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Marketing is composed of three distinct elements.
I. Research: Understanding what customers (or potential
customers) want
...
 The term 'marketing mix' was first used in 1953 by Neil
Borden, in his American Marketing Association
 A prominent mark...
A. The 'marketing mix' is a foundation concept in marketing.The
marketing mix has been defined as the "set of marketing to...
Value perceived
in the mind of
the consumer
Cover location,
distribution, channels
and logistics
Marketing
communications
...
 Product is the actually offering by the company to its targeted
customers which also includes value added stuff. Product...
 Price includes the pricing strategy of the company for its products.
How much customer should pay for a product? Pricing...
 It not only includes the place where the product is placed, all
those activities performed by the company to ensure the ...
 Promotion includes all communication and selling activities to
pursuade future prospects to buy the product. Promotion d...
Marketing mix
Marketing mix
Marketing mix
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Marketing mix

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details about maketing and marketing mix with interesting animation

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Marketing mix

  1. 1. Marketing is composed of three distinct elements. I. Research: Understanding what customers (or potential customers) want II. Product Development: Creating products, services and experiences that satisfy those desires III.Communication: Letting customers know that your products and services will satisfy their desires
  2. 2.  The term 'marketing mix' was first used in 1953 by Neil Borden, in his American Marketing Association  A prominent marketer, E. Jerome McCarthy, proposed a 4 P’s. classification in 1960, which has seen wide use.
  3. 3. A. The 'marketing mix' is a foundation concept in marketing.The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market" B. The marketing mix definition is simple. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price.The difficult part is doing this well, as you need to know every aspect of your business plan
  4. 4. Value perceived in the mind of the consumer Cover location, distribution, channels and logistics Marketing communications Collection of features and benefits that provide customer satisfaction
  5. 5.  Product is the actually offering by the company to its targeted customers which also includes value added stuff. Product may be tangible (goods) or intangible (services).  For many a product is simply the tangible, physical entity that they may be buying or selling.  While formulating the marketing strategy, product decisions include:  What to offer?  Brand name  Packaging  Quality  Appearance  Functionality  Accessories  Installation  After sale services  Warranty
  6. 6.  Price includes the pricing strategy of the company for its products. How much customer should pay for a product? Pricing strategy is not only related to the profit margins but also helps in finding target customers. Pricing decision also influence the choice of marketing channels.  Price decisions include:  Pricing Strategy (Penetration, Skim, etc)  List Price  Payment period  Discounts  Financing  Credit terms  Using price as a weapon for rivals is as old as mankind, but it’s risky too. Consumers are often sensitive for price, discounts and additional offers. Another aspect of pricing is that expensive products are considered of good quality.
  7. 7.  It not only includes the place where the product is placed, all those activities performed by the company to ensure the availability of the product tot he targeted customers. Availability of the product at the right place, at the right time and in the right quantity is crucial in placement decisions.  Placement decisions include:  Placement  Distribution channels  Logistics  Inventory  Order processing  Market coverage  selection of channel members  There are many types of intermediaries such as wholesalers, agents, retailers, the Internet, overseas distributors, direct marketing (from manufacturer to user without an intermediary), and many others.
  8. 8.  Promotion includes all communication and selling activities to pursuade future prospects to buy the product. Promotion decisions include:  Advertising  Media Types  Message  Budgets  Sales promotion  Personal selling  Public relations/publicity  Direct marketing  Sponsorship  The elements of the promotions mix are integrated to form a coherent campaign. As with all forms of communication.  As these costs are huge as compared to product price, So it’s good to perform a break-even analysis before allocating the budget. It helps in determining whether the new customers are worth of promotion cost or not.

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