Lecture – 03

What is marketing mix?

How marketing mix’s tools
or elements (4PS) effect in
the target market?
Ans: The marketing mix is the set of controllable, tactical marketing
tools that the firms blend to produce its want in target market. The
marketing mix consists of every thing the firm can do to influence the
demand for its product.
“Marketing mix is the combination of product, how it is distributed and
promoted and its price”
-- Stanon Etzel E. Walker
The many possibilities can be collected in four groups of variables
known as the “4P”.
Marketing mix (4P)

Product Price Place Promotion

(A) Product: Product means the goods and services’ combination the
company offers to the target market. Products are developed and
changed as the customer need, choice and purchasing power.
i. Varity: Every customer have different choice and demands. So producer
should make their product variety on the demands of customers.
ii. Quality: In the competition market product should maintain updated
quality.
iii. Design: It is very important for a product. Every customer wants new
design. Specially in the garments and shoes product.
iv. Feature: Customers demand a new feature in the products like mobile
phone sets, TV and cars etc.
v. Brand name: Different brand shows their different feature of the
product. It is important for the products popularity and good-will. Like:
Apple, Toyota car etc.
vi. Packing: Packing plays an important role for maintaining product’s
quality and attracting customers.
vii. Services: Different type of services are necessary for different type of
product. Like home services, after sale services, installment payment
system or hotel services etc.

(B) Price: Price is the amount of the money that customers have to pay
to obtain the product. Price is a very important factor for the customers.
In the competition of market price is the biggest factor. Price should be
selected by the customers purchasing power and market position.
viii. Price list: Price list helps to save money and time of the customers.
ix. Discount: Discount price encourage the customers for purchasing
more product.
iii. Allowance: Allowance privilege the customers for an occasional time or period.
Like Eid special, clearing shop allowance etc.
iv. Payment period: Payment period is an important condition for the price. Like
long term payment and short term payment.
v. Credit term: In the competition market credit is an important factor for the
customer.

(C) Place: Place includes company activities that make the product available to
target consumer. Producer must think that where or in which area his product can
be sold and how it could be transported. Place is important for businessmen.
Because there are different types of customer in different area. They have different
purchasing power. For example in Dhaka the people living at Gulshan and the
people living at Ashulia have different purchasing power. As a result, we can see
that big companies like “KFC” opens their outlets at Gulshan rather than Ashulia.
 1. Channels: Product must reach to the customer in proper time and
proper place through good channels.
2. Coverage: A product become popular when it cover large
geographical area through long distribution channel.
3. Assortment: Customer wants various assortment of product at the
same market or different one. Like as Islampur is clothing market and Baily
road is for fast food.
4. Inventory: Stock report of the product is called inventory. Every year
how many orders do a product get, it must be noted.
5. Transportation: A business must have good transportation to supply
the product to the customer. Product supply and demand are balanced by
transportation. Now every producer have a own transport.
6. Logistics: A combination of order procurement, warehouse, inventory
management and transportation are called logistics. A good logistic can
make a good delivery.
D. Promotion: Promotion means activities that communicate the merit
of the product and persuade target customers to buy it. Advertising,
personal selling, sales promotion and public relation all are promotional
tools. In USA ‘Food Motor’ company spends almost US$ 2.4 billion each
year on advertising to tell consumers about the company and its
various products.
1. Advertising: When a producer focuses on his product through
print media, electronic media and other media to the target customers
that is called advertising. Like TV, paper, web page, internet and
facebook.
2. Personal selling: When a salesman persuade a customer for
selling his product personally that is called personal selling. It is direct
transaction to the salesman and customer.
 3.Sells promotion: It is short term program to persuade the customer
like price cut, gift, coupon Rafael draw and sample gift.
4. Public Relation: Building up awareness, information and good
impression about the product through connectivity with various people is
called relation. Like- Press release, seminar, press conference, special tour
etc.
In the conclusion, we can say that marketing program blends all of the
marketing elements (4P) into an integrated marketing program designed
to achieve the company’s marketing objectives by delivering value to
consumers.

Md. Anisur Rahman

Assistant Professor
Marketing Dept.
BUFT