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    Marketing Mix - v1 PDF

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    Ragesh Joshi
    The marketing mix is a set of marketing tools used to implement a firm's marketing strategy. It is often referred to as the 4 Ps: product, price, place, and promotion. An effective marketing mix achieves objectives, meets customer needs, is balanced, creates competitive advantage, and matches resources. For services, an expanded 7 Ps mix including people, process, and physical evidence may be more appropriate. An alternative view focuses on the 4 Cs from the customer's perspective: cost, convenience, customer needs, and communication.

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    Marketing Mix - v1 PDF

    Uploaded by

    Ragesh Joshi
    75 views18 pages
    The marketing mix is a set of marketing tools used to implement a firm's marketing strategy. It is often referred to as the 4 Ps: product, price, place, and promotion. An effective marketing mix achieves objectives, meets customer needs, is balanced, creates competitive advantage, and matches resources. For services, an expanded 7 Ps mix including people, process, and physical evidence may be more appropriate. An alternative view focuses on the 4 Cs from the customer's perspective: cost, convenience, customer needs, and communication.

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    The marketing mix is a set of marketing tools used to implement a firm's marketing strategy. It is often referred to as the 4 Ps: product, price, place, and promotion. An effective marketing mix achieves objectives, meets customer needs, is balanced, creates competitive advantage, and matches resources. For services, an expanded 7 Ps mix including people, process, and physical evidence may be more appropriate. An alternative view focuses on the 4 Cs from the customer's perspective: cost, convenience, customer needs, and communication.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    75 views18 pages

    Marketing Mix - v1 PDF

    Uploaded by

    Ragesh Joshi
    The marketing mix is a set of marketing tools used to implement a firm's marketing strategy. It is often referred to as the 4 Ps: product, price, place, and promotion. An effective marketing mix achieves objectives, meets customer needs, is balanced, creates competitive advantage, and matches resources. For services, an expanded 7 Ps mix including people, process, and physical evidence may be more appropriate. An alternative view focuses on the 4 Cs from the customer's perspective: cost, convenience, customer needs, and communication.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 18

    Marketing Mix

    Marketing mix Basics


    A concept first introduced by Jerome McCarthy in 1960 The variables through which a firm carries out its marketing strategy It provides a recipe for effective marketing Effective marketing is based on the right balance of marketing elements and processes depending on the nature of the product ,service or idea being marketed The set of marketing decisions that management make to implement their positioning strategy and achieve the organisations objectives The set of marketing tools that the firm uses to pursue its marketing objectives in the target market (Kotler) It is often referred to as the 4 Ps

    Marketing Mix_v1

    Dr. Harald Fien

    Marketing Mix The four Ps


    Product - collection of features and benefits that provide customer satisfaction Price - value perceived in the mind of the consumer Promotion - marketing communications Place - covers location ,distribution, channels and logistics

    Marketing Mix_v1

    Dr. Harald Fien

    Marketing Mix 4Ps - Product


    A product is anything that is capable of satisfying customer needs A package of benefits Products are designed to match needs Physical god Quality Style Packaging Durability Installation After sales Branding Warranty Features

    Marketing Mix_v1

    Dr. Harald Fien

    Marketing Mix 4Ps - Price


    Basic price Discounts Pricing policy Price variations Price discrimination Trade-in terms Payment terms Credit terms

    Marketing Mix_v1

    Dr. Harald Fien

    Marketing Mix 4Ps - Promotion


    Marketing communications - how the product is communicated to the market Advertising - message and media Personal selling Sales promotion Public relations/publicity Sponsorship Direct marketing The chosen combination of promotional activities is known as the promotional mix

    Marketing Mix_v1

    Dr. Harald Fien

    Marketing Mix 4Ps - Place


    Choice of channels and outlets Channel of distribution Market coverage Channel variety Dealer support Long and short channels Role of the intermediary Physical distribution/logistics Location Pushing and pulling through the channels

    Marketing Mix_v1

    Dr. Harald Fien

    Marketing Mix The marketing mix varies


    As a product moves through its life cycle the marketing mix will change An appropriate and individual marketing mix should be developed for each product. The mix should be developed with the target market or target segment in mind.

    Marketing Mix_v1

    Dr. Harald Fien

    Marketing Mix An effective marketing mix


    Achieves marketing objectives Meets customer needs Is balanced and consistent Creates a competitive advantage Matches corporate resources

    Marketing Mix_v1

    Dr. Harald Fien

    Marketing Mix Blending the mix


    The marketing mix is more than a checklist of the 4Ps but the means by which firms blend together the elements of a marketing strategy. There must be internal consistency within the mix. The pricing, promotional and distribution strategy must be consistent with the product and its target market

    Marketing Mix_v1

    Dr. Harald Fien

    10

    Alternatives to the 4 Ps

    Marketing Mix The 7 Ps


    The 4 Ps of product, price, promotion and place PLUS People Process Physical evidence. The 7Ps are more appropriate than the 4 Ps in the marketing of services.

    Marketing Mix_v1

    Dr. Harald Fien

    12

    Marketing Mix 7Ps people


    People deliver services People promote and sell products Service quality is a key source of customer retention and brand differentiation Hence skills, manner and appearance are important, especially in the marketing of services.

    Marketing Mix_v1

    Dr. Harald Fien

    13

    Marketing Mix 7Ps process


    How customers are handled from first to last point of contact. Process covers: Procedures Controls Accessibility Information flows Payments Booking Speed and timing of delivery.

    Marketing Mix_v1

    Dr. Harald Fien

    14

    Marketing Mix 7Ps physical evidence


    The tangible form of the service e.g. bank statement, train ticket. Place of availability Facilities Ambience Layout Dcor

    Marketing Mix_v1

    Dr. Harald Fien

    15

    Marketing Mix The fours Cs


    Kotler argues that the 4 Ps is essentially a sellers mix rather than a buyers mix. More attention should be paid to the buyers marketing mix. This is summarised in the 4 Cs of Customer needs and wants Cost to the customer Convenience Communication

    Marketing Mix_v1

    Dr. Harald Fien

    16

    Marketing Mix Two perspectives on the mix


    Cost to the customer Price charged by the seller Communications Promotion

    Convenience to the customer Place- distribution

    Customer wants

    Product offered

    Marketing Mix_v1

    Dr. Harald Fien

    17

    Marketing Mix Lessons Learned


    What is marketing mix? Explain the 4 Ps of marketing mix. What makes an effective marketing mix? What are the 7 Ps ? What are the 4 Cs?

    Marketing Mix_v1

    Dr. Harald Fien

    18

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