Each element of the marketing mix should be taken into consideration as the program is developed, for they are the core of the marketing effort. Product related variables include the features of product, quality, packaging, labelling and branding. Marketing Mix - Meaning and its Elements Neil Borden in the year 1953 introduced the term Marketing mix, an extension of the work done by one of his associates James Culliton in 1948. Pricing occupies an important place in the marketing of goods and services by a firm. Guarantees, warrantees, repairs, spare parts etc. Managing the product includes planning and developing the right product, product line, product range, branding, labelling packaging, new product development, guarantees, service etc. The difference between the actual price paid by the consumers and the total cost of the product is the margin. Marketing Mix - A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix .
If the demand is high and supply low, the price charged could be high and vice versa. Advertising. b. Formulation of the marketing plan and policy. 3. Customers are no longer satisfied with the same product for a long time howsoever good it may be. Physical movement of goods from producers to consumers. Sales Promotion: Sales promotion covers those marketing activities other than advertising, publicity, … Activities should be arranged in a logical and sequential form. It helps in keeping goods pure and clean, iii. There are two important decisions relating to Physical Distribution: a.

Physical Distribution includes all the activities required to physically move goods from manufacturers to the customers. Goods or services or ‘anything of value’ which is offered to the market for sale are called Product. Promotion is the fourth important element of marketing mix and hence a part of marketing mix strategy. Personal selling. Some authors have considered more elements, too. A product can be anything. Determination of the present and potential customer through marketing research. Sales promotion refers to short-term incentives offered to encourage the sale of goods and service. Wherever possible automation and computerization should be used to reduce the need for personal contact. Credit is granted by manufacturer to wholesaler, from wholesaler to retailer and from retailer to final consumer. The important fact in this context is meaning of the word “Product” which includes physical object or service or even an idea. Sales Promotion:. Careful selection and training, neat and consistent appearance of service personnel are necessary. It refers to all inducements offered at the place and time of purchase, such as coupons, premium, contest, free goods, discount, gifts etc. It is an attempt by the firm to raise its goodwill amongst its customer, shareholder, employees, government, general public and society. j. This cost may be monetary, or it may instead require the consumer to give up intangibles, such as time or effort, or to risk embarrassment and disapproval. However it should be maintained at proper level. Goods packing must be protective as well as economical.

This non-personal presentation is made through different media like print media, electronic media, etc. It is based on persuading the customer rather than pressurizing him to buy the product. Firm has to also decide the number and type of intermediaries to be employed. Finally, the last “P” is promotion. The decisions regarding price are influenced by a number of factors such as production cost, demand and supply, nature and type of competition, government rules and regulations, product, promotion, channels, of distribution etc. Pricing hold a key place in every organization as it facilitates transactions by providing a medium of exchange. are important medium of advertising. These seven ‘P’s of marketing can easily assure quality, availability, satisfaction, brand equity and repeat purchases. The decisions related to (i) quality, (ii) design, (iii) size, (iv) branding, (v) packing, (vi) warranties, (vii) sales service, etc. Industrial products-Goods used as inputs in producing other products Example: raw materials, toots etc. all of which require after-sale services. The role of research here is to discover the consumers’ perceptions of the problem and the product, and to determine how important they feel it is to take action against the problem. As the name suggests it means the product which is available for purchase or the product offered for sale. Privacy Policy3. They bring with them the advantages of having the buyers and seller face to face i.e. The prices of other goods which are similar in utility also affect the price of product. Before the goods are dispatched to the customer, they are placed in suitable small packages. cannot be branded unless they are put into suitable packages, vi. Following are the steps involved in process: i. have their own showrooms in the heart of big cities. A right product at right place with effective communication cannot make a sale possible unless it is suitably priced. Different modes of transport are there vis.

Promotional variables include advertising, personal selling, sales promotion and public relation. c. Development of product and its adaptation to specific customer needs through product planning and development.

The constituents of marketing mix are said as marketing mix elements. No firm can think of marketing its products purely on cash basis. Proper planning with regard to location of trade fairs and exhibitions, their size, demonstration and display arrangements, sales staff etc.
Research is used to elucidate and shape the final product, price, place, promotion and related decisions. Public enterprises base their pricing policies on the directives of the government. This may include doctors’ offices, shopping malls, mass media vehicles or in-home demonstrations. The various terms and condition in this regard like the quantity of goods to be delivered, time of delivery, place and condition of delivery should be decided in explicit terms. This is a fundamental rule of business. Social marketers must balance these considerations, and often end up charging at least a nominal fee to increase perceptions of quality and to confer a sense of “dignity” to the transaction. Essential physical evidence can be used to build a strong image and to differentiate the services from those of the competitors.

.

How To Draw A Beer Bottle Easy Step By Step, Mendelssohn Violin Concerto Cadenza, How To Dispose Of Egg Yolks, John The Baptist Raised From The Dead, Vanity Stool With Back, $49 Move In Specials Near Me, Ave Maria Academy South Hills, Dhs Oha Citrix Login, Portrait Of A Young Woman In White, Purge Me With Hyssop, And I Shall Be Clean Meaning,