A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.
Price, amount of money for which a unit of goods or services is exchanged. Price is equivalent to market value and may or may not measure the intrinsic value of the goods or services to the buyer or seller.
In the entire marketing mix, price is the one element that produces revenue; the others produce costs.
Price is also one of the most flexible elements: It can be changed quickly, unlike product features and channel commitments.
Price is also a key element used to support a product’s quality positioning, Because a firm, in developing its strategy, must decide where to position its product on price and quality, there can be competition between price-quality segments
Price Competition A marketer who resorts to price competition will compete with his competitors on the price front by offering his product/services at the same price or at a lower price than that of the competitor.
Non-price competition ensues when marketers focus on factors other than the price, such as product features, quality of the product/service being provided, packaging, promotions, and so on.
Advertising - Any paid presentation and promotion of ideas, goods, or services by an identified sponsor. Examples: Print ads, radio, television, billboard etc.
Sales Promotions - Incentives designed to stimulate the purchase or sale of a product, usually in the short term. Examples: Coupons, product samples, rebates etc.
Personal Selling - A process of helping and persuading one or more prospects to purchase a good or service or to act on any idea through the use of an oral presentation. Examples: Sales presentations, sales meetings, telemarketing etc.
Publicity – non-paid form of communication that includes planting significant news about it or a favorable presentation of it in the media. Examples: Newspaper and magazine articles/reports, TVs and radio presentations, charitable contributions, speeches, issue advertising, and seminars.
Public relations – Maintaining relationship with various stakeholders to build and maintain goodwill in the market.
Receptiveness: Whether the audiences have clearly received the message.
Comprehension: Whether the audiences have understood the message.
Response: Whether the audiences have accepted the message.
Extended Marketing Mix – 7Ps Booms and Bitner extended the traditional 4P (McCarthy) framework to seven to reflect a predominantly service economy. 4P (Existing) 3P (Additional) Product People Price Process Place Physical evidence Promotion
The ability and environment in which the service is delivered.
Both tangible goods that help to communicate and perform the service, and the intangible experience of existing customers and the ability of business to relay the customer satisfaction to the potential customers.
12 P of Marketing 6 P of Marketing Mix 6 P of Marketing Man Product Professionalism Price Passion Place Perseverance (Being +ve) Promotion Problem-Solver Packaging Participative & People-Oriented Publicity Persuasive