- 1. Product Mix 2.
Promotion Mix.4 P’s of Marketing Mix: Product, Price, Place and Promotion Mix Elements of Marketing Mix – 4 P’s of Marketing Mix: Product, Price, Promotion and Place MixThe elements of marketing mix are fundamentally four namely product, price, promotion and place though the experts have thought of additional Ps. Irrespective number, these constitute the heart of marketing decisions from the angle of marketer. Since, it is based on the marketing concept, consumers can not be forgotten. If ‘Ps’ are for marketers, consumers have C’s and A’s.Therefore, marketing mix is the master mix of sub-mixes namely, product mix, price mix, promotion mix and place mix. These elements of marketing decisions over which firm has control. Hence, marketing were signifies internal controllable forces. The marketing strategic decisions are there in case of each segment and the variables that make.
The Product Mix. ADVERTISEMENTS:The product is the focus of marketing and marketing efforts. Product is the sum total of physical and psychological satisfaction it provides to the buyer. ADVERTISEMENTS:Price is a major marketing tool and helps in directing the product to a specific consumer segment. Price is the value of a product expressed in terms of money. Price in a powerful instrument in which both the buyers and sellers are keenly interested. It is the price of a product or a service that ensures a decent return on investment, guarantees stable economic structure, creates, maintains and extends market and market share.Price is equal to consumer expectations and expectations imply product, installation, credit, after sale services and so on.
Hence, pricing constitutes one of the major problems of marketing management. Every marketing manager is very much particular about his pricing policy, its determination and implementation. Promotion Mix:Promotion mix is the communication mix which deals with the personal impersonal persuasive communication about the product or service of the manufacturer. Though companies communicate with their present and potential customers in a wide variety of ways, the most distinguishable categories are two, namely, personal and impersonal.Personal is direct contact with the customers while impersonal stands for indirect ways namely advertising, sales promotion and public relations. Place or distribution mix stands for physical distribution system and its matching with consumer needs and to assure safe and timely supply of goods to the consumers wherever they are located. It also includes the institution of middle men or channels of distribution. These two institutions play significant role in marketing as they create place, time and possession utilities.Elements of Marketing Mix – Production, Price, Distribution and Promotion MixIn the simplest manner, the basic marketing mix is the blending of four inputs or sub-mixes which form the core of the marketing system:(1) Product mix,(2) Price mix,(3) Distribution mix,.
ADVERTISEMENTS:(4) Promotion Mix:Promotion is the persuasive communication about the product by the offerer to the prospect. It covers advertising, personal selling, sales promotion, publicity, public relations, exhibition and demonstrations used in promotion. Largely it deals with non-price competition.Some marketing experts indicate seven ingredients in the formula of marketing mix. Additional three ingredients are- (1) Packaging, (2) Perception, and (3) Persistence — in all 7 P’s of the marketing formula. Plastic package has assumed new importance in self-service retailing. Perception is a faculty of insight enabling to discover and seize the hidden marketing opportunity, e.g., the ‘hook’ of clove in promise tooth paste, tea bags, ayurvedic ingredients in cosmetics.Persistence is the necessary attitude to assert one’s strong will against all odds. The entire marketing team must be self-motivated team to demonstrate persistence.
For instance, a small company marketing Promise tooth paste adopted a will to do or die and in spite of high pressure selling, advertising onslaught and legal hurdles from multinational (Colgate) it could come up to No. 2 position in matter of five years. So without perception and persistence marketing mix of a new product can only be a failure.Elements of Marketing Mix – Product, Pricing, Place and Promotion Mix Element # 1. The Product Mix. ADVERTISEMENTS:One of the important requirements for marketing efficiency is a proper product planning. It is essential for a firm to sell the products, which is the choice of potential consumers, who decide the products’ marketing range or production range. In fact, it is an ambiguous state of affairs.
In a practical sense, the scope of production and marketing of products are decided by the marketeer, based on its profitability and consumer recognition.However, the consumers influence the products which stay in the range of marketing. The decision of products on a firm’s marketing range is complex, difficult and always risk averse. It is observed that introducing such products which customers do not buy soon and those products which the customers buy only in small amounts incur financial losses. Therefore, it is essential to plan for products in the market in a way to optimise the profit of the firm and the efficiency too.
Pricing Mix:An appropriate pricing policy has a positive impact on profit making and sales realisation. The pricing is a directly related factor to the profit and sale of products under different market conditions. The pricing policy adopted will reflect the positioning of the product in the market. These issues may be viewed as either high-price or low-price policies. The effective pricing strategies may be considered according to product age in the market – embryonic, mature and aging.The case analyses the marketing segmentation approach, considering the demand-line for pricing, allowing discounts and other related matters. Place Mix:There are three basic elements – (i) product recognition, (ii) price structure and (iii) the distribution planning which are required to develop an effective marketing-mix. The relative importance of these three elements varies from product to product and from time to time.
Distribution is often the key to a successful sales and marketing policy. The objective of distribution planning is to make the product available to the consumers at a more convenient outlet.The distribution planning for products should be considered with prime importance to withstand the market competition. If a competitive product is available at approachable outlets or at low price, there are all chances of foregoing the sale. Therefore, to deal with such competitive market situation a systematic planning for delivering the product to the consumers through different distribution channels, needs to be determined.The time and distance factor for the delivery of goods normally influences the buying decisions where the manufacturing of the products are subject to consumer order, occasional demands and door to door delivery promises.
In this regard, the planning needs to be done evolving different methods for efficient product distribution through identified channels. Promotion Mix:Marketing of products in a competitive environment has many avenues. The Fashion Advertisements (FAds) and strategies building for optimum sales realisation are prominent among them. The FAds have a greater impact on the elite clientele group as compared to other measure used for raising the sales.
The product branding and packaging technology is the core input for FAds.Attractive packaging and popular branding have a significant role in the market expansion and product promotion. In a competitive market economy, the brands are hired by the manufactures, for product marketing. In this system, new product managers have to face an uphill task. In marketing new products, it is essential to take potential as well as existing customers into confidence through an effective communication management.In the absence of building up such awareness, the new product manager gets fringe benefits while the brand owner gets a higher share in the consumer’s rupee.
As such, these companies may not be in a position to establish their own brand due to many weaknesses pertaining to capital, technical know-how and market guidance. The future threat in this regard can be visualised in the light of selling their product. In the long run, their identity will be only as a manufacturing unit, but not as a product seller.Elements of Marketing Mix – Product, Price, Promotion and Place of Distribution MixThe elements are as explained below:i. Product Mix:A product is a utility that satisfies the need of the consumer.
A product has various features and accompanying services. If the product is marketed properly, it leads to the satisfaction of consumer wants. Increased level of customer satisfaction leads to greater sales and vice versa. Hence, a product is the main element of the marketing mix. In other words, without a product there is no marketing.ii. Price Mix:Correct pricing is one of the important factors of marketing mix.
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This is because price brings about equilibrium in the supply and demand of a product in the market.Price is fixed on the basis of the following factors:a. Material or intrinsic value of the product.b.
Effect of pricing on demand.For e.g., Higher price lowers the demand and vice versa. Reasonable pricing is thus imperative for the survival and growth of the organization.iii. Promotion Mix:Promotion is that element of marketing mix which helps in creating widespread awareness about a product. It communicates the benefits of the product to the consumers providing an impetus to the overall marketing efforts. Promotion includes advertising, sales promotion, publicity, personal selling etc.iv.
Place of Distribution Mix:Once a product is ready, its timely distribution assumes a lot of importance. New methods and channels of distribution need to be assessed for launching the product in the market. Selection of a suitable channel for distribution saves cost and reduces delay involved in making the goods available at the place of consumption. Thus, distribution helps in creating time, place and ownership utility for the product.A business should ensure that the distribution of the product in the market takes place much before the commencement of the promotional activities. Otherwise, the whole marketing mix would fail to provide the desired result viz., the increase in sales.Elements of Marketing Mix – 4 P’s: Product, Price, Place and PromotionThe elements of marketing mix most popularly known as four P’s of marketing are:1.
Product:Product refers to goods or services or anything of value, which is offered to the market for exchange.Product includes-(a) The physical product(b) The benefits offered by the product(c) Extended services after sale of product like after sales services, handling consumer complaints or grievances.The marketing decision related to product includes deciding about the product, its features, quality, packaging, labeling and branding.2. Price:Price refers to the amount of money a customer has to pay to buy the product. The price of the product affects the level of demand therefore, the marketer decides about the price after analyzing factors like competitor’s price for similar products, discounts or credit period to be given to customers, value of the product etc.3.
Place:Place or physical distribution refers to all the activities which make a product available to the target customers or in the target market. Marketing decision related to ‘Place’ includes deciding the intermediaries to reach the target customers, the support to be provided to intermediaries to initiate sales to potential customers, stock levels to be maintained by firm and the intermediaries, storage, warehousing and transportation of goods from manufacturers to consumers.4. Promotion:Promotion of products and services refers to all activities that create awareness about the features, availability etc. Of the product or services amongst the target customers and persuade them to buy the product.
Marketing decision related to ‘Promotion’ include deciding the combination of tools to be used to promote the product or service. The tools include advertising, personal selling and various promotional techniques like free samples, discounts, credit to customers etc.The success of a market offer depends on how well and effectively the company has been able to use the combination of all the elements of marketing to create superior value for customers and thus achieve objectives of increased sales volume and higher profits.Elements of Marketing Mix – 4 P’s: Product, Pricing, Place/Physical Distribution and Promotion 1. Product – (1st ‘P’):A product is usually referred to something tangible, for example, a chocolate, a pen, a car or a dress. The product also includes ideas, persons and places.
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