Strategic Product Management - Understanding Product & Marketing Mix

1. A publication of
Dr. Rajesh K Satpathy
Strategic
Product
Management
Product in Marketing
Mix/PGDM/KIAMS/2021

2. Product, Place, Price, and Promotion
Product in marketing mix is,
probably, the most crucial
component… it originates directly
from customers through an unmet
need that they have.

3. Unmet need of Indians before 2007 & 2010
Pharmaceutical company Cipla created the
emergency contraceptive market in India
in 2007 with its launch of i-Pill.
https://www.youtube.com/watch?v=lzZ_LRloPGo&t=58s
Mankind Pharma in 2010, decided to foray into
the over-the-counter (OTC) market with the
lunch of Prega News. In 2011, Grey Worldwide
bagged the creative duties for Prega News.

4. Product, Place, Price, and Promotion
“The brand intent has always been to be a part
of user’s life. We want them to feel special,
heard, and most of all loved when they are
experiencing a special phase in their life.
In all our advertising campaigns, we have been
conscious of raising pertinent issues related to
pregnancy or childbirth in the country,”
- Joy Chatterjee,
Deputy General Manager,
Mankind Pharma.

5. Marketing Mix
Marketing mix includes elements of
what a company offers to its customers.
The term was first coined to eliminate
any barriers that may come in the way
of successfully adopting the offering.

6. Just like preparation of your favorite biryani dish requires the right proportion
of ingredients cooked together, a desirable marketing plan requires a flawless
interplay between the 7 elements of the marketing mix…

7. What is a Product?
Product in marketing mix as an
umbrella term that describes anything a
business wants to sell to their
customer (an end user or another
business).
Product is the entity that satisfies a
customer’s need and want.

8. Entities Marketed…
Everyday, you all make
choices in using various
products based on their
unique properties, on factors
like product variety, quality,
design, features, associated
brand name, packaging,
sizes, additional services,
warranties and returns.
What are the 10 entities that are
marketed?
In fact, marketing involves ten types of
entities: goods, services, experiences,
events, persons, places, properties,
organizations, information and ideas.
Products can be any of the above
entities…

9. How can products be categorized?

10. Unique Product / Services
Bitly shortens 600 million links per
month, for use in social
networking sites, SMS, and email.
Bitly makes money by charging
for access to aggregate data
created as a result of many
advertisers using the shortened
URLs.
As of August 2021, Bitly had
shortened over 57 billion URLs.

11. The Product Mix
Often, you visit stores offering
a variety of products in the
same location, whether
physical (the supermarket
/Mall) or virtual (like Amazon
or Flipkart).
The portfolio of products
available are called the
product mix, and available
products can be grouped
based on similar attributes or
benefits.

12. Need & Product Mix
You know that every product is
launched in market to meet customer
needs.
A need is the lack of a basic human
requirement. A want (a sub-set of
need) is a requirement of a specific
object that can satisfy the basic
need.
A demand is a set of wants which,
along with the desire and ability to
pay, can satisfy the requirement.

13. The Five Product Levels Model

14. PLC
How the product performs
in 4 stages – Introduction,
Growth, Maturity, and
Decline is the basis for
product development and
strategizing decisions.
Stages are identified
based on the time series
plot of product sales
figures.

15. 7Ps & Product Mix
Finally, what can we do to ensure a successful product is launched in
the market?
• Product must satisfy a customer need and want, or meet a
customer demand…
• Must ensure quality of product attributes to avail higher price
points…
• Must appeal to the customer’s unstated demands, and must offer
a unique value to the customer (in order to differentiate among
competitors), and
• Must be able to stimulate new and unidentified desires…

17. Thank You !!