Question. 2) (a) What are the various elements of
marketing mix? Explain each of there elements and their importance in the
marketing planning process of a consumer durable company manufacturing room air
conditioner.
Ans :
Marketing Mix
- A mixture of several ideas and plans followed by a marketing representative
to promote a particular product or brand is called marketing mix. Several
concepts and ideas combined together to formulate final strategies helpful in
making a brand popular amongst the masses form marketing mix.
Elements of Marketing Mix
The elements of marketing mix are often called the four P’s
of marketing.
Product
Goods manufactured by organizations for the end-users are
called products.
Products can be of two types - Tangible Product and
Intangible Product (Services)
An individual can see, touch and feel tangible products as
compared to intangible products.
A product in a market place is something which a seller
sells to the buyers in exchange of money.
Price
The money which a buyer pays for a product is called as
price of the product. The price of a product is indirectly proportional to its
availability in the market. Lesser its availability, more would be its price
and vice a versa.
Retail stores which stock unique products (not available at
any other store) quote a higher price from the buyers.
Place
Place refers to the location where the products are
available and can be sold or purchased. Buyers can purchase products either
from physical markets or from virtual markets. In a physical market, buyers and
sellers can physically meet and interact with each other whereas in a virtual market
buyers and sellers meet through internet.
Promotion
Promotion refers to the various strategies and ideas
implemented by the marketers to make the end - users aware of their brand.
Promotion includes various techniques employed to promote and make a brand
popular amongst the masses.
Promotion can be through any of the following ways:
·
Advertising
Print media, Television, radio are effective ways to entice
customers and make them aware of the brand’s existence.
Billboards, hoardings, banners installed intelligently at
strategic locations like heavy traffic areas, crossings, railway stations, bus
stands attract the passing individuals towards a particular brand.
Taglines also increase the recall value of the brand
amongst the customers.
·
Word of mouth
One satisfied customer brings ten more customers along with
him whereas one dis-satisfied customer takes away ten more customers. That’s
the importance of word of mouth. Positive word of mouth goes a long way in
promoting brands amongst the customers.
Lately three more P’s have been added to the marketing mix.
They are as follows:
§ People
- The individuals involved in the sale and purchase of products or
services come under people.
§ Process
- Process includes the various mechanisms and procedures which help the product
to finally reach its target market
§ Physical
Evidence - With the help of physical evidence, a marketer tries to
communicate the USP’s and benefits of a product to the end users
Four C’s of Marketing Mix
Now a days, organizations treat their customers like kings.
In the current scenario, the four C’s has thus replaced the four P’s of
marketing making it a more customer oriented model. Koichi Shimizu in the year
1973 proposed a four C’s classification.
§ Commodity
- (Replaces Products)
§ Cost
- (Replaces Price) involves manufacturing cost, buying cost and selling
cost
§ Channel
- The various channels which help the product reach the target market.
§ Communication
- (Replaces Promotion)
Robert F. Lauterborn gave a modernized version of the four
C’s model in the year 1993. According to him the four C’s of marketing are:
Consumer
Cost
Convenience
Communication
Cost
Convenience
Communication
thanks for the ignou assignments.. it helped me a lot.. please add remaining ms-06 answers..
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