Entrepreneurship

The Components of
Marketing
Presented By:
Sabahat Qamar (41)

Written By:
Hira Sajid (81)

Submitted By:

Respected Sir. Waseem

 INTRODUCTION:

 Marketing includes all functions right from the production of goods till they reach the
customers.
 By analyzing the various functions of marketing.
 They can be represented in four main components. They are as under:
o Product
o Price
o Promotion
o Physical distribution
When these four components are coordinated, it is know as marketing mix.
Components of Marketing

 Product:
Marketing starts with the production of product and ends when the
products reach the customers.
Goods must be produced as per the requirement of the customers.
The marketing executives are advised to think about the following matters:
1) Opinion of customers regarding the products.
2) A study of the customers, tastes, habits and requirements.
3) Customer’s capacity to pay price for the products.
Components of Marketing Cont …

 Price:
Customers of the modern time are not only satisfied with the quality of the goods but they
also demand qualitative product at reasonable price.
In order to fix the price, following points can be taken into consideration:
1) Cost of production should be calculated before fixing the price.
2) Price of the commodity fixed by the competitors should be taken into consideration.
3) The commission of the middlemen in distribution channels should be taken into
consideration before fixing the price.
Components of Marketing Cont…

 Promotion:
Sales promotion does not mean to increase the sales of the like to products.
It means efforts made for the expansion of market in such a manner that the interests
of the customers are taken into consideration in order to give them maximum
satisfaction.
Promotion Cont..

For this, following points can be taken into consideration:

1) There should be proper planning of advertisement and should aim at a definite
purpose. It should contain information regarding the variety of uses of the products.
2) The complaints and the doubts of the customers should be removed by personal
contact. Efforts should be made to obtain suggestions from the customers.
Components of Marketing Cont…

 Physical Distribution:
1) The organizers should be aware of the fact whether the product is perishable took place
or durable
2) The weight of the product should be taken into consideration.
3) Wholesale or retail trading of the products can be decided after considering various
factors.
4) Suitable arrangement for the storage of products should be made.
The Components of Effective
Marketing
Components:
Effective Marketing is based on three key element:
 Marketing philosophy
 Marketing Segmentation
 Consumer Behaviour
A new venture must integrate all four element when developing its marketing
concept and its approach to the market.
Marketing philosophy

1. Marketing philosophy
Three distinct types of marketing philosophies exist among new ventures:
 Production-Driven philosophy
 Sales-driven philosophy
 Consumer-driven philosophy

a) Production-driven Philosophy:
is based on the “Build” it and they will “Come” belief that you
should produce good products efficiently and worry about sales later. Product or production are the
main emphasis sales follow in the wake of production.
Marketing philosophy Cont…

a) Sales-driven philosophy:
o Focus on personal selling and advertising to persuade customer to buy the company’s
output, regardless of the product quality.
o When an overabundance of supply occurs in the market, this philosophy often surfaces.
o Some companies pride themselves on being able to sell a dead horse to a CEO , New car
dealers.
 Example:
Rely heavily on a sales driven philosophy.
Marketing philosophy Cont…

a) Consumer-driven philosophy:
Relies on research to discover consumer
desires and needs before production actually begins.
Developling a Marketing Plan:

“ Plan your Work

&
Work your plan”
Developing a Marketing Plan Cont…

 Its marketing and financial goal, sales revenue and marketing budget forecast
on yearly, quarterly and monthly basis and monitoring, evaluating and
controlling the action plan.

 An executive summary with the SWOT analysis of the company, company’s

marketing strategy, market assessment in terms of segmentation, targeting and
positioning,……..
Developing a marketing plan Cont..

 A marketing plan is the process of determining a clear, comprehensive approach to the

creation of customers.
 The following elements are critical for developing this plan.
o Current marketing research
o Sales research and Analysis
o Marketing information system
o Sales forecasting
o Evaluation