1. What is the definition of marketing?

Marketing is defined as the process of exploring, creating, and

delivering value to satisfy the needs of a target market at a profit. It
encompasses all activities involved in moving goods and services
from concept to the customer, including market research,
promotion, and distribution.

2. What are the main functions of marketing?

The main functions of marketing include:

 Study of consumer wants and needs: Identifying what

consumers desire to guide product development.

 Consumer behavior analysis: Understanding how

consumers make purchasing decisions.

 Production planning and development: Generating ideas

and developing products.

 Pricing policies: Setting prices based on competition and

product lifecycle.

 Distribution: Ensuring products reach consumers efficiently.

 Promotion: Communicating product benefits to consumers

through various channels.

 Consumer satisfaction: Ensuring products meet consumer

expectations.

3. What are the key marketing concepts?

The five key marketing concepts are:

 Production Concept: Focus on mass production and

affordability.

 Product Concept: Emphasis on quality and innovative

features.

 Selling Concept: Prioritizes aggressive marketing and sales

tactics.

 Marketing Concept: Centers on customer needs and

creating value.

 Societal Marketing Concept: Balances customer needs with

societal welfare.

4. Why is marketing important in business?

Marketing is crucial because it aids in business planning, product

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 development, consumer engagement, relationship building, revenue
generation, goal setting, and brand reputation. It helps businesses
understand customer demands and adapt accordingly to enhance
profitability and customer satisfaction.

5. How has marketing evolved over time?

Marketing has evolved through several eras:

 Production Orientation Era (1800s-1920s): Focused on

mass production and low costs.

 Sales Orientation Era (1920s-1940s): Emphasized

aggressive sales tactics.

 Marketing Orientation Era (1940s-1970s): Shifted focus

to understanding customer needs.

 Societal Orientation (1970s-Present): Integrated societal

welfare into marketing strategies.

 Digital Marketing Era (1990s-Present): Leveraged digital

platforms for broader reach and engagement.

Definition of Marketing Mix

The marketing mix is defined by the use of a marketing tool that combines
a number of components in order to become harden and solidify a
product’s brand and to help in selling the product or service. Product
based companies have to come up with strategies to sell their products,
and coming up with a marketing mix is one of them.

Table of Content

1. Marketing Mix 4P

2. 7Ps of Marketing

3. Marketing Mix Example

4. Marketing Mix Product

5. Importance of Marketing Mix

6. Questions on Marketing Mix

What is Marketing Mix?

Marketing Mix is a set of marketing tool or tactics, used to promote a

product or services in the market and sell it. It is about positioning a
product and deciding it to sell in the right place, at the right price and
right time. The product will then be sold, according to marketing and

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promotional strategy. The components of the marketing mix consist of 4Ps
Product, Price, Place, and Promotion. In the business sector, the marketing
managers plan a marketing strategy taking into consideration all the 4Ps.
However, nowadays, the marketing mix increasingly includes several
other Ps for vital development.

What is 4 P of Marketing

Product in Marketing Mix:

A product is a commodity, produced or built to satisfy the need of an

individual or a group. The product can be intangible or tangible as it can
be in the form of services or goods. It is important to do extensive
research before developing a product as it has a fluctuating life cycle,
from the growth phase to the maturity phase to the sales decline phase.

A product has a certain life cycle that includes the growth phase, the
maturity phase, and the sales decline phase. It is important for marketers
to reinvent their products to stimulate more demand once it reaches the
sales decline phase. It should create an impact in the mind of the
customers, which is exclusive and different from the competitor’s product.
There is an old saying stating for marketers, “what can I do to offer a
better product to this group of people than my competitors”. This strategy
also helps the company to build brand value.

Price in Marketing Mix:

Price is a very important component of the marketing mix definition. The

price of the product is basically the amount that a customer pays for to
enjoy it. Price is the most critical element of a marketing plan because it

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dictates a company’s survival and profit. Adjusting the price of the
product, even a little bit has a big impact on the entire marketing strategy
as well as greatly affecting the sales and demand of the product in the
market. Things to keep on mind while determining the cost of the product
are, the competitor’s price, list price, customer location, discount, terms of
sale, etc.,

Place in Marketing Mix:

Placement or distribution is a very important part of the marketing mix

strategy. We should position and distribute our product in a place that is
easily accessible to potential buyers/customers.

Promotion in Marketing Mix:

It is a marketing communication process that helps the company to

publicize the product and its features to the public. It is the most
expensive and essential components of the marketing mix, that helps to
grab the attention of the customers and influence them to buy the
product. Most of the marketers use promotion tactics to promote their
product and reach out to the public or the target audience. The promotion
might include direct marketing, advertising, personal branding, sales
promotion, etc.

What is 7 P of Marketing:

The 7Ps model is a marketing model that modifies the 4Ps model. As
Marketing mix 4P is becoming an old trend, and nowadays, marketing
business needs deep understanding of the rise in new technology and
concept. So, 3 more new P’s were added in the old 4Ps model to give a
deep understanding of the concept of the marketing mix.

People in Marketing Mix:

The company’s employees are important in marketing because they are

the ones who deliver the service to clients. It is important to hire and train
the right people to deliver superior service to the clients, whether they run
a support desk, customer service, copywriters, programmers…etc. It is
very important to find people who genuinely believe in the products or
services that the particular business creates, as there is a huge chance of
giving their best performance. Adding to it, the organisation should accept
the honest feedback from the employees about the business and should
input their own thoughts and passions which can scale and grow the
business.

Process in Marketing Mix:

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We should always make sure that the business process is well structured
and verified regularly to avoid mistakes and minimize costs. To maximise
the profit, Its important to tighten up the enhancement process.

Physical Evidence in Marketing Mix:

In the service industries, there should be physical evidence that the

service was delivered. A concept of this is branding. For example, when
you think of “fast food”, you think of KFC. When you think of sports, the
names Nike and Adidas come to mind.

Marketing Mix Example:

This article will go through a marketing mix example of a popular cereals

company. At first, the company targeted older individuals who need to
keep their diet under control, this product was introduced. However, after
intense research, they later discovered that even young people need to
have a healthy diet. So, this led to the development of a cereals product
catered to young people. In accordance with all the elements of the
marketing mix strategy, the company identified the product, priced it
correctly, did tremendous promotions and availed it to the customers. This
marketing mix example belongs to Honeycomb, one of the most renowned
companies in the cereal niche. Following these rules clearly has managed
to make the company untouchable by all the other competitors in the
market.
This makes Honeycomb, the giant we know and love today to eat as
morning breakfast!

Marketing Mix Product

All products can be broadly classified into 3 main categories. These are :

1. Tangible products: These are items with an actual physical

presence such as a car, an electronic device, and an item of clothing
or a consumer good.

2. Intangible products: These are items that have no physical

presence but can be felt indirectly. An insurance policy is an
example of this. Online items such as software, applications or even
music and video files are also intangible products.

3. Services: Services are also intangible products but they are the
result of an economic activity that does not result in ownership. It is
a process that creates benefits for customers. Services depend
highly on who is performing them and remain difficult to reproduce
exactly.

Importance of Marketing Mix

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The marketing mix is a remarkable tool for creating the right marketing
strategy and its implementation through effective tactics. The assessment
of the roles of your product, promotion, price, and place plays a vital part
in your overall marketing approach. Whereas the marketing mix strategy
goes hand in hand with positioning, targeting, and segmentation. And at
last, all the elements, included in the marketing mix and the extended
marketing mix, have an interaction with one another.

Questions on Marketing Mix

Q.1 State Any One Advantage of Personal Branding

Ans:

 It is because of branding that customers are able to identify the

products.

 Example, a customer who is satisfied with ‘Dove’ beauty bar need

not inspect it every time she buys the product.

Q.2 State the Components of Product Mix.

Ans:

 Branding.

 Packaging.

 Labeling.

Q.3 A Company Has to Decide About Its Price Policy, Credit Policy; Terms of
Payment Etc. Name the Concept Which the Company is Trying to Decide.

Ans:

Price Mix

The above mentioned is the concept, that is elucidated in detail about

‘Marketing Mix’ for the Commerce students.

UNIT – 3

1. What is the selling concept in marketing?

The selling concept is a marketing philosophy that emphasizes
selling products or services aggressively to customers, regardless of
their actual needs. It assumes that customers will not buy enough of
a product or service unless it is actively promoted and sold to them.
This approach often relies on aggressive advertising and personal
selling strategies to persuade customers to make purchases,

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 potentially leading to short-term sales but may overlook long-term
customer satisfaction and loyalty.

2. What are the different types of selling?

The main types of selling include:

 Personal Selling: Direct interaction between a salesperson

and a customer.

 Retail Selling: Selling products in a retail environment.

 Direct Selling: Selling directly to customers without

intermediaries.

 Online Selling: Selling products or services over the internet.

 Consultative Selling: Acting as a consultant to identify

customer needs.

 Solution Selling: Providing customized solutions to customer

problems.

 Relationship Selling: Focusing on building long-term

relationships with customers.

3. What are the advantages of personal selling?

Advantages of personal selling include:

 Personalized Approach: Tailored interactions that build

trust.

 Immediate Feedback: Salespeople can adjust their approach

based on customer responses.

 Relationship Building: Fosters long-term customer loyalty.

 Customized Solutions: Salespeople can offer solutions that

meet specific customer needs.

 Control over Sales Process: Salespeople guide customers

through the buying journey.

4. What are the characteristics of a successful salesperson?

Key attributes of a successful salesperson include:

 Excellent Communication Skills: Ability to convey

information clearly and listen actively.

 Deep Product Knowledge: Understanding of the products or

services being sold.

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  Empathy and Emotional Intelligence: Ability to understand
and relate to customer needs.

 Strong Work Ethic: Motivation to achieve sales targets.

 Flexibility and Adaptability: Ability to adjust strategies as

needed.

 Persistence and Resilience: Capability to handle rejection

and continue pursuing sales.

5. What are the disadvantages of the selling concept?

Disadvantages of the selling concept include:

 Cost: High expenses related to advertising and sales

personnel.

 Pressure: Stress on sales teams to meet targets can lead to

burnout.

 Competition: Difficulty standing out in a crowded market.

 Customer Alienation: Aggressive tactics may lead to

negative perceptions and customer dissatisfaction

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