Marketing Mix

Welcome

Presentation by

Mohammed Imran Hakeem

Roll No ; 9017

Marketing Mix

Product, and Place

Planned mix controllable elements of a product marketing plan commonly termed as 4P’s: product, price, place, promotion.

These four elements are adjusted until the right combination found the serves the need of the products customer, while generating optimum income.

INTRODUCTION

Meaning of Marketing Mix

Philip Kotler

The set of controllable marketing variables that the firm blends to produce the response it wants in the target market.

The Chartered Institute of Marketing define marketing as – 'The marketing process responsible for identifying, anticipating and satisfying customer requirements profitably‘ Marketing is the process of assessing the needs and wants of the customer and accordingly designing the product or service. Finding out what customer want and creating product, services that match those requirement.

PRODUCT

W.Anderson

A product is the bundle of utilities consisting of various product features accompanying services.

Product: The product, service, or program includes both tangible and intangible elements. The tangible, of course, are those things that the customer can see, touch, feel, taste, or smell. The intangible include such things as the image of the offering ... which includes the image of the organization making the offering, the psychological aspects of pricing (high price to many customers is equated with high quality - and vice versa).

The product has the following important variables that deserve a brief outlining :

The product-line and product range.

Product-line is a group of closely related products which are able to satisfy a class of need, to be used together, to be sold to the same consumer groups, to be moved to be moved through the same distribution channel or fall within a given range. Each firm has its own product line. thus, Godrej company has product-line consisting of soaps, detergents, fridge, furniture, machine tools, soft-drinks and so on.

Product design

The marketing decision start with designing the product in a way which is required by the target consumer. Product design is an important factor in the sale of many products. The trend in the product appearance is away from ornamentation and learning towards greater simplicity in form and construction. The form, the colour and the line of all the products are being planned to give greater proportion, beauty and functional utility. Product designed properly enhance their utility, attractiveness, ease of operation, safety and appeal; good design; therefore increase the sales volume, provides advertising and selling features, permits higher prices, reduces manufacturing costs, minimise service and reduce transportation charges.

Product package.Package is the container or a wrapper use to house the product. Packaging is the general group of activities in designing the containers or wrapper for the products. A good package has the pride of place in merchandising because, it protects the products, provides convenience to the consumers increases economy and communicates. Packages protect the products against deterioration, preserve freshness and flavour, insure against and physical changes due to climatic conditions, diminishes loss from handling and reduces the amount of shop worn merchandise.

Product quality

Establishment and control of quality standard is a basic step in merchandising. Generally, specific grades or standards quality are established for products either by agreement among the producers or by law. These product quality standard are based on factors like ¬– colours, texture, flavour, weight, finish, appearance, size, shrinkage, strength, shape, moisture and the other physical features depending on the nature of the product.

Product labelling

A product label may be either descriptive, informative, grade designation of these. Labels are fixed to products to identify them and to describe their ingredients, quality, quantity, and other characteristics. A descriptive label is one that describes the contents of the packages or the ingredients of the product. Thus a tin of “Rasgullas” may describe the contents by size, weight, number of pieces, syrup, cups and number of servings.

Product branding.

The brand image is the part of a complex activities used to reduce the risk inherent in modern business by creating a degree of loyalty among customers. This is very true as we experience that today people do not want just a face-powder but a particular brand say “Emami” talk or say “Pond ‘s dream flower’. What is true of this face powder is true of all the consumer durable and non-durable products. It applies to industrial goods also. A brand is a symbol, a mark , a name, a communication which brings about an identity of a given product.

After-sale services and guaranties.With very increase in the use of machinery, appliance, equipment and gadgets, there is inherent need for after-sale services such as installation, guarantees and warrantees against defect, servicing, repairs, spare-parts, maintenance and the like. Manufactures of machines, instruments, gadgets and technical equipment’s will have to establish service policy and a plan for servicing their equipment’s after sale. Mechanical service is an important sales asset. It is instrumental in securing repeat sales, customer goodwill and a word of mouth advertising. The heart of sound service policy is the product guarantee or warranty which defines the producer’s liability for defects in material or workmanship over a certain period of time ranging from one year to five years under normal circumstances.

The place

Although figures vary widely from product to product, roughly a fifth of the cost of a product goes on getting it to the customer. 'Place' is concerned with various methods of transporting and storing goods, and then making them available for the customer. Getting the right product to the right place at the right time involves the distribution system. The choice of distribution method will depend on a variety of circumstances.

The place mix variables

Transportation

A section is to be made of the most efficient economical, rapid and dependable mode of transport for the firms products taking into account rail-roads, motor trucks, inland-water ways, pipe-lines, air or railways express and post parcel. The basic question is who shall assume the cost of transportation from the manufacturer to the wholesaler and wholesaler to the retailer. This is of particular importance, in these days of ever increasing rates. It is known fact the transport is creating place utility that widens market and marketability for the products of the firm.

Warehousing.

Warehousing has it own place in distribution of goods that creates time utility by adjusting supply and demand, preserving or conditioning that product and obtaining more favourable demand and marker price. Hence plans and policies are to be designed and implemented regarding storage and storage facilities considering the public warehouses, private storage and cold storage.

Inventory level.

Merchandising is responsible not only for what to make available but also how much to produce. Merchandising staff, along with market research staff, determines the volume of merchandise the manufacturer experts to sell in a given period say, a month, a quarter, a term or a year. Sufficient inventory must be on hand of different sizes, colours, models, and varieties to make immediate shipment upon the receipt of orders, failing which the sales and advertising efforts go futile, orders cancelled, customer are lost to competitors and, hence profit are reduced.

The channels of distribution.

Every manufacturer or producer is faced with the problem of developing plans and policies involving the choice of a channel or channels of distribution for his products. These plans and policies are related with the determination of the number of middlemen to be used, the number of distributors and dealers to be employed on one hand, and the franchise agreements stipulating the obligations of manufacturer and intermediaries and legal implications involved in their relationships on the other.

Conclusion

In order for a company to achieve its goals, the company must have a strategy that mixes the correct elements of marketing. The term Marketing Mix refers to "the four Ps" of marketing which are product, price, place, and promotion. When creating a mix, a company must keep their target market in mind. The company must also understand the needs of the customer, then create marketing strategies that will satisfy the demand. The marketing mix should also meet or exceed the goals of that company.

Referenced; Marketing Management Authors; C.N. Sontakki, T.N Chabra

Thank You