Marketing Mix

It is a set of Marketing tools that the firm uses to pursue its marketing objectives in the target market

PS and C

Four Ps : Product, Price, Place, Promotion. Four Cs: Customer Solution, Customer Cost, Convenience, Communicatoin

Significance of Marketing Mix

Strategy Formulation Budgeting Customer Satisfaction Segmentation Positioning Evaluation and Control Profitability Customer Loyalty Branding

Important Points

Marketing Mix should be adjusted according to PLC All mix elements are interrelated Decision on one element effect decisions on another

what is a product
In marketing, a product is anything that can be offered to a market that might satisfy a want or need. However it is much more than just a physical object. It is the complete bundle of benefits or satisfactions that buyers perceive they will obtain if they purchase the product. It is the sum of all physical, psychological, symbolic, and service attributes

Total product concept

Core product Styling Attributes Color Packaging Brand name Labelling Instructions Quality

Types of Products

Specialty goods Unsought goods Shopping products Convenience products

Product Lines

Product lining is the marketing strategy of offering for sale several related products. A line can comprise related products of various sizes, types, colours, qualities, or prices.

Line Management

Line depth Line consistency Width of product mix. length of product mix.

Branding

A brand is a name, a term, a symbol or a combination of these used to identify the product and differentiate it from competitors

Branding

A brand is a symbolic embodiment of all the information connected to a company, product or service. A brand serves to create associations and expectations among products made by a producer. A brand often includes an explicit logo, fonts, color schemes, symbols, which are developed to represent implicit values, ideas, and even personality.

Branding Policies

Company name Family branding Individual branding Line Branding Co Branding

Brand extension

The existing strong brand name can be used as a vehicle for new or modified products; for example, after many years of running just one brand, Coca-Cola launched "Diet Coke" and "Cherry Coke";

Cannibalism

Cannibalism is a particular problem of a "multibrand" approach, in which the new brand takes business away from an established one which the organization also owns

logo

A logotype (from the Greek ), commonly known as a logo, is the graphic element, symbol, and icon of a trademark or brand, which is set in a special typeface or arranged in a particular way. The shapes, colors, fonts and images of brands usually different from others in a similar market.

Types of new products

The process

Idea Generation Idea Screening Concept Development and Testing Business Analysis Beta Testing and Market Testing Technical Implementation Commercialization

Pricing Strategies

Pricing Strategies

Psychological Pricing Product Line Pricing Optional Product Pricing Captive Product Pricing Product Bundle Pricing Promotional Pricing Geographical Pricing

A well chosen price should do three things:

achieve the financial goals of the firm (eg.: profitability) fit the realities of the marketplace (will customers buy at that price?) support a product's positioning and be consistent with the other variables in the marketing mix

Levels of Channels

that of direct contact with no intermediaries involved, as the 'zerolevel' channel. The next level, the 'one-level' channel, features just one intermediary; in consumer goods a retailer, for industrial goods a distributor

Role of Distribution system

Information Price Stability Promotion Financing of Manufacturers working capital Take title of goods

Factors influencing Distribution decisions

Market characteristic Company Characteristcs Product charac. Intensity of Competition

Major Distribution Alternatives

Intensive Selective Exclusive