Marketing –“a social process by which individual groups obtain what they need

and want through creating offerings and freely exchanging products and

services of value with others.”

Thus, the process of marketing involves creating a market offering, to

satisfy needs and wants of the present and potential buyers.

HOW TO CREATE A MARKET OFFERING ???

The answer to the question is Marketing Mix.

Marketing Mix –

* is the essence of any marketing endeavour.

* is the main building block of marketing efforts of a firm.

The firm looks for having transaction with the customer, but to have a transaction

the firm has to develop a product or service, design it, pack it, name it, price it,

promote it and distribute it. All these decisions are the core of marketing mix.

The elements of marketing mix are classified

into four categories and through fine mixing

of these elements the superior value products

or services are created for customers.

The elements of marketing mix are also known

as -

Elements of Marketing Mix“Marketing mix are the set of marketing tools that firm uses to pursue its marketing objectives in the target market.”

PRODUCTA product is seen as an item that satisfies what a consumer demands. It is a

tangible good or an intangible service. Tangible products are those that have an

independent physical existence. Typical examples of mass-produced, tangible

objects are the motor car and the disposable razor. A less obvious but ubiquitous

mass-produced service is a computer operating system.

Every product is subject to a life-cycle including a growth phase followed by a

maturity phase and finally an eventual period of decline as sales fall. Marketers

must do careful research on how long the life cycle of the product they are

marketing is likely to be and focus their attention on different challenges that

arise as the product moves.

Design

Technology

Usefulness

Convenience

Value

Quality

Packaging

Branding

Accessories

Warranties

Product

ProductMethods used to improve/differentiate

the product and increase sales or target sales more effectively to gain a competitive advantage e.g. --• Extension strategies• Specialised versions• New editions• Improvements – real or otherwise!• Changed packaging• Technology, etc.

Price

Price is the value which a buyer passes on to the seller in lieu

of the product or services provided. Price is the crucial element

of marketing mix because customer is very sensitive to this

element.

Strategies

Skimming

Penetration

Psychological

Cost-Plus

Loss Leader

etc

Price

Price• Pricing Strategy

• Importance of:

• knowing the

market

• Elasticity

• keeping an eye

on rivals

Place

Place refers to the set of decisions that need to be

taken in order to make the product available. If the

products are not made available to the customers at

the right place at the right time then customer would

not be able to buy them.

Retail

Wholesale

Mail order

Internet

Direct Sales

Peer to Peer

Multi-Channel

Place

Place

• The means by which products and services get from

producer to consumer and where they can be accessed by

the consumer

• The more places to buy the product and the easier it is made to

buy it, the better for the business (and the consumer?)

Promotion

The Promotion element of marketing mix is concerned with

activities that are undertaken to communicate with

customers and distribution channels to enhance the sales of

the firm.

The promotional communication aims at informing and

persuading the customer to buy the product and informing

him about the merits of the product.

Special offers

Advertis ing

Endorsements

User tr ials

Direct mail ing

Leaflets/posters

Free gifts

Competitions

Joint ventures

Promotion

Promotion• Strategies

to make the consumer

aware of the existence of a

product or service

• NOT just advertising

THANKYOU!!!