Four P's of Marketing

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4 P's of Marketing

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Four P's of Marketing

  1. 1. Parul Institute of Engineering & Technology Subject Code : 150001 Name Of Subject : MANAGEMENT- 2 Name of Unit : INTRODUCTION TO MARKETING Topic : FOUR P’s of Marketing,Concepts of Marketing Name of Students: Agrawal Swapnil J.
  2. 2. • INTRODUCTION – What is Marketing? – Marketing Management • 4 P’s of Marketing – Introduction to Marketing Mix – Product – Price – Place – Promotion Sub: MANAGEMENT-2 Topic: Marketing Function CONTENTS
  3. 3. CONTENTS • Different Concept of Marketing – Introduction – The Marketing Concept – Core Marketing Concept – Management Orientation • Production Concept • Product Concept • Selling Concept • Marketing Concept • Holistic Concept • Societal Concept Sub: MANAGEMENT-2 Topic: Marketing Function
  4. 4. What is Marketing? • Marketing is managing profitable customer relationships – Attracting new customers – Retaining and growing current customers • “Marketing” is NOT synonymous with “sales” or “advertising” Sub: MANAGEMENT-2 Topic: Marketing Function
  5. 5. Marketing Management • Marketing management is “the art and science of choosing target markets and building profitable relationships with them.” – Creating, delivering and communicating superior customer value is key. Sub: MANAGEMENT-2 Topic: Marketing Function
  6. 6. Marketing Management • Customer Management: – Marketers select customers that can be served well and profitably. • Demand Management: – Marketers must deal with different demand states ranging from no demand to too much demand.
  7. 7. The 4 P’s of Marketing Sub: MANAGEMENT-2 Topic: Marketing Function
  8. 8. The 4 P’s of Marketing •Referred to as The Marketing Mix –All four are essential to the success of a marketing plan for either a product or a service •4 P’s stand for –Product –Price –Place –Promotion •A mix of the four is necessary to sell a product •4 P’s Sub: MANAGEMENT-2 Topic: Marketing Function
  9. 9. The Marketing Mix The elements are interconnected Product Place Price Promotion Sub: MANAGEMENT-2 Topic: Marketing Function
  10. 10. The Marketing Mix • Think of a Cake • All cakes need 4 things – flour, egg, sugar, milk • However, you can play with the flavour of your cake by changing the ingredients slightly – Example: Sweeter cake – add more sugar Sub: MANAGEMENT-2 Topic: Marketing Function
  11. 11. The Marketing Mix • The same thing is true with the marketing mix • You can very the type of message you are sending out about your product/service by mixing different elements of each of the P’s • Example: Want to be seen as a luxury item – make the price high, have limited selection Sub: MANAGEMENT-2 Topic: Marketing Function
  12. 12. Product • Refers to the benefits of buying a product – What need does the service/product fulfill – Quality • What will the quality of your service/product be? • Some people really want quality vs. others that don’t really matter – Features • How will your product/service differ from the competition • What will you do differently? Sub: MANAGEMENT-2 Topic: Marketing Function
  13. 13. Product – Packaging – if your selling a product what image will the packaging communicate? • If a service – how will the appearance of your operation communicate an image about your business – Range of Products – what complimentary products may you offer • If service: Will you offer other products with your service • E.g. Think of range of products that apple has Sub: MANAGEMENT-2 Topic: Marketing Function
  14. 14. Price • Marketing is responsible for establishing the price of their service/product • Must consider the costs of all the inputs (materials, labour, etc) • Mark-up Price – How much profit do you want to make on every product/customer • Example: Selling Cupcakes – Every cupcake uses $1 of materials and labour roughly costs $0.25 to make one muffin – You must charge at least $1.25 to break-even Sub: MANAGEMENT-2 Topic: Marketing Function
  15. 15. Price • The price of your product or service tells the customer a lot about your product 2000 Rs. 5000 Rs. Sub: MANAGEMENT-2 Topic: Marketing Function
  16. 16. Price • Different Pricing Strategies – Competition – basing your prices on those of the competition – Penetration – making your price low while new just to get some business – Bundle – putting the product/service with another item and bundling the prices – Psychological – making the price say something about the quality of your product Sub: MANAGEMENT-2 Topic: Marketing Function
  17. 17. Place • Simply refers to how & where you are going to sell the product to the consumer • Direct Distribution – selling your product directly to the consumer – Brick & Mortar vs. Virtual Store • Indirect Distribution – sold through a 3rd party – What retailers are the best for reaching your Target Market? – Example: Selling protein powder – where do I sell? Sub: MANAGEMENT-2 Topic: Marketing Function
  18. 18. Place • For a service : where are you going to locate in order to best reach your target market • You want to be in an area that – your target market frequents – Says something about your business • Notice how car dealerships are always on the outskirts of town or close to a highway? • Brantford Commons Sub: MANAGEMENT-2 Topic: Marketing Function
  19. 19. Promotion • A successful product or service means nothing unless the benefit of that product/service can be communicated to the Target Market • There are many ways to get the “word out” • How many can we think of... Sub: MANAGEMENT-2 Topic: Marketing Function
  20. 20. Promotion BuzzSales AdvertisingPublic Relations Sub: MANAGEMENT-2 Topic: Marketing Function
  21. 21. Different Concept of Marketing The marketing concept has suffered in two ways: • First, it has been established as optimal management philosophy when it is not necessarily so in all instances • Second, we can see many examples of poor marketing practice that have been adopted in the name of the marketing concept. Sub: MANAGEMENT-2 Topic: Marketing Function
  22. 22. Different Concept of Marketing The marketing concept • Customer focus • Profits • Integration of organizational efforts. Sub: MANAGEMENT-2 Topic: Marketing Function
  23. 23. Different Concept of Marketing –Customer orientation • Satisfying its customers at a profit… • Determining the needs and wants of target markets… • Discovering the wants of a target audience and then creating the goods and services to satisfy them… Sub: MANAGEMENT-2 Topic: Marketing Function
  24. 24. • Goods • Services • Experiences • Events • Persons • Places • Properties • Organizations • Information • Ideas Many Things Can Be Marketed!Many Things Can Be Marketed! Different Concepts of Marketing Sub: MANAGEMENT-2 Topic: Marketing Function
  25. 25. Different Marketing Concept • Needs, wants, and demands • Marketing offers: including products, services and experiences • Value and satisfaction • Exchange, transactions and relationships • Markets Core Marketing ConceptsCore Marketing Concepts Sub: MANAGEMENT-2 Topic: Marketing Function
  26. 26. Different Marketing Concept • Production concept • Product concept • Selling concept • Marketing concept • Holistic Marketing conceptHolistic Marketing concept • Societal Marketing conceptSocietal Marketing concept Management OrientationsManagement Orientations Sub: MANAGEMENT-2 Topic: Marketing Function
  27. 27. Sub: MANAGEMENT-2 Topic: Marketing Function •A firm focusing on a production orientation specializes in producing as much as possible of a given product or service. •Thus, this signifies a firm exploiting economies of scale until the minimum efficient scale is reached. •A production orientation may be deployed when a high demand for a product or service exists, coupled with a good certainty that consumer tastes will not rapidly alter (similar to the sales orientation). PRODUCTION CONCEPTPRODUCTION CONCEPT
  28. 28. Sub: MANAGEMENT-2 Topic: Marketing Function PRODUCT CONCEPTPRODUCT CONCEPT •A firm employing a product orientation is chiefly concerned with the quality of its own product. •A firm would also assume that as long as its product was of a high standard, people would buy and consume the product.
  29. 29. Sub: MANAGEMENT-2 Topic: Marketing Function SELLING CONCEPTSELLING CONCEPT •A firm using a sales orientation focuses primarily on the selling/promotion of a particular product, and not determining new consumer desires as such. Consequently, this entails simply selling an already existing product, and using promotion techniques to attain the highest sales possible. •Such an orientation may suit scenarios in which a firm holds dead stock, or otherwise sells a product that is in high demand, with little likelihood of changes in consumer tastes that would diminish demand.
  30. 30. Sub: MANAGEMENT-2 Topic: Marketing Function MARKETING CONCEPTMARKETING CONCEPT •The 'marketing orientation' is perhaps the most common orientation used in contemporary marketing. • It involves a firm essentially basing its marketing plans around the marketing concept, and thus supplying products to suit new consumer tastes. •E.g. a firm would employ market research to gauge consumer desires , use R&D to develop a product attuned to the revealed information, and then utilize promotion techniques to ensure persons know the product exists.
  31. 31. Sub: MANAGEMENT-2 Topic: Marketing Function HOLISTIC CONCEPTHOLISTIC CONCEPT •The holistic marketing concept looks at marketing as a complex activity and acknowledges that everything matters in marketing - and that a broad and integrated perspective is necessary in developing, designing and implementing marketing programs and activities. •The four components that characterize holistic marketing are relationship marketing, internal marketing, integrated marketing, and socially responsive marketing.
  32. 32. Sub: MANAGEMENT-2 Topic: Marketing Function SOCIETAL CONCEPTSOCIETAL CONCEPT •Societal marketing emerged in the 1960s. •The societal marketing concept deals with the needs, wants and demands of customers: how to satisfy them by producing superior value that should satisfy the customers and promote the well-being of society. •The producer should not produce products deemed hazardous to society. •Societal marketing developed into sustainable marketing.
  33. 33. REFERENCES Books:- 1.Management-2 Second Edition by Pearson Publication 2.Management-2 By Mahajan Publication Web Resources:- 1.Google 2.Wikipedia
  34. 34. ANY QUERIES???

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