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MARKETING MIXPresented by:Atul GautamHead & Asst. Prof. MBA DepartmentDelhi Institute of Technology & Management
Definition: MARKETINGThe 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.
MARKETING MIX Marketing mix refers to the primary elements that must be attended to in order to properly market a product or service. Marketing mix is the combination four elements: Product, Place, Price and Promotion. They are called the “Four Ps of the marketing mix”. Marketing Mix is a term describing the key elements used by an organization to help meet its marketing objectives
To create the right marketing mix, businesses have to meet the following conditions: The product has to have the right features – e.g. it should look good and work well. The price should be right. The goods must be in the right place at the right time. Making sure that the goods arrive when and where they are wanted is an important operation. The target group needs to be made aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output.
PRODUCT To find out what customers want & need & then develop a product to meet the need of the potential customers. Suppose now: The competitors products offer the same benefits, same quality, same price. You have then to differentiate your product with the following: Design Technology Usefulness Convenience Quality Packaging Accessories Warranty
PriceA product is only worth what a customer is prepared to pay for it. Premium Pricing. Use of high pricing where there is a uniqueness about the product or service. This approach is used where a a substantial competitive advantage exists. Such high prices are charge for luxuries such as Cruises, Luxury Hotel rooms, Designer products. Penetration Pricing. It is the strategy of entering the market with a low initial price to capture greater market share.
Price Skimming. The practice of ‘price skimming’ involves charging a relatively high price for a short time where a new, innovative, or much-improved product is launched into a market. The prices are set high in order to attract least price sensitive customers to generate high profits. Competitive pricing: If your product is sold at the lowest price regarding all your competitors, you are practicing competitive pricing. Sometimes, competitive pricing is essential. For instance, when the products are basically the same, this strategy will usually succeed.
Promotion This is the way in which you communicate to your potential customers about your product. It includes the various ways of communicating to the customers of what the company has to offer. It is about communicating the features/ benefits of using a particular product or service. Advertisement: It takes many forms like TV, radio, internet, newspapers, yellow pages, Leaflets, Posters etc. Sales Promotion: Buy One Get One Free. Others include couponing, money-off promotions, free accessories (such as free blades with a new razor), introductory offers (such as buy digital TV and get free installation) and so on. Personal Selling: It is an effective way to manage personal customer relationships. The sales person acts on behalf of the organization.
Place It refers to the place where the customers can buy the product and how the product reaches out to that place. This is done through different channels like: Retails Wholesale Internet Mail orders Direct Sales
People An essential ingredient to any service provision is the use of appropriate staff and people. Recruiting the right staff and training them appropriately in the delivery of their service is essential if the organization wants to obtain a form of competitive advantage. Staff should have the appropriate interpersonal skills, attitude, and service knowledge to provide the service that consumers are paying for. Process It refers to the methods and process of providing a service Processes must help the customers get what they want. Always keep customers informed. This can be done at the store or through faxes and emails.
PHYSICAL EVIDENCE This is particularly important in services marketing as it is the only physical items that a customer will see and so it must reflect the image that the service is trying to project. including some of the following: Internet/web pages. Brochures. Furnishings. Signage (such as those on aircraft and vehicles). Uniforms. Business cards. The building itself (such as prestigious offices or scenic headquarters).Example: If you walk into a restaurant your expectations are of a clean, friendly, hygienic environment which will want you to visit again.