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Marketing MixProduct Place Price

Promotion

Objective• Explain what is Marketing Mix

• Explain the 4 Ps and 4 Cs of Marketing Mix

• Explain what is Viral Marketing

• Explain Extended Marketing Mix

• Explain 7Ps & 7Cs of Marketing Mix

• Describe the Characteristics of Marketing Mix

• Explain Marketing Planning Process

• Explain AIDA

• Explain SWOT Analysis

• Compare Old-School vs. Predictive Marketing Mix Analysis

Introduction

Helium Pvt. Ltd. is a major player in the field of cosmetics.

Till now, it has majorly focussed on cosmetics related to skincare of men and women.

However, now it intends to venture into the baby healthcare products.

???

Look at the various questions that come into the minds of the marketing people at Helium.

Introduction

What should be the products / services to be offered?

Which areas should be first ventured into?

What kind of pricing strategy should be followed?

How should the new products be marketed / promoted to make an impact?

Introduction

What should be the products / services to be offered?

Which areas should be first ventured into?

What kind of pricing strategy should be followed?

How should the new products be marketed / promoted to make an impact?

All of the above questions as well as several other questions pertaining to the marketing of a product or service can be answered through an understanding

of the concept of ‘marketing mix’.

Let us learn about ‘marketing mix’ and its role in marketing.

What is Marketing Mix?

‘Marketing Mix’ refers to the primary elements that must be taken care of in order to properly

market a product or service.

••

Marketing mix is the combination of

four elements: Product, Place,

Price and Promotion.

••

Hence, it is a term that describes the key elements used by an organization

to help meet its marketing objectives.

••

So, by altering the elements within a marketing mix, the offer you make to your customer can

be altered.

••

So, for a high profile brand, the focus on

promotion is increased and whereas the

weightage laid on price is decreased.

Product - Customer/Consumer

In the four Cs model, the product part of the Four Ps model is replaced by customer or consumer which shifts the focus to satisfying the consumer.

PRODUCT

Components of a Product

••

••

•

Variety

Quality

Design

Features

Brand Name

• Packaging

Different Kinds of Pricing of ProductThe different kinds of pricing of a product include:

Credit Terms

Payment Period

Discounts & Allowances

List Price

In retail, list price is regularly quoted to customers before applying discounts. List prices are usually the prices printed on dealer lists, invoices, price tags, catalogs, or dealer purchase orders

Setting a Price

Society & Law:Price should be set within societal norms and legal framework defined by state and national laws

Cost

Target Segment

Competition

Society & Law

Variant Prices

Discount Policy

Society & Law

7Ps & 7Cs

1 2 3 4 5 6 72

Achieving the Right Marketing Mix

First, choosing the product that meets the identified need of the target segment

Second, the right distribution channel is used to make the product available

Third, the firm undertakes eye catching promotion

Fourth, the price platform is acceptable to the customer & firm

The right marketing mix can be achieved by:

Inter-relationship between Components of Marketing-mix

The four elements of

marketing mix, namely:

product, price, promotion

and place are related with

each other.

An example of an inter-relation can be

seen in that tools of promotion depends

upon the nature of product, the price

that can be charged for that product,

and the process through which it would

reach the consumer.

Hence, a marketer has to

consider these inter-

relationships and then design an

optimum marketing mix which

takes care of both customers’

satisfaction and organisational

objectives.

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