The marketing mix is the set of marketing tools a firm uses to pursue its marketing objectives. The marketing mix has four variables: product, price, promotion, and place of distribution. Product is the most important variable, while price, promotion, and place of distribution are supporting variables. The marketing manager must properly combine these variables using imagination and intelligence.

1. “Marketing mix is the set of marketing tools that the
firm uses to pursue its marketing objectives in the
market”
Marketing mix is a combination for the variables.
Product is the most important variables.
Price, Promotion & place of distribution are the
supporting variables. The marketing manager must use

2. FEATURES
 Combination of marketing variables
 Used by business & non – business organization
 Organizations objectives (goals)
 Dynamic concept
 Focus on customer
 Variables are interrelated
 Proper mixing of variables needs
imagination, intelligence, etc
 Interaction between marketing mix & environment variables

3. IMPORTANCE
 Helps to achieve companies Objectives
 Customer Satisfaction
 Helps to face competition
 It builds Brand loyalty
 It builds corporate Image
 It helps Business Expansion
 Helps to improve Brand image
 Optimum utilization of Resources
 Increases profit & maximizes shareholders wealth
 Helps to fulfill social Responsibilities

4. PRODUCT MIX
Product mix refers to the set of MANAGEMENT OF PRODUCTION MIX :
products which are offered for
sale by a company.  Continuous Strategy
Product mix consist of many  Product Modification Strategy
product lines  Additional (Expansion) Strategy
Product line is a group of related  Internal Resources
products which share common  External Resources
characteristics, channels, custom
 Product Elimination Strategy
ers or users
 Additional – Cum – Elimination Strategy
BREATH & DEPTH OF REASONS FOR PRODUCT MIX :
PRODUCT MIX :
 Take Advantage of Brand Loyalty
Breath means number of product  To balance the seasonal sales
lines in product mix, depth
 To face the challenges of the competitors
means the number of products in
each product  To meet the demands of the customers
 Use companies resources & capabilities more effectively

5. PRODUCT LIFE
Product have a life cycle. PRODUCT LIFE CYCLE
Some products have a PASSTHROUGH FIVE STAGES AS
short life STATED BELOW :
cycle, while, others have a
long life cycle.
All product may not pass  Product Development
through all these stages.
Product life cycle refers to  Introduction
the progression of a
products sales and profits
 Growth
over its life time.
 Maturity
 Decline

6. BRANDING
A brand is a name or symbol ESSENTIALS :
given to a product to identify
it and to distinguish it from  Simple
the competitors products.  Easy to Remember
FUNCTIONS :  Suitable
It helps buyer to identify the  Appealing
product
Creates a distinct image of the  Show the features of product
product in the minds of the  Clear
consumers
Helps to create & maintain
 Permanent Use
brand image & company image  Registration
Helps to create & maintain  Universal use
brand loyalty
It gives protection to the buyers  Easy to Pronounce
Gives a sense of pride to it  Adaptable
buyers
 Class Apart

7. BRAND
STRATERGIES :
Brand selection means to
select or choose a suitable name  Individual Names
fir a product or service.  Blanket Family Names
 In most companies, brand  Family Brand Names
selection is done by the
marketing managers.  Corporate name combined with individual
product name
But very large multi –
national companies have special  Different Brand names in International
brand managers to do a brand markets
selection  Names of founders
The brand name must be  Typical numbers
unique  Combination of names & numbers
The marketing managers has  Names with relevance to the product
most control over brand  Names of communicating Attributes
selection compared to other
marketing activities

8. BRAND
Brand extension or stretching ADVANTAGES :
means the company uses its
existing brand name for all its
products or for a similar group  Equity / popularity of the parent / existing brand name
 Consumer Acceptance
of products.
 Co –operation from Dealers
 Lower Launching costs
So when these brand names  Increases Revenue for company
becomes popular, the company  Maintains customer loyalty
extends or stretches or uses the  Creates super Brand
same brand name for its other
products DISADVANTAGES :
 Dilutes the value of parent Brand
 Brand Extension may not Always work
 Confuses the Customers
 Brand Extension loses Excitement Appeal

9.  STEPS IN BRAND POSITIONING :
BRAND  Identify competitive difference
 Product difference
 Service difference
Brand positioning means to
 Selecting important differences
give a position to the brand
 Delivery Positioning Strategy
in the minds of the
 Communicating the companies positioning
consumers.
 Follow – up of positioning
The best brand is given
first position & the worst  POSITIONING STRATEGY :
brand is given last position
 Using specific product features
 Positioning by price & quality
The brand position is
 Positioning by use
given by the consumers
 Positioning by competitor
 Positioning by product benefits
It is done by two parties :  Positioning by category user
a) manufacturer (b)  Positioning by product class
Consumer
 Positioning by cultural symbols / names

10. BRAND
Brand equity is the value of the
business above the value of
 FACTORS DETERMINING
physical assets. BRAND EQUITY :
So if the value of the business is  Brand loyalty
rs. 10 lakhs & the value of its  Brand Awareness
physical assets like land and
building are Rs. 8 lakhs then the  Perceived Quality of the Brand
brand equity is 2 lakhs
 Brand Association
The brand equity is wider than  Brand Assets
the term brand personality & brand ADVANTAGES OF BRAND EQUITY :
image . Brand equity covers all
factors TO CONSUMER : a) consumer can purchase branded
products with confidence (b) they get full information about the
branded products (c)they get full satisfaction, pleasure & pride
Today people do not buy from the branded products.
products they buy brand names. So
the brand equity is a very valuable TO MANUFACTURER : a) he can increase the price
asset of the company of his product (b)he will earn profits (c)he can do brand
extension (d)he can easily fight competition

11. PRICE MIXING OR
Pricing means fixing the price FACTORS INFLUENCING PRICE :
of a product or service
Pricing is the base of the full
marketing system. Marketing  Price of competitors Goods
management & market demand  Government control
depends on pricing.
In the present money
 Market Situation
economy, goods & services are  Aims & objectives of the company
purchased for money therefore  Characteristics of the consumer
both buyers & sellers give great
 Cost of production, selling & distribution
importance to pricing.
Buyers & sellers have  Demand
different ideas about pricing  Channels of distribution
Buyer wants the prices to be  Other factors
low while sellers want it to be  Fashion
high
 Availability of substitutes
However it should be
reasonable  Climatic Conditions
 Elasticity of Demand

12. PRICING
 Below-cost pricing
 Pricing as per customer ability to pay
 Pricing above the leaders
 Pricing below the leaders
 One price policy
 Variable price policy
 Target oriented pricing
 Psychological pricing
 Cost plus pricing
 Follow the leader pricing
 Skimming the cream policy
 Market penetration policy