Concept of marketing mix


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Concept of marketing mix

  2. 2. Flow of presentation• Introduction• Meaning• Concept of marketing mix• 7p of marketing mix• Review of topic• BY:MANISHA VAGHELA 2m
  3. 3. INTRODUCTION jerome Mcarthy an American professor in marketing popularized the marketing mix in the terms of 4ps – products, price, promotion, and place. the marketing concept that we have discussed is valid for both products and services. The marketing mix is one of the most importance universal concept, which has been developed in marketing. All the variable are inter – related and inter-dependent on each BY:MANISHA VAGHELA 3m
  4. 4. Conti…… it is appropriate to reconsider the traditional marketing mix in the concept of services. Several authors have agreed that a different marketing mix is needed for service, while some have expanded the traditional 4pc of the marketing mix to make it more appropriate recognizing the diversity of service marketing. the strategies for the 4pc require some modification when applied to services due to the special features of the BY:MANISHA VAGHELA 4m
  5. 5. Conti….. the challenges encountered by the service marketer – like heterogeneity – the requirement of customers, interaction with customer while delivering service and perishability or absence of inventory, intangibility of offer and absence of protection etc. necessitate the extention of the marketing mix to include people,process,and physical evidence. The additional prescribed Pc refer to the activities that are essential to meet the challenges posed by three unique characteristics of BY:MANISHA VAGHELA 5m
  6. 6. Cont……1. simultaneity or inseparability of service provider from customer (people)2. the inability to hold inventory of service marking it critical for the service process to flow smoothly to match demand and supply(process)3. The need to make highly intangible service offering appear tangible(physical evidence ) BY:MANISHA VAGHELA 6m
  7. 7. Meaning of marketing mix “the combination of these marketing methods or devices is known as the marketing mix” marketing manager is a mixer of all marketing ingredients and he creates a mix of all the marketing element and resources. the marketing mix will naturally be changing environmental factors ( technical, social, economic, and political) affecting each BY:MANISHA VAGHELA 7m
  8. 8. 7P of marketing mix1. products2. Price3. Promotion4. Place5. People6. Process7. Physical BY:MANISHA VAGHELA 8m
  9. 9. (1) PRODUCT product is the thing possessing utility. It has four components.1product 2.service after sales 3. brand and 4. package. The product management evolves products mix in consultation with marketing manager, BY:MANISHA VAGHELA 9m
  10. 10. (2) Price price is the valuation placed upon the product by the offerer. It has to cover pricing, discounts, allowances and terms of credit. It deals with price BY:MANISHA VAGHELA 10m
  11. 11. (3)Place(distribution): Distribution is the delivery of the product and right to consume it. It include channels of distribution, transportation, warehousing and inventory BY:MANISHA VAGHELA 11m
  12. 12. (4) Promotion: promotion is the persuasive communication about the product by the offerer to the prospect. It covers advertising, personnel selling, sales promotion, publicity, public relations, exhibition and demonstrations used in promotion. Largely it deals with non – price BY:MANISHA VAGHELA 12m
  13. 13. (4) 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 organisation wants to obtain a form of competitive advantage. Consumers make judgments and deliver perceptions of the service based on the employees they interact BY:MANISHA VAGHELA 13m
  14. 14. Cont…. Staff should have the appropriate interpersonal skills, attitude, andservice knowledge to provide the service that consumers are paying for. Many British organizations aim to apply for the Investors In People accreditation, which tells consumers that staff are taken care off by the company and they are trained to certain BY:MANISHA VAGHELA 14m
  15. 15. (6) Process: the process element of the service marketing mix is concerned with the way in which the service delivered to the customer. This has two points of interest to the service marketer. First, the inseparability characteristic of services has an important implication for how the service company‟s personnel deliver the service to the customer and how the customer participates in the service delivery BY:MANISHA VAGHELA 15m
  16. 16. cont secondly, the „auxiliary‟ aspect of the service that is the added valve of the service, becomes an important competitive weapon in differentiating the service from competitors when the service is experience by customers. Example: how process can be used to competitive advantage is through the marketing of financial BY:MANISHA VAGHELA 16m
  17. 17. (7) Physical evidence the relative intangibility of many services makes it important to pay attention to tangibles. Sometimes, the tangibiling of intangible services may help to market them better. ( for example, brochures of a vacation destination can create images about the place, and may end in a desire to visit the place.) Physical evidence are those tangible clues which the customer may receive during the process of receiving the service, which „verify either the existence or the completion of a service‟ BY:MANISHA VAGHELA 17m
  18. 18. Cont…. Further physical evidence can be categorized into- two peripheral evidence and essential.• Peripheral evidence : Is usually „possessed as part of the purchase of a service, but it has little or no independent value‟. E.g. a check book which is not of any use without the funds transfer and storage service that it represent.• Essential evidence : unlike peripheral evidence it cannot be possessed by the consumer. However, essential evidence may be „so dominant in it‟ BY:MANISHA VAGHELA 18m
  19. 19. Cont…. the physical evidence that a service provider presents is not limited to building, but to the appearance of people, stationary, bills sent to customers, visiting cards and any tangible evidence that may result in an impression being formed about the service brand. Of course, there may be cultural factor at play BY:MANISHA VAGHELA 19m
  20. 20. Cont…. impact on service purchase and use that it must be consider virtually an element in its own BY:MANISHA VAGHELA 20m
  21. 21. Summary the controllable variables of the firm product, price, place, place, promotion of the product marketing are inadequate for marketing services. The special features of the service marketing have brought about the need for the extended marketing mix – people, process, and physical evidence. Because of the inseparability of the service production and consumption, the customer is subjected to direct experience of the production process, this also include the interaction with the front line staff, services being intangible needs to be tangibilized through the physical BY:MANISHA VAGHELA 21m
  22. 22. Review of topic• Introduction• Meaning• Concept of marketing mix• 7p of marketing BY:MANISHA VAGHELA 22m
  23. 23. Bibliography (1) Services marketing Another Rajendra nargundkar (2) Marketing management Anther S.A . Sherlekar Publish by Himalaya publishing BY:MANISHA VAGHELA 23m
  24. 24. BY:MANISHA VAGHELA 24m