THE BUSINESS SCHOOL, UNIVERSITY OF JAMMU

MARKETING MIXSubmitted by:ARJUN SINGH

05-MBA-09

THE BUSINESS SCHOOL, UNIVERSITY OF JAMMU

According to American Marketing Association(AMA), “Marketing is the process of planning & executing the

conception, pricing, promotion & distribution of ideas, goods & services to create exchanges that satisfy individual & organizational goals”.

According to Chartered Institute of Marketing, “It is the management process responsible for identifying, anticipating & satisfying customer requirements profitably”.

Philip Kotler defines Marketing as “Satisfying needs and wants through an exchange process”.

Marketing: Def

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Marketing Mix is a term generally used to denote a particular combination of marketing variables which are controllable by an enterprise and which are used to appeal a particular market segment.

The Marketing Mix is probably the most famous marketing term.

Its Elements are the basic; tactical components of a marketing mix elements are known as Four P’s.

These Elements are Product, Price, Place & Promotion.

Intro: Marketing Mix

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The particular marketing variables under each ‘P’ are shown below in the figure.

PRODUCT PLACE• Product Variety PRICE PROMOTION Channels

• Quality List Price Sales Promotion Coverage• Design Discounts Advertising Assortments• Features Allowances Sales Force Locations• Brand Name Payment Period Public Relations Inventory• Packaging Credit terms Direct Marketing Transport• Sizes• Services• Warranties• Returns

Marketing mix…..Contd

Marketing Mix

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Putting the Right Product in the Right Place, at the Right Price, at the Right Time –- This is Marketing. Getting all these things together is critical.

The Marketing Mix & the 4 Ps of marketing are often used as synonyms for each other.

Marketing Mix is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market.

The 4 P is one way- probably the best known way of defining it and was first expressed in 1960 by E.J.McCarthy.

Successful brands establish critical linkages across marketing-mix elements because product differentiation may not offer a long-term advantage.

The Marketing Mix & The 4 Ps.

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PRODUCT: A tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Example of tangible objects are Motor-car & disposable razor; Intangible products are service based like the Tourism industry.

PRICE: The price is the amount a customer pays for the product. It is determined by a no. of factors including market share, materials costs, product identity & the customer’s perceived value of the product.

PLACE: Place represents the location where a product can be purchased. It is often referred to as the “Distribution Channel”. It can include any physical store as well as virtual stores on the internet.

PROMOTION: It represents all of the communications that a marketer may use in the market place.

The 4 Ps

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CREATION AND DELIVERY OF VALUE WITH ‘4Ps’

MarketingMix

Product

Price Promotion

Place

Seller’s 4 Ps v/s Customer’s Four CsSeller’s 4 Ps v/s Customer’s Four Cs

CustomerSolution

CustomerCost

Communication

Convenience

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Maruti has been around in the Indian market from the early eighties, but it has been forced to attempt a no. of strategies to maintain its leadership by launching new models, sub-brands, providing several services which today includes trading used cars and expanding its distribution.

In a competitive situation, a firm has to prioritize marketing-mix elements.

An Example of Marketing-mix Strategy

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Along with these Controllable Factors i.e.,4Ps, there are some Uncontrollable Factors as well, whose knowledge is very important for an organization to achieve the targets. These are :-

1. Buying Behaviour of Customer : It includes personal, cultural & social background of customers.

2. Trade’s Behaviour : It includes motivation, their structure, practices and attitude of suppliers, distributors & middle-men.

3. Competitor’s Position(Behaviour) : It is influenced by Industry structure, relation of supply to demand, product choices, degree of competition on price basis and motivation & attitude of competitor.

4. Government’s Control : It includes Regulations over Pricing Policies, Product, Competitive Practices and Advertising & Promotions.

In all, it can be said that Uncontrollable factors mix along with the requisite Controllable factors mix are very much essential for an organization to compete and progress in the market.

Uncontrollable Factors

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