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Matching the products with needs and wants of target consumers, 3. Creates awareness about products and services, iii. Assessing impact of publicity on sales and reputation of company, v. Coordinating publicity with other promotional tools. Once the goods are manufactured, packed, branded, priced and promoted, these goods must be available to customers at the right place, at the right time and in right quantity. You can use the mind map below when you are identifying the unique features of your product. Remunerating and motivating, and controlling salesmen, v. Associating personal selling efforts with other market promotional tools. The major interactive medium is the Internet, which is a global collection of computer networks linking both public and private computer systems. For e.g., Higher price lowers the demand and vice versa. The Fashion Advertisements (FAds) and strategies building for optimum sales realisation are prominent among them. x. Product life cycle, relevant strategies for each of the stages of product life cycle, and consumer adoption process. The success of a market offer depends on how well and effectively the company has been able to use the combination of all the elements of marketing to create superior value for customers and thus achieve objectives of increased sales volume and higher profits. (d) Carrying cost of inventory which includes manufacturing or buying cost, warehousing, transporting etc- Higher the cost lesser would be the level of inventory maintained. Keeping in view the life cycle – The marketer must also consider the product mix by expanding the current product mix. They establish a network of marketing channels to distribute goods and services. (d) Assorting – Middlemen build assortment of products for resale. Branding – Policies and procedures relating to selection of trademarks, individualized or family brand, sale under private brand or unbranded. (b) Degree of accuracy of demand forecast- Higher the accuracy lesser is the need to maintain high stock levels. Price is used as an effective competitive weapon. (g) Risk Taking – In the process of distribution the title of goods transfer from the manufacturer to the distributor who assumes the risk on account price and demand fluctuations, spoilage or any other kind of damage. Most marketers have a passive approach which leads them to commit mistakes in pricing their products. Thus, through ‘promotion’ companies aim to achieve twin objective: (i) Inform potential customers about the product and. Product These are the methods you use to communicate the features and benefits of your products or services to your target customers. Marketing decision related to ‘Place’ includes deciding the intermediaries to reach the target customers, the support to be provided to intermediaries to initiate sales to potential customers, stock levels to be maintained by firm and the intermediaries, storage, warehousing and transportation of goods from manufacturers to consumers. Copyright © 2008-2020 Cinergix Pty. When developing the product, you need to consider its life cycle and plan for different challenges that may arise during the stages of it. Price may be defined as the amount of money paid by a buyer to the seller in consideration of the purchase of a product or a service. Ltd 2020 | All rights reserved. the Internet makes it possible to provide customers with a great deal of information regarding product and service descriptions and specifications, purchase information and more. Plastic package has assumed new importance in self-service retailing. Price is very important, as it determines the company’s profit and hence, survival. Helps the company to survive in a competitive market, x. Businesses use a blend of these marketing mix elements to … Physical Evidence – this refers to the decor or ambience of the store and even the uniform of the staff as well. It is the transportation which carries goods from the point of production to point of sale. Once you have set realistic and measurable goals, determine how much you are willing to spend on achieving your objectives. ADVERTISEMENTS: This element concerns with making the products available to the customers effectively. Is Your Marketing Mix Doing More Harm Than Good? Some of the mistakes might include price being too cost-oriented, price not being revised according to the market situation, making price independent of other Ps in the marketing mix. Create your promotion campaign with this editable mind map template. Three more P[s] have been added to the existing list of marketing mix which has four components, making them to 7 Ps of marketing mix. Failure to do this will result in your not making enough sales or none at all. the interactive nature of the Internet leads to a higher degree of customer involvement when customers are visiting a website. In a competitive market economy, the brands are hired by the manufactures, for product marketing. Similar to SWOT analysis and business plan writing, a marketing mix can often feel like an abstract business concept that is difficult to convert to everyday use. Using the competitor research you have done, build a pricing strategy. Therefore, the decision to maintain warehouses depends on the cost of warehousing and their value addition to the product. Thus, it is an important responsibility of a marketer to ensure that products are physically available at places convenient to existing or potential customers. The FAds have a greater impact on the elite clientele group as compared to other measure used for raising the sales.
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