Marketing
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MARKETING MIX
(Compiled by Deep Banerjee, Marketingpundit.com)
Marketing mix is the set of controllable variables and their levels that the firm uses to influence the target market. The elements of marketing mix are the basic, tactical components of a marketing plan. Also known as the Four P's, the marketing mix elements are price, place, product, and promotion. The concept is simple. Think about another common mix - an ice-cream mix. All ice-creams contain milk, sugar, flavours. However, one can alter the final ice-cream by altering the amounts of mix elements contained in it. So for a chocolate flavour add more chocolate powder, for vanilla flavour add more vanilla powder and for bitter coffee taste add less sugar and more coffee powder! It is the same with the marketing mix. The offer you make to your customer can be altered by varying the mix elements. So for a high profile brand, increase the focus on promotion and desensitize the weight given to price. Another way to think about the marketing mix is to use the image of an artist's palette. The marketer mixes the prime colours (mix elements) in different quantities to deliver a particular final colour. Every hand painted picture is original in some way, as is every marketing mix. Some commentators will increase the marketing mix to the Five P's, to include people. Others will increase the mix to Seven P's, to include physical evidence (such as uniforms, facilities, or livery) and process (i.e. the whole customer experience e.g. a visit the Disney World).
Price
There are many ways to price a product. The pricing policy/ strategy varies in various situations. High involvement products (cars, laptops, apartments, branded cereals and cooking oils) are generally priced much higher than low involvement products (unbranded cereals, potatoes). Various product attributes are taken into account before/ while making a purchase decision.
Place
Another element of Marketing Mix is
marketingpundit.com
MARKETING MIX
(Compiled by Deep Banerjee, Marketingpundit.com)
Marketing mix is the set of controllable variables and their levels that the firm uses to influence the target market. The elements of marketing mix are the basic, tactical components of a marketing plan. Also known as the Four P's, the marketing mix elements are price, place, product, and promotion. The concept is simple. Think about another common mix - an ice-cream mix. All ice-creams contain milk, sugar, flavours. However, one can alter the final ice-cream by altering the amounts of mix elements contained in it. So for a chocolate flavour add more chocolate powder, for vanilla flavour add more vanilla powder and for bitter coffee taste add less sugar and more coffee powder! It is the same with the marketing mix. The offer you make to your customer can be altered by varying the mix elements. So for a high profile brand, increase the focus on promotion and desensitize the weight given to price. Another way to think about the marketing mix is to use the image of an artist's palette. The marketer mixes the prime colours (mix elements) in different quantities to deliver a particular final colour. Every hand painted picture is original in some way, as is every marketing mix. Some commentators will increase the marketing mix to the Five P's, to include people. Others will increase the mix to Seven P's, to include physical evidence (such as uniforms, facilities, or livery) and process (i.e. the whole customer experience e.g. a visit the Disney World).
Price
There are many ways to price a product. The pricing policy/ strategy varies in various situations. High involvement products (cars, laptops, apartments, branded cereals and cooking oils) are generally priced much higher than low involvement products (unbranded cereals, potatoes). Various product attributes are taken into account before/ while making a purchase decision.
Place
Another element of Marketing Mix is