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   /   m   o   c What Question No.2 No.27. What is Marketing Marketing Mix? What are are its elements lements or components? . OR What What are 4 Ps and writ wr ite e a note no te on   e them.   e  An  A n s w er: er :   r INTRODUCTION:    f   e   n    i    lthe cus M ore custt omers omers more wil l be   n t he profitability. profitability.   o    l    l   a .   went  Adapt t o t he Environm   warket  Sat isfy isfy t he t arget m Enable organizat organizat  w ion t o meet meet it s marketi mar keti ng object object ives     / Definitions:    /Acc Accor ordi ding ng t o M c CAR CART THY:  HY:    :variabl “The “The cont roll able variabl es t hat t he company put t ogether t o   p sat isfy isfy t he target group.”     t    t    h Marketing Mix:

In this competitive environment companies design various kind of strategies in order to resist in the market. These strategies are based upon the target market on which the company is focusing because the organization profitability depends upon the number of customers. No doubt management of a company designs marketing mix with a combination of best controllable factors in order to achieve the goals of organization. These factors are affected by both Internal as well as external forces prevailing outside and inside the organization. Therefore, the marketing mix should be composed of those factors or must be designed in such a way that:

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   /   m   o t ools w it h “M arketing M ix is a combinat combinat ion of suc such h marketing   cbe achieved.”  t he help of w hich desir desired ed object object ives can achieved.”  . Components OR Elements of Marketing  e Mix: The most popular elements of marketing mix are 4 P’s   e which are   r Product    f Price Place   e Promotion   n These elements are very closely related to each other and    iare given below: the descriptions of key elements    l 1. Product Strategy: It refers refers to th e characteristic s of the th e produc pro duct/se t/servi rvice ce   n the base for any kind of being marketed. marketed. Product is   o marketing strategies because it is the product that is to be    l delivered to the ultimate customer. The product includes    l or ideas that are to be the goods, articles, services delivered to the ultimate  a customer. Moreover, the product may be consumer like (pen, books, . cloth) op producer goods like (machinery, plant,   w equipment etc). The product strategy  w includes various aspects relevant to   w following things: the product and covers Natur Nature e of the   / Produc t Desig Design n of the t he Prod Product uct    / Market arket of the Product   : Quality Asp ects Variety ariety of o f   p  the th e Prod Product uct    t Brand name na me,, Trade mark decision decision    t    h Simply we can say that:

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   /   m What would b e the packing packing of th e product   o Various features of the produ ct Produc rodu ct plannin pla nning g also also includes t he dec decision ision  c relevant r elevant t o new product product , the t he M arketing arket ing Res Researc earch h for t hat product produc t . Produc Productt . st rat egy is import ant bec because ause it det det ermine rmi  e ness t hat w hat t he cust ust omer i s sat isfi isfi ed t he organizat organizat ion w ill prosperous..   eil l be prosperous   r    f   e   n    i    l   n   o    l    l   a .   w   w   w    /    /   :   p     t    t    h Diagram:

Price Strategy:

Product Strategy: Strategy:      

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  Variety    Quality    Design  Brand Name    Features    Packaging 

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List price    Discounts    Allowance  Payment period  Credit terms 

Marketing

Ta rge t 

Customer 

Promotion Strategy: Strategy:    

  Advertising  Personal selling  Sales Promotion    Publicity 

Place Strategy:

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Channels  Coverage  Locations  Transportation  Inventory 

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   /   m   o   c .   e   e 2. Pri Price ce Strategy: Price is also one of the strongest element in the   r marketing mix .Because it has the direct impact on the    f customer & on the overall economy.   e major inculcat inculcators ors it help FOR CONSUMER: Price is the   n the consumer consumer to take buying decision de measure the    icision to measure quality of product & to make    l the comparison of chosen product with other products. In short one can say that its   n help the consumer to position the product in the market.   o    lan important important factor because because it is FOR BUSINESS: Price is the point which covers the    lcost & gives profit.   a FOR ECONOMY: Price level has a reaching effect .It influence wage, interest .rate, employment & the policy of   w government.   w Price strategy is therefore is the most difficult & an   w important thing to consider in the marketing area    / .Moreover the policy strategy also covers the following    / aspects:   : Discount rates.  Al  A l l o w anc an c es Mech Mec h ani an i s m .   p  Payment Payment   t perio d determination    t    h

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   /   m Cash Cash & c redit terms   o Highest pri ce etc etc   c . 3. Place Str Strategy ategy::   e The element of marketing mix much is related to the   e .The place placement of product from seller to buyer strategy ensures that the product is  r available to the consumer when required .The place strategy covers the    f following aspects.   e   n Channel hannel of dist ribut ion. Location for the produ ct   i Mode of transportation    l Timely Timely delivery   n Sometimes the goods are directly delivered to the   o consumer & sometimes the goods are delivered through    l above described totally middleman help .The aspects    lof product & target market. depends upon the nature   a Common channel channel of distrib . ution :   w Manufacturer    w   w    /    /   : Wholesaler    p    Retailer     t    t    h

   /   m   o Customer/Consumer/User    c . 4. Promoti rom otional onal Strategy:   e The product produced will not automatically be sold   ewhen he has .The consumer purchases the product   rstrategy compasses knowledge about it. The promotional those of all activities which helps    f to inform ate, promote & zeal the product. This strategy is   e compassed of these things.   n a)  ADVERTISING: The process where by the   i customer is assured about the product. Usually this tool   l in marketing is used to enhance the sales.   n   o b ) DIRECT DIRECT SELLING: SELL ING:    lis directly sold to the Sometimes the product    lof middleman. customer without involving c) SALES SAL ES PROMOTIO PROMOTION N:   a It is a process whereby . the buyers are persuaded to purchase the product .It is a short term marketing activity   w which stimulates quick buyer action .It is done by giving   w Free sampl e Coupons   w Lotteries    / Discoun t offers    / CONCLUSION:    : It is quit e clear clear   p  f rom w hole disc discuss ussion t hat every every element element has it s ow n import im port ance. But But t hese hese all f our elements have a    tance.    t    h    

   /   m t ied in suc relat ionship ionship w it h each each ot her henc hence e they must must be tied such ha   oobj ect w ay t hat t he organizat organizat ion achieve achievess it s overall ect ives. ives.   c .   e   e   r    f   e   n    i    l   n   o    l    l   a .   w   w   w    /    /   :   p     t    t    h