Qns: What is marketing mix? State 4 Ps of Marketing.

Ans: The term marketing mix was evolved in by Neil Borden who first started
using in 1949. Marketing mix consists of Product, Place, Price, and Promotion.

1) Product: A product is a collection of satisfaction provided to customers.

People buy satisfaction or value related to the product. A product may be
real or physical or invisible. Real products are commodities having
appearance of size, shape and color at a huge scale production. A product
follows a logical product cycle. Benefit offered by the product and all its
features need to be understood and studied by the customer.
2) Place: Distribution is a key element of place. Distributing the product from
the place of the manufacturer to the place of final consumption.
Wholesalers, retailers, dealers, agents are involved in the channel of
product distribution. The placement strategy will help assess what channel
is most suitable for the product.
3) Price: Price is the value charged by the marketer in exchange of their
product. Price plays a crutial role in case of promotion of the product by
distributing coupons, providing discounts, helping in mode for payment.
Product pricing is set to achieve maximum profit. If the product has a little
value in the eyes of the consumer, then it may need to underprice to sell.
Price may also be affected by distribution plans and markups and how
competitors price a rival product.
4) Promotion: The term promotion is referred to as all sorts of activities done
by the marketer or seller to promote the product. It is important to
differentiate between marketing and promotion. Promotion is just the
conversation aspect of the entire marketing function. These may include
advertising, sales promotion, providing special offers and maintaining
public relation.
Qns: What are 4Cs of marketing?

Ans: 4Cs of marketing was proposed by Robert Lauterborn in 1990. The term and
practice of marketing is changed dramatically. The 4Cs of marketing focuses on
the customers. Marketing mix is a step away from the traditional mass marketing
concept.

a) Customer solution: The first C in this marketing mix is the customer’s wants
and needs. Instead of focusing on the product itself, the first C focuses on
filling a void in the customer’s life. This marketing strategy is important for
businesses that are interested in seeking an understanding of their
customers. Once you understand your customer, it becomes much easier to
create a product that will be of benefit to them. The customer makes the
purchase decision and is therefore the most valuable resource in any
marketing strategy.
b) Cost: The Second C in this marketing mix is cost. Don’t confuse the cost
of your product with its price. Price is only a small segment of the overall
cost of buying a product to a customer. It is important to determine of
overall cost – not price – of your product to the customer. Cost not only
includes price of the item, but also may include things such as the time it
takes for the customer to get to your location in order to buy your
product, or the cost of gas that it takes to get them there. Cost can also
include the product’s benefit, or lack-there-of, to the customer.
c) Convenience: The Third C within this marketing mix is convenience.
Convenience is often compared to “place” in the 4P’s marketing strategy.
However, these two are very different. Place simply refers to where the
product will be sold. Convenience is a much more customer-oriented
approach to this marketing strategy.
d) Communication: Promotion of a product is used to sway customers in order
to get them to buy a product. Promotion can often be manipulative and
ineffective. However, communication is (again) a customer-oriented
approach to the task of selling products.