Marketing mix

XII BUSINESS TUDIES MARKETING MANAGEMENT -MARKETING MIX

1. INTRODUCTION Modern Marketing is consumer oriented. Every marketer is trying to satisfy the needs and expectation of consumer’s .But this is a difficult task as the marketing activities are influenced by several activities. Factors influencing the marketing activities are of two types – Controllable factors and uncontrollable factors.

2. CONTROLLABLE FACTORS Controllable factors are internal factors which can be controlled by an organization. They are four groups-product, price, promotion and place or distribution

3. UNCONTROLLABLE FACTORS Uncontrollable factors are external which cannot be controlled by an organization. They are of four groups- consumers’ behavior, competitors’ behavior, traders’ behaviour and government’s behavior. The harmonious blending of the four controllable factors into a marketing program is called marketing mix.

4. FOUR P’S OF MARKETING

5. MEANING AND DEFINITION OF MARKETING MIX The concept of marketing mix developed by the Prof. N.H. Borden. Marketing mix is a set of marketing tools that the firm uses to pursue its marketing objectives in the target market – Philip Kotler

6. MEANING AND DEFINITION OF MARKETING MIX The concept of marketing mix developed by the Prof. N.H. Borden. Marketing mix is a set of marketing tools that the firm uses to pursue its marketing objectives in the target market – Philip Kotler

7. MEANING AND DEFINITION OF MARKETING MIX The term marketing mix is used to describe a combination of four elements – the product, price, Place and promotion, These are popularly known as ‘ Four P’s’. of marketing. Marketing mix developed to satisfy the anticipated needs of the identified markets.

8. SIGNIFICANCE OF MARKETING MIX 1. Marketing mix is the link between business and customers 2. Marketing mix helps to increase sales and profits 3. Marketing mix gives equitable consideration to all marketing elements 4. Marketing mix ensures proper integration of elements 5. Marketing mix ensures customer satisfaction.

9. ELEMENTS OF MARKETING MIX

10. MERITS OF COMMERCIAL PAPER E.J. Mc Carthy , an American Marketing Expert has stated Marketing mix in terms of four P’s viz , Product, Promotion, Price and Place . Marketing mix may be explained as total marketing programme of the business. Every business need to determine its optimum marketing mix in order to achieve its goals and objectives. ELEMENTS OF MARKETING MIX

11. PRODUCT

12. Product means goods or services or anything of value’ which is offered to the market for sale. The term product is viewed as a bundle of utilities. In this sense, product includes physical goods, services, places, organizations and ideas.. Product is anything that can be offered to a market to satisfy a want or need. PRODUCT

13. Product is the most visible components of the marketing mix. In Marketing mix product refers to planning developing and producing right type of products and services. It involves decision on quality ,size, design, packaging , colour , brand, label, packages. Etc. The whole range of products offered by a firm is called product mix. PRODUCT MIX

14. PRICE MIX

15. PRICE Price may be defined as the amount of money customers have to pay to obtain the product. Without price there is no marketing in the society. The price is a matter of vital importance to the buyer and the seller.

16. PRICE The variables usually involved in price mix are as follows. Determination of the right price Pricing policies and strategies Discounts,rebates and levels of margin Terms of delivery Credit policy etc.

17. PLACE

18. PLACE MIX Place mix consists of all the activities involved in transferring ownership and physical possession of the product to consumers. Its purpose is to make the product or service available to customers at the right time and the right place. Ie . It create time and place utility

19. PLACE OR PHYSICAL DISTRIBUTION Distribution mix includes (a) Channels of distribution ( b) Physical Distribution Physical distribution includes all those activities which are involved in moving products or services from manufacturers to consumers. Channels of distribution are the routes through which goods move from the producer and consumers.

20. PROMOTION MIX Promotion deals with informing and persuading the customers about the firm’s product. Promotion mix it includes communication activities undertaken to inform and convince customers. Promotion mix involves decisions about advertising, personal selling and other sales promotion techniques