MARKETING MIX

Marketing mix refers to the set of actions, or tactics, that a

company uses to promote its brand or product in the
market. The 4Ps (price, product, promotion and place)
make up a typical marketing mix. All the elements of the
MARKETING MIX marketing mix influence each other. They make up the
business plan for a company and handled right, can give it
great success, but handled wrong and the business could
take years to recover. The marketing mix needs a lot of
understanding, market research and consultation with
several people, from users to trade to manufacturing and
several others.
 Product refers to the item actually being sold. The product
must deliver a minimum level of performance; otherwise
PRODUCT even the best work on the other elements of the marketing
mix won't do any good. Product marketing mix is not the
name of tangible goods. Broadly, it includes physical
objects, persons, place, organizations and even ideas or
combination for these characteristics.
 There are four levels of a product core, tangible, augmented, and promised. Each is important to
understand in order to address the customer needs and offer the customer a complete experience.

• The core product satisfies the most basic need of the customer. For example, a consumer who
purchases a healthy snack bar may be seeking health, convenience, or simply hunger relief.

LEVELS OF • Once the core product has been identified, the tangible product becomes important. The
tangible aspects of a product are those that can be touched and held. This idea can be expanded
PRODUCT IN to also include the characteristics of the product that directly touch the buyer in the buying

MARKETING MIX decision. These are the product elements that the customer will use to evaluate and make
choices: the product features, quality level, brand name, styling, and packaging.

. • The augmented product includes the tangible product and all of the services that support it.
Often, the buyer expects these services and would reject the tangible product if they were not
available. For example, if you shop at a department store, you are likely focused on a core and
tangible product that centers on the merchandise, but you will still expect the store to have
restrooms, escalators, and elevators

• The outer ring of the product is referred to as the promised product. Every product has an
implied promise, which is a characteristic that is attached to the product over time. The
promised product is the long-term result that the customer hopes to achieve by selecting the
product. The promised product may be financial—the resale value of a car, home, or property,
for example—but it is often more aspirational. The customer hopes to be healthier, happier,
more productive, more successful, or enjoy greater status.
 • Introductory: The introduction stage is the first stage in
the product life cycle where a company tries to build
awareness about the product or service in a market
where there is less or no competition.
PRODUCT LIFE
• Growth: is the period during which the product
CYCLE
eventually and increasingly gains acceptance among
.
consumers, the industry, and the wider general public.
• Maturity: is when the sales growth has started to slow
down, and the product has already reached widespread
acceptance in the market.
• Decline: is when the product ultimately ‘dies’ due to the
low or negative growth rate in sales
 Price is the value that is put to a product or service and is
PRICE/PRICING the result of a complex set of calculations, research and
STRATEGIES understanding and risk taking ability. A pricing strategy
takes into account segments, ability to pay, market
conditions, competitor actions, trade margins and input
costs, amongst others. It is targeted at the defined
customers and against competitors.
 • Cost plus Pricing: consists of setting the price based on the
production cost and the desired level of mark-up.
• Price Skimming: is by which a firm charges the highest initial
price that customers will pay and then lowers it over time.
TYPES OF PRICING • Promotional Pricing: in which brands temporarily reduce the
STRATEGIES price of a product or service to attract prospects and customers
• Predatory Pricing: is the illegal act of setting prices low in an
attempt to eliminate the competition.
• Differential Pricing: in which a company sets different prices
for the same product on the basis of differing customer type,
time of purchase
• Branding: is the higher price for a premium brand
• Dumping: price below cost in export markets
 In the marketing mix, the process of moving products
from the producer to the intended user is called place. In
PLACE other words, it is how your product is bought and where it
is bought. This movement could be through a combination
of intermediaries such as distributors, wholesalers and
retailers. In addition, a newer method is the internet which
itself is a marketplace now.
 Promotion in the marketing mix refers to communication
with the specific objective of informing, persuading and
PROMOTION IN remembering a target audience. The role of promotions is
MARKETING MIX an integral part of the marketing mix. In general,
.
promotions tend to focus on how to attract the attention of
consumers and motivate them to take action or make a
purchase via eCommerce or other channels. There are
many ways marketers can go about promoting a product
or service, but it requires strategic research into the target
audience and where to find them.
 • Advertising- is only as helpful as its ability to be seen, but
with so many brands vying for attention, campaigns lose
effectiveness over time.
• Public Relations- are publicity, companies share their message
TYPES OF through existing channels- most often the press a by doing or
PROMOTIONS IN sharing something newsworthy.
MARKETING MIX • Direct Marketing- is much like it sounds, marketing directly to
a person by communicating with a narrow group of potential
.
customers, companies promote their offerings through
telephone marketing.
• Sales Promotion- are the sledge hammers of the marketing
world. A well-crafted sales promotion can generate immediate
traffic and boost your short term sales.
• Personal Selling- companies hire salespeople to reach out
directly to potential customers in order to share information
about products or services.
 BIBLIOGRAPHY

• https://economictimes.indiatimes.com/definition/marketing-mix

• https://blog.hubspot.com › marketing › marketing-mix

• https://www.learnmarketing.net/Price.htm

• https://economictimes.indiatimes.com/definition/introduction-stage

• https://courses.lumenlearning.com/boundless-marketing/chapter/product-life-cycles

• https://www.marketingtutor.net/marketing-mix-product/

• https://www.cleverism.com/place-four-ps-marketing-mix/#:~:text=In%20the%20marketing%20mix%2C%20the,as%20distributors%2C%
20wholesalers%20and%20retailers
.

• https://www.pfcfulfills.com/industry-insights/role-of-promotion-in-the-marketing-mix/