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Chapter-4, The Marketing Mix

The marketing mix refers to the set of controllable tactical marketing tools - product, price, place, and promotion - that a company uses to produce the desired response in the target market. It involves deciding on the right product, determining a competitive price, making the product conveniently accessible to customers, and promoting it effectively to raise awareness. Getting the right blend of these four Ps depends on factors like marketing objectives, the target market, competitors, and understanding consumer behavior.

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610 views8 pages

Chapter-4, The Marketing Mix

The marketing mix refers to the set of controllable tactical marketing tools - product, price, place, and promotion - that a company uses to produce the desired response in the target market. It involves deciding on the right product, determining a competitive price, making the product conveniently accessible to customers, and promoting it effectively to raise awareness. Getting the right blend of these four Ps depends on factors like marketing objectives, the target market, competitors, and understanding consumer behavior.

Uploaded by

welcome2jungle
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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The Marketing Mix

The tools available to a business to gain the reaction it is seeking from its
target market in relation to its marketing objectives.
Marketing mix is a set of controllable tactical marketing tools-
product,price,place, and promotion-that the firm blends to produce the
response it wants in the target market.

4 Ps Marketing Mix:
Product
Price
Place
Promotion

7 Ps of Service Marketing

Product
Price
Place
Promotion
People
Physical Evidence
Process
T

What is a Product?

It is a set of tangible and intangible attribute including packaging, colour,


price, quality, brand, plus service and reputation, that provides a set of
perceived benefits to consumers.

What is a Product?
• Goods
• Services
• Experiences
• Events
• Persons
• Places
• Properties
• Information
• Ideas

• Product Attributes

Anything that can be offered to the market for attention, purchase,


consumption or use that might satisfy need or want.

T
Price

Pricing your product sounds like a straightforward process but the reality is that it
is a very complex process Pricing Strategy
• Importance of:
– knowing the market
– elasticity
– keeping an eye
on rivals
• Strategies
to make the consumer aware of the existence of a product
or service
• NOT just advertising
• The means by which method products and services get from
producer to consumer and where they can be accessed by the
consumer.
– The more places to buy the product and the easier it is made
to buy it, the better for the business (and the consumer)

• People represent the business


– The image they present is very important.
– First contact is the lasting image they provide to the customer.
– Extent of training and knowledge
of the product/service concerned.
– Do staff represent the desired culture of the business?
• It refers to the process by which a customer is served with the
desired product.
• How do people consume services?
• What processes do they have to go through to acquire the services?

Physical Environment

• The ambience, mood or physical presentation of the environment


– Smart/shabby?
– Trendy/retro/modern/old fashioned?
– Light/dark/bright/subdued?
– Romantic/chic/loud?
– Clean/dirty/unkempt/neat?
– Music?
– Smell?

Factors affecting Marketing Mix


Blend of the mix depends upon:
• Marketing objectives
• Type of product
• Target market
• Market structure
• Competitors behaviour
• Global issues – culture/religion, etc.
• Marketing position
• Product lifecycle
• Consumer Behaviour

Importance of Marketing Mix


1) It serves as a link between business firm and its customers
2) Helps in increasing sales and earning higher profits.
3) Marketing Mix gives consideration to the various elements of marketing
system
4) It signifies that its 4 elements are closely interrelated
5) It facilitates meeting requirements of different types of customers

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