marketing mix 2
TRANSCRIPT
MARKETING
• The term "marketing" is derived from the word "market," which refers to a group of sellers and buyers that co-operate to exchange goods and services.
• Marketing is defined as communicating the value of a product, service or brand to customers, for the purpose of promoting or selling that product, service, or brand.
IMPORTANCE OF MARKETING
• Marketing Promotes Product Awareness to
the Public
• Marketing Helps Boost Product Sales
• Marketing Builds Company Reputation
MARKETING MIX• Factors managed by an organization that
influence the demand of a pro
• It is a combination of marketing tools that a company uses to satisfy their target customers, and achieving organizational goals. duct or service.
HISTORY• The term marketing mix was coined in an
article written by Neil Borden called “The Concept of the Marketing Mix.”
• The marketer, E. Jerome McCarthy, proposed a four Ps classification in 1960
4 P’S OF MARKETING
McCarthy classified all marketing tools under four broad categories:
• Product• Price• Place• Promotion• These four elements are the basic components
of a marketing plan and are collectively called 4 P’s of marketing.
PRODUCT• Tangible or intangible item or service offered
to customers to satisfy a need or want.• Example:– Brand Styling and Packaging– Features/Benefits– Warranty
PRICE• Amount a product or service costs to
customers.• Often influences customers where to
purchase certain products or services.• Example:– Clearance: 500rs for everything– Buy 1, Get One 50% off
PLACE• Communication between businesses and
customers that guide them towards making a purchasing decision.
• Example:– Advertising– Publicity– Sales and Discounts
PROMOTION• How a product or service is delivered to
customers or businesses.• Examples:– Inventory– Distribution Centers– Transportation– E-Commerce
EXTENDED MARKETING MIX• In order to extend the usefulness of marketing
mix, some authors introduced seven P’s.• Booms and Bitner included three additional 'Ps'
to accommodate trends towards a service or knowledge based economy:
PEOPLEPROCESSPHYSICAL EVIDENCE/ENVIRONMENT• But the foundation of Marketing Mix still stands
on the basic 4P’s.
PEOPLE• All people who directly or indirectly influence
the perceived value of the product or service, including knowledge workers, employees, management and consumers.
PROCESS• Procedures, mechanisms and flow of
activities which lead to an exchange of value.• Process become all the more crucial to
ensures standards are met with.• Process mapping ensures that your service is
perceived as being dependable by your target segment
PHYSICAL ENVIRONMENT
• The direct sensory experience of a product or service that allows a customer to measure whether he or she has received value. Examples might include the way a customer is treated by a staff member, or the length of time a customer has to wait, or a cover letter from an insurance company, or the environment in which a product or service is delivered