Definitions:

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According to Mc CARTHY: The controllable variables that the company put together to satisfy the target group.

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Question No.27. What is Marketing Mix? What are its elements or components? OR What are 4 Ps and write a note on them. Answer: Marketing Mix: INTRODUCTION: In this competitive environment companies design various kind of strategies in order to resist in the market. These strategies are based upon the target market on which the company is focusing because the organization profitability depends upon the number of customers. More the customers more will be the profitability. No doubt management of a company designs marketing mix with a combination of best controllable factors in order to achieve the goals of organization. These factors are affected by both Internal as well as external forces prevailing outside and inside the organization. Therefore, the marketing mix should be composed of those factors or must be designed in such a way that: Adapt to the Environment Satisfy the target market Enable organization to meet its marketing objectives

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Simply we can say that: Marketing Mix is a combination of such marketing tools with the help of which desired objectives can be achieved. Components OR Elements of Marketing Mix: The most popular elements of marketing mix are 4 Ps which are Product Price Place Promotion These elements are very closely related to each other and the descriptions of key elements are given below: 1. Product Strategy: It refers to the characteristics of the product/service being marketed. Product is the base for any kind of marketing strategies because it is the product that is to be delivered to the ultimate customer. The product includes the goods, articles, services or ideas that are to be delivered to the ultimate customer. Moreover, the product may be consumer like (pen, books, cloth) op producer goods like (machinery, plant, equipment etc). The product strategy includes various aspects relevant to the product and covers following things: Nature of the Product Design of the Product Market of the Product Quality Aspects Variety of the Product Brand name, Trade mark decision

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What would be the packing of the product Various features of the product Product planning also includes the decision relevant to new product, the Marketing Research for that product. Product strategy is important because it determines that what the customer is satisfied the organization will be prosperous.

Diagram:

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Target

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Product Strategy:

Price Strategy:

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Variety Quality Design Brand Name Features Packaging Customer Services

List price Discounts Allowance Payment period Credit terms

Marketing

Customer

Promotion Strategy:

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Place Strategy:

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Advertising Personal selling Sales Promotion Publicity

Channels Coverage Locations Transportation Inventory

2. Price Strategy: Price is also one of the strongest element in the marketing mix .Because it has the direct impact on the customer & on the overall economy. FOR CONSUMER: Price is the major inculcators it help the consumer to take buying decision to measure the quality of product & to make the comparison of chosen product with other products. In short one can say that its help the consumer to position the product in the market. FOR BUSINESS: Price is an important factor because it is the point which covers the cost & gives profit. FOR ECONOMY: Price level has a reaching effect .It influence wage, interest rate, employment & the policy of government. Price strategy is therefore is the most difficult & an important thing to consider in the marketing area .Moreover the policy strategy also covers the following aspects: Discount rates. Allowances Mechanism. Payment period determination

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Cash & credit terms Highest price etc

3. Place Strategy: The element of marketing mix much is related to the placement of product from seller to buyer .The place strategy ensures that the product is available to the consumer when required .The place strategy covers the following aspects.

Common channel of distribution: Manufacturer

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Wholesaler Retailer

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Channel of distribution. Location for the product Mode of transportation Timely delivery Sometimes the goods are directly delivered to the consumer & sometimes the goods are delivered through middleman help .The aspects above described totally depends upon the nature of product & target market.

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Customer/Consumer/User

b)

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CONCLUSION: It is quite clear from whole discussion that every element has its own importance. But these all four elements have a

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DIRECT SELLING: Sometimes the product is directly sold to the customer without involving of middleman. c) SALES PROMOTION : It is a process whereby the buyers are persuaded to purchase the product .It is a short term marketing activity which stimulates quick buyer action .It is done by giving Free sample Coupons Lotteries Discount offers

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4. Promotional Strategy: The product produced will not automatically be sold .The consumer purchases the product when he has knowledge about it. The promotional strategy compasses those of all activities which helps to inform ate, promote & zeal the product. This strategy is compassed of these things. a) ADVERTISING: The process where by the customer is assured about the product. Usually this tool in marketing is used to enhance the sales.

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relationship with each other hence they must be tied in such a way that the organization achieves its overall objectives.

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