Marketing Decisions 1

Definition of Marketing Mix

• Marketing mix is a set of marketing toolsthat
the firm uses to pursue its marketing
objectives in the target market.
• Includes 4P’S –
PRODUCT,PLACE,PRICE ,PROMOTION
 Features of Marketing Mix
• All pervasive
• Creativity
• Dynamic in nature
• Environmental variables
• Focus on customer
• Goals of organisation
• Product life cycle and marketing mix
• Different marketing mix for different brands
Components of Marketing Mix
 Product decision areas
• Product design
• Product mix
• Product packaging
• Product labelling
• Product pricing
• Product positioning
• Product warranty
• Branding
Product Life Cycle
4P’S and PLC
Meaning of branding
 Components of brand
• Brand personality
• Brand functions
• Brand association
• Brand image
• Brand name
• Brand logo
• Brand packaging
 Brand Equity Meaning
• Brand equity is a marketing term that
describes a brand’s value. That value is
determined by consumer perception of and
experiences with the brand. If people think
highly of a brand, it has positive brand equity.
When a brand consistently under-delivers and
disappoints to the point where people
recommend that others avoid it, it has
negative brand equity.
Factors of Brand Equity
Packing versus packaging
 Essentials of good packaging
• Suitability
• Attractive
• Buyers specification
• Convenience to use
• Ease in displaying
• Economy
• Re –use value
• Handling instructions
Positioning meaning
 Types of positioning strategies
• Attribute positioning
• Benefit positioning
• User positioning
• Use positioning
• Competition based positioning
• Product category positioning
• Quality or price positioning
 Pricing objectives
• Survival
• Profit
• Return on investment
• Sales growth
• Growth in market share
• Competitive effect objectives
• Image differentiation
• market skimming objectives
• Market entry barrier objectives
• Customer satifaction objectives
• Early cash recovery objectives
Factors influencing Pricing

Factors
 Pricing Strategies
• Skimming pricing
• Penetration pricing
• Standard pricing
• Probe the reaction pricing
• Differential pricing for different markets
• Trial pricing
• Follow the leader pricing
• Flexible pricing