Marketing mix

what is marketing mix

marketing mix is the specialised combination of product, price, place and promotional activities. used to attract an organisations target market and achieve its marketing objectives.

What are the 4 ps of marketing

product, price, place and promotion

what comes under product mix

product, brand, package label, service

what is the importance of marketing

keeps in line of customer and target group, serves as an inter mediator between organisation and customer, changes with changes w customer requirements, maintains balance between various elements

Product mix definition

refers to all intangible and tangible elements offered to a customer to satisfy his needs. the goods that are consumed directly or used in production of other goods.

types of benifits

core benefit, expected benefit, augmented benefit

features of goods

homogeneous in quality, can be stored for future use/ sale, separate identity from producer, tangible, several types.

types of products

convenience, shopping, specialty

what are industrial products

products meant for non personal use.
raw materials, accessory equipment, installations, operation supplies, fabricated parts

characteristics of industrial products

few buyers, geo concentration, leasing, technical consideration, derived demand, reciprocal buying

basis of differentiation for service and product

time lag, identity, storage, replacement, tangibility, standardization, example

what is branding

branding is the name or symbol given to a product by which it is known and remembered

what are the branding strategies

blanket family branding, individual branding, company-cum-individual branding, separate family branding

What is trademark

trademark is a right bought by the company where the brand or part of the brand enjoys legal protection. The brand name cannot be used anywhere else in the country.

what is labeling

labeling is the slip put on the product that denotes the nature, description, contents and information on the product.

what are the kinds of labels

descriptive, informative,brand, grade

what is packaging

process of compressing, crafting and securing goods to prevent breakage, pilferage, leakage or damage to the product

levels of packaging

primary, secondary, transportation

what is price mix

price mix is the price that is required for the product or service. it denotes how much the seller is selling the product for or how much the buyer is willing to pay for the said product

factors determining price

consumer demand, quality, competition in market, cost per unit, objectives of the company, buying motives, risks.

what is place mix?

place mix is the distribution of the product to be available to consumers at the right time, right place and right quantity.

functions by channels of distributions

sorting, allocating, accumulation, assorting, promotion, risks

levels of distribution channel

level 0 = Manufacturer → Consumer
level 1 = Manufacturer → Retailer → Consumer
level 2 = Manufacturer → Wholesaler → Retailer → Consumer
level 3 = Manufacturer → Agent → Wholesaler → Retailer → consumer

Choices of channel distribution

Middle man, company, product

Product related distribution choice

Unit, perishable, quality, bulk and weight, complexity

Company related distribution

financial status, desire for control, volume of output

Middle man related Distribution

Availability, attitude, sales potential, legal constraints, costs, services, customs and complaints

what is physical distribution

refers to inter related process of moving, storage and controlling to make sure the goods get from point A to point B.

types of physical distribution

warehousing, inventory control, order processing, transportation

What is promotion mix

The process of attracting and persuading and informing customers is collectively known as promotion mix

functions of promotion mix

highlight product, stimulate demand, meet competition, provide information, build image, differentiate product

main elements of promo mix

advertising, personal selling, sales promotion, publicity

what is advertising

refers to the non personal representation and the promotion of the product with an identified sponsor

what is sales promotion

everything other than advertising and personal selling that instigate consumer purchase.

personal selling

process of informing, assisting and persuading consumers to buy products through personal contact

what is publicity

non paid form of news or editorial comment about ideas, product and information

Factors influencing promotion mix

nature of market, nature of product, stage of product life and availability of funds