The Marketing Mix: Exploring Product, Price, Place, and Promotion
Meaning and Definition of Marketing mix
The
marketing mix
deals with the way in which a business
uses
price, product, distribution and promotion
to market and sell
its product.
The marketing mix is often referred to as the
"Four P's
" - since the
most important elements of marketing are concerned with :
Product
Product:
Product
refers
to
the
goods
and
services
offered
by
the
organization. A pair
of
shoes, a plate
of
rice, a
lipstick,
all are
products.
All these are purchased because
they
satisfy one
or
more
of our needs
.
We
are
paying not
for
the
tangible product
but
for the
benefit
it
will
provide
. So, in
simple words, product
can
be
described as a
bundle of
benefits
which a marketer
offers to
the
consumer
for
a
price.
While
buying a pair
of shoes
, we
are actually buying
comfort for
our
feet
,
while
buying a lipstick
we
are
actually paying
for
beauty because lipstick
is
likely
to
make us look
good.
Price
Price is the
amount
charged
for a
product
or
service.
It is the
second
most important element
in the
marketing mix.
Fixing
the
price of
the
product
is
a
tricky job
.
The factors
have
to
kept
in mind while
pricing
a
product
are:
like demand for a
product,
cost
involved,
consumer’s ability
to
pay,
prices
charged
by competitors
for similar
products,
government
restrictions
etc.
Place
Place:
Goods
are
produced
to
be
sold to the consumers.
They
must
be
made
available to
the consumers at a place
where they can
conveniently
make purchase
. Foods and
snacks
are manufactured
on
a large
scale in
Bangladesh
and
you
purchase
them
at
a
store
from the nearby market
in
your
town. So, it is necessary that the product is available at shops in your
town. This
involves a chain
of individuals
and institutions like
distributors,
wholesalers and retailers
who
constitute
firm’s
distribution network
(also
called
a
channel of
distribution
).
The channel
though
which
the
products
are
distributed
to the
final
customer
are known as channel of
distribution
Promotion
If
the product
is
manufactured
keeping
the
consumer
needs
in mind
, is rightly
priced and
made
available at
outlets
convenient to
them but
the
consumer
is not made
aware
about
its price,
features, availability
etc., its
marketing
effort
may
not
be
successful.
Promotion is
done through
means
of
personal selling,
advertising,
publicity
and
sales
promotion.
It
is
done
main
l
y
with
a
vi
e
w
to
pr
o
vi
d
e
in
f
orm
a
ti
o
n
to
prospective
consumers
about
the
availability,
characteristics and uses of
a
product.
Delve into the world of marketing mix through the lens of product, price, place, and promotion. Learn how businesses strategically utilize these elements to market and sell their products, as defined by Philip Kotler. Discover the importance of focusing on the benefits that products offer to consumers rather than just their features.
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Presentation Transcript
M.PAPPATHI M.COM.,M.PHIL., M.PAPPATHI M.COM.,M.PHIL., ASSISTANT PROFESSOR, ASSISTANT PROFESSOR, II B.COM.,(CA) II B.COM.,(CA) PPT MARKETING MANAGEMENT, MARKETING MANAGEMENT, P.G DEPARTMENT OF COMMERCE(CA). P.G DEPARTMENT OF COMMERCE(CA). PPT
Marketing Mix Marketing Mix
Meaning and Definition of Marketing mix Them arketing m ix m arketing m ixdeals w ith the w ay in w hich a business usesprice, product, distribution and prom otion price, product, distribution and prom otionto m arket and sell its product. The m arketing m ix is often referred to as the"Four P's m ost im portant elem ents of m arketing are concerned w ith : "Four P's" -since the
P roduct P roduct-the product (or service) that the custom er obtains P rice P rice-how m uch the custom er pays for the product Place Place how the product is distributed to the custom er P rom otion P rom otion-how the custom er is found and persuaded to buy the product
A ccording to Philip K otler, m arketing m ix is the m ixture of controllable m arketing variable that the firm uses to pursue the sought level of sales in the target m arket
Product P roduct: P roduct:P roduct refers to the goods and servicesoffered by the organization. A pair of shoes, a plate of rice, a lipstick, all are products. A ll these are purchased because they satisfy one or m ore of our needs. W e are paying not for the tangible product but for the benefit it w ill provide. So, in sim ple w ords, product can be described as a bundle of benefitsw hich a m arketer offers to the consum er for a price. W hile buying a pair of shoes, w e are actually buying com fort for our feet, w hile buying a lipstickw e are actually paying for beauty because lipstickis likely to m ake us lookgood.
It is im portant to note that people generally w ant to acquire the benefits of the product, rather than its features. For exam ple for buying a m otor cara person is buying such thing as luxury or speed or econom y or status. The facts that these benefits are achieved by differences in engine size suspension design or paintw ork is really of secondary interest. A ll the organizations are selling benefitsof the product to theircustom ers.
The range of products offered by an organization is called the product m ix. M otor car m anufacturer-cheap, basic fam ily runabouts, m edium prices fam ily saloons, estate cars, executive saloons, and sports cars. W ithin m ost of these product lines, various refinem ent can be offered e.g. tw o door and four door function of the fam ily saloons, variations in the engine size and of course a range ofcolors.
Price P riceistheam ount chargedfor aproduct or service. It isthesecondm ost im portant elem ent inthe m arketingm ix. Fixingthepriceof theproduct isa trickyjob.Thefactorshavetokeptinm indw hilepricingaproductare: like dem and for aproduct, costinvolved, consum er s ability topay, prices charged by com petitors for sim ilar products, governm ent restrictions etc.
The activities of com petitors have an im portant bearing on pricing decision. The m ost obvious exam ple is w hen a com petitor s raises or low ers his prices. If your product can offer no particular advantages over his, then if he drops his price, you w ill have to followsuit.
Place Place Place: :G oodsareproducedtobesoldtotheconsum ers.They m ustbe m adeavailabletotheconsum ersataplacew here theycanconveniently m akepurchase.Foodsandsnacksare m anufacturedonalargescalein B angladeshandyou purchasethematastorefromthenearbym arketin yourtow n. So,itisnecessarythattheproductisavailableatshopsinyour tow n.Thisinvolvesachainofindividualsandinstitutionslike distributors, w holesalersandretailersw hoconstitutefirm sdistributionnetw ork(also calledachannelofdistribution). Thechannel thoughw hichtheproductsaredistributedtothe final custom erareknow naschannelofdistribution
Promotion Iftheproductism anufacturedkeepingtheconsum er needsinm ind,isrightly pricedandm adeavailableat outletsconvenienttothembuttheconsum erisnot m adeaw areaboutitsprice,features,availabilityetc., itsm arketingeffortm ay notbesuccessful. P rom otionisdonethroughm eansofpersonal selling, advertising, publicity and salesprom otion. It isdone m ainly w itha viewto provideinform ationto prospective consum ers about the availability,characteristics and uses of aproduct.
