MARKET MIX

Market mix

 The marketing mix refers to the set of actions, or tactics, that a company uses to promote
its brand or product in the market. The 4Ps make up a typical marketing mix - Price,
Product, Promotion and Place. However, nowadays, the marketing mix increasingly
includes several other Ps like Packaging, Positioning, People and even Politics as vital
mix elements.
 PRICE

Refers to the value you put for your product. Formulating the right pricing strategy depends upon a number
of factors such as the cost of production, competitor’s pricing strategy, ability of the target market to pay,
supply-demand, brand personality, and so on. It covers the following aspects:
 
•List Price
.Allowances
•Financing
•Leasing Options
PRICE

 Broadly speaking, there are three approaches to pricing a product: 

• Cost-oriented Pricing: The profit margin is added on top of the cost of
production
• Customer-based Pricing: Pricing is decided on the basis of what the market
segment can pay for the product
• Competitor Pricing: The prices set by competitors influence the company’s
pricing strategy
PROMOTION

 Refers to all promotional activities undertaken to make people aware about the
product. Advertising, public relations, word of mouth, personal selling and other
forms of communication come under this element. To sump up:
 
•Advertising
•Personal Selling
•Public Relations
•Message
•Media
•Budget
PROMOTION
PROMOTION
PLACE

 Refers to the dynamics of location. The advent of internet has added a new dimension to the
“place” parameter. A product no longer needs to think about close proximity to target customers
to get more reach. For many products, however, the right location and the right placement of
products is still a key winning factor. The retail sector places great importance on placing
products closer to the eye level and near the entry point to increase the probability of more
purchases. Marketing team ensures POP (Point of Purchase) materials and display advertising
are put at strategic locations to target more customers and increase their market share. The
place element covers:
 
•Channel Members
•Channel Motivations
•Marketing Converge
•Locations, Logistics
•Service Levels
MOST
IMPORTANT P
FROM 4 P’s IN
MARKET MIX

PRODUCT
MIX
 PRODUCT
1.A product is an item that satisfies a need or a desire.
2. This can be a physical item, a service or a virtual offering.

3. It is produced at a cost and is subsequently made available to

the right audience at a price,Whatever the nature of the product.

4. It will follow a lifecycle and through reasonable predictions

of this lifecycle.

5. A brand can be revamped or re-launched to remain relevant

in a changing market or at the end of its lifecycle.

6. A successful product has to fulfill a specific need in the

market.
7. Functionally, it must be able to perform its function as
promised.
 8.There also needs to be clear communication to users and potential
customers regarding its benefits and features.
 
9. Branding is another important feature for a product.

10. Developing a product into a brand helps foster customer loyalty

and recall and differentiate itself in the market.
All products can be broadly classified into 3 main
categories
Tangible products: These are items with an actual physical presence
such as a car, an electronic device, and an item of clothing or a
consumer good.

Intangible products: These are items that has no physical presence

but can be felt indirectly. An insurance policy is an example of this.
Online items such as software, applications or even music and video
files are also intangible products.

Services: Services are also intangible products but they are the result
of an economic activity that does not result in ownership. It is a
process that creates benefits for customers. Services depend highly on
who is performing them and remain difficult to reproduce exactly.