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Subhadra Nyayapathi Debashree Shrichandan Nirmal kumar Sahoo.

Definition:- It is a policy which is a well developed statement of the way of thinking and paths of actions of functional areas of a business unit.These are the strategies which are formulated at the functional level like Markting, Production, R and D, Finance, human resources and the like.  Functional strategies are concerned with “Dealing the things right”.

They quicken the pace of decision making.  They act as the instrument of delegation of authority.  They bring in effective coordination.  They simplify the control of activities.  They bring about growth with stability.

 “MARKETING

is the process of discovering and translating consumer needs and wants into product and service specifications, creating demand for these products and services and then in turn expanding this demand.” By Prof.Harry L.Hanson

 Goods

and service Mix  Distribution Mix: (a) Channels of distribution (b) Physical distribution  Communication Mix

Selection of target market segment.  Deciding on appropriate marketing mix.  Positioning strategy.

 Market

segmentation refers to dividing a potential market into distinct sub-markets with customers having homogeneous needs and purchasing power.  Ex: A garment making firm may concentrate on only kids wear.

 Undifferentiated

marketing strategy.  Differentiated marketing strategy.  Concentrated marketing strategy.

 This

strategy puts forth one product and tries to draw in all buyers with one marketing programme.  Ex: American automobile manufacturers.

 Differentiated

marketing strategy is one under which a firm decides to operate in several of all segments of the market but designs separate products and marketing programmes for each.  Ex: Horlicks,Pepsi.

 Instead

of going after a small share of a large market the firm goes large share of one or two or a few sub markets.  Ex: Volks wagen.

MARKETING MIX: Combination of 4ps:Product price Promotion Placement In other words, MARKETING MIX is the blend or the compound of all the marketing efforts hovering around the 4 ingredients namely Product,price,promotion and Place.

 Product

Mix is the composite of products offered for sale by the firm over a period of time.  The sum total of physical and psychological satisfaction it provides to the buyer.  Ex:Godrej:refrigerators,soaps,detergets, etc.

1.Product line & Product range 2.Product Design
External appearance  Construction  Production Capacity  Uses or Application  Relationship  Service Requirement  The Competitor’s Design 3. Product life Cycle: There are 4 stages

Introduction  Growth  Maturity  Decline 4.Product package 5. Product quality 6.Product labeling

7. Product branding 8. Product innovation 9. After sale services and guarantees