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Marketing Mix

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Introduction

"Marketing mix" is a general phrase usedto describe the different kinds of choicesorganizations have to make in the whole

process of bringing a product or service tomarket.

The 4 Ps is one way - probably the best-known way - of defining the marketing mix,and was first expressed in 1960 by E JMcCarthy

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Definition

The 'marketing mix' is a set of

controllable, tactical marketing

tools that work together toachieve company's objectives

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ProductA tangible object or an intangible service that is

mass produced or manufactured on a largescale with a specific volume of units.

Sub- Component:-

Feature Design Brand Package Service Warranty Quality

Style

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Price

The price is the amount a customer pays forthe product.

Sub components:-

Price

Payment period

Discount

Commission

Credit terms

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Place/Distribution

Place represents the location where aproduct can be purchased.

Sub components:-

Channels Location Delivery

Transport Retailing Wholeselling Inventory Control

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Promotion

NOT just advertising

Promotion represents all of the communicationsthat a marketer may use in the marketplace.

Sub Components:-

Advertising

Sales Promotion

Personal selling Publicity

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People

All people who directly or indirectly

influence the perceived value of theproduct or service, including knowledge

workers, employees, management andconsumers.

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Process

Procedures, mechanisms and flow of activitieswhich lead to an exchange of value.

How do people consume services? What processes do they have to go through to acquire

the services? Where do they find the availabilityof the service? Contact Reminders Registration Subscription Form filling Degree of technology

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Physical evidence

The direct sensory experience of aproduct or service that allows a customerto measure whether he or she hasreceived value.

Examples might include the way acustomer is treated by a staff member, orthe length of time a customer has to wait,

or a cover letter from an insurancecompany, or the environment in which aproduct or service is delivered.

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The ambience, mood or physicalpresentation of the environment

Smart/shabby?

Trendy/retro/modern/old fashioned?

Light/dark/bright/subdued?

Romantic/chic/loud?

Clean/dirty/unkempt/neat?

Music?

Smell?

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Blend of the mix depends

upon: Marketing objectives

Type of product

Target market

Market structure

Rivals behaviour

Global issues culture/religion, etc.

Marketing position

Product portfolio

Product lifecycle

Boston Matrix

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