4P's of Marketing Mix Assignment Help
What is marketing?
Marketing refers to the action of promoting and selling products in the market. In a wider sense, it refers to the placement of the right products, in the right market at a right time. It is a very sensitive area and a huge care is to be taken that how the marketing is done and what products are being marketed. A proper strategy needs to be formulated for the marketing procedure to be carried out. The marketing could be done with the help of Sales Promotion, advertising etc.
What is Marketing Mix?
There are various tools required for marketing procedure. Such tools are known as Marketing Mix. The marketing mix helps in supporting the marketing procedure. They make the marketing procedure feasible and smooth.
The Marketing mix is widely categorized into 4 tools:
The term marketing mix was first coined by Neil H Borden back in 1964 in his article “The concept of marketing mix”. This term has been used ever since and is believed to promote or break the firms. Thus management of marketing tools is very necessary.
“Marketing without data is like driving with your eyes closed”- Dan Zarrella.
The tools of Marketing Mix can be understood as:
1. Product: A product is a good that a business deals in. The business needs to sell that product to sustain in the market. Proper planning is to be done regarding what is to be produced, how much is to be produced and of what quality it should be produced. These decisions should be taken very carefully because product is the most vital element of the business. A product has three levels:
- (i) Core Product
- (ii) Actual Product
- (iii) Augmented Product
To know more about the levels of the products please visit assignmenthelp.net where you can know about the different kinds and levels of products.
Different decisions to be taken for the Product are:
- Brand name
- Repairs and Support
- Accessories and services
2. Price: Another important factor of Marketing Mix is Price. Price refers to the amount to be charged for selling the product. The price is the factor that earns the business main source for income. Thus, price needs to be set very carefully. The price must cover the expenses incurred on the production of the product and must contain some profit margin.
Different decisions to be taken for the Price are:
- Pricing strategy
- Suggested retail price
- Volume discounts and wholesale pricing
- Cash and early payment discounts
- Seasonal pricing
- Price flexibility
- Price discrimination
3. Place: The place refers to the place of production of the product, storing it and then selling it to the customers. The place of the product should be decided carefully. It must be produced near the place from where the raw materials are being supplied so that there is no delay in the production process. For storing the products, the warehouses must be situated near the markets where they can be supplied immediately. Thus Place is an important factor.
Different decisions to be taken for the Place are:
- Distribution channels
- Market coverage (inclusive, selective, or exclusive distribution)
- Specific channel members
- Inventory management
- Distribution centers
- Order processing
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4. Promotion: The promotion aims at increasing various techniques to foster the growth of sales. If a business will have a high sales volume then it will be able to earn huge profits which will be beneficial for the business. The promotion techniques differ with lace to place, product to product and life cycle of the product. If the promotion technique is strong then it can increase the sales at a high rate.
A few of the Promotion techniques are:
- (i) Personal Selling
- (ii) Publicity
- (iii) Advertising
- (iv) Sales Promotion
Different decisions to be taken for Promotion are:
- Promotional strategy (push, pull, etc.)
- Personal selling & sales force
- Sales promotions
Apart from these 4 P’s of Marketing Mix there are 3 more marketing mix tools which are:
- Physical Evidence
Thus we see how important and crucial the marketing mix tools are for the proper working and selling of a product of a business. These decisions should be taken very carefully and expert advice must be taken.
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