Understanding the Marketing Mix: Exploring Product, Price, Place, and Promotion
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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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.
