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Marketing Mix for Marketing Management Mcom sem 2 Delhi University

Marketing Mix for Marketing Management Mcom sem 2 Delhi University

Marketing Mix for Marketing Management MCOM sem 2 Delhi University:- we will provide complete details of Marketing Mix for Marketing Management MCOM sem 2 Delhi University in this article.

Marketing Mix for Marketing Management MCOM sem 2 Delhi University

Marketing Mix for Marketing Management MCOM sem 2 Delhi University

Marketing Mix for Marketing Management Mcom sem 2 Delhi University

Marketing Mix for Marketing Management Mcom sem 2 Delhi University:-Marketing Mix and its Sub-Mixes – Explained!

Marketing Mix for Marketing Management Mcom sem 2 Delhi University:-Marketing Mix

Marketing mix is the term used to describe the combination of the four inputs which constitute the core of a company’s marketing system, the product, the price structure, the promotional activities and the distribution system.

Marketing mix refers to the culmination of the various marketing elements. Every business enterprise is interested in arriving at the most appropriate marketing mix to yield optimum results.

There are various ingredients or elements of marketing mix. But “Four P’s” were popularised by E.I. McCarthy which are universally accepted. They are product, price, promotion and place (physical distribution). These ingredients of the marketing mix are so interrelated to one another that changes in one ingredient affect the others.

Each of these ingredients contains a number of variables. From these variables, management tries to adopt a specific combination of mixes in such a way that the resultant marketing mix can adopt best to the environment of the marketing system and lead to an optimum performance. Marketing mix decisions constitute a large part of marketing management.

Marketing mix offers an optimum (least cost) combination of all marketing ingredients so that we can have realisation of company goals such as profit, return on investment, sales volume, and market share and so on. It is a profitable formula of our marketing operations.

The marketing mix will naturally be changing according to changing marketing conditions and also with changing environmental factors (technical, social, economic and political) affecting each market. It is, of course, based on marketing research and marketing information.

It must be fully related to customer demand, competition as well as other aforesaid environmental forces. In the simplest manner, the basic marketing mix is the blending of four inputs or sub- mixes which form the core of the marketing system, namely, product, price, promotion and place (physical distribution) and are discussed below.

Marketing Mix for Marketing Management Mcom sem 2 Delhi University:-The outputs are optimum productivity and satisfaction.

1. Product:

The product itself (i.e. the benefits the consumer is offered by the product) constitutes the most important element of the marketing mix. The product mix has three dimensions of width, depth and consistency which call for specific managerial attention in any sound marketing management. The width of the product mix refers to how many different product lines are found within the company.

It depends on the definitions established for product line boundaries. The depth of the product mix refers to the average number of items (or length) offered by the company within each product line. The consistency of the product mix refers to how closely relate the various product lines are in end use, production requirements, distribution channels, or in some other way.

All three dimensions of the product mix have a market rationale. Through increasing the width of the product mix, the company hopes to capitalise on its goods reputation and skills in present markets.

Through increasing the depth of its product mix, the company hopes to entice the patronage of buyers of widely differing tastes and needs. Through increasing the consistency of its product mix, the company hopes to acquire an unparalleled reputation in a particular area of endeavour.

Closely tied to the product are its packaging and branding as a product along with its packaging and branding create a particular image in the customer’s mind. In short, product planning and development involves decision about (i) volume of production, (ii) quality of the product, (iii) size of the product, (iv) design of the product, (v) packaging, (vi) branding, (vii) warranties and after sale service, (viii) product testing, (ix) product range, etc.

2. Price:

An important consideration that would make the enterprise successful is the price. It is one of the most difficult tasks of the management to fix the right price. Management has to decide the right base price of the company’s products along with appropriate pricing policies and strategies to be followed in different market segments.

Price component of the marketing mix also involves establishing policies regarding credit and discount. The variables that are taken into consideration while fixing prices are demand for the product in question, its cost, actual and likely competition, and government regulation.

Pricing decisions and policies have direct bearing on the total sales and profits of the enterprise. Price, therefore, is a vital element in the marketing mix. Right price can be determined through pricing research and by following test marketing techniques.

Pricing is complicated when it is realised that various products in a line typically have important demand and/or cost inter- relationships. Then the objective is to develop a set of mutual prices that maximize the profits on the whole line.

Most companies develop tentative prices for the products in the line by marking up full costs or incremental costs or conversion costs and then modifying these prices by individual demand and competitive factors.

3. Promotion:

Promotion is the persuasive communication about the product by the offer to the prospective customer. It covers advertising, personal selling, sales promotion, publicity, public relations, exhibition and demonstrations used in promotion.

Largely it deals, with non-price competition. Advertising and personal selling are important tools to promote the sale of product of a firm. The use of promotional activities like contests, free distribution of samples, etc. is also significant to fight competition in the market. Thus, the elements of promotion mix are advertising, personal selling and sales promotion.

Advertisement is primarily concerned with popularising a manufacturer’s product and boosting its sale by adopting different advertisement media viz. newspapers, magazines, radio, television, etc.

Marketing managers are faced with the necessity of making numerous decisions with regard to advertising such as: (i) How much should be spent on the programme (money)? (ii) What message should be used? (iii) What media should be used? Many enterprises utilise the services of advertising agencies or specialists in creating campaigns and individual advertisements.

Sales promotion includes all the methods of communicating with the consumers except advertising and personal selling. Among the more popular ones are coupons, premiums and contests for consumer markets; buying allowances, co-operative advertising allowances and free goods for distributors and dealers; discounts, gifts and extra benefits for industrial users; and sales contests and special bonuses for members of the sales force.

Most promotional campaigns comprise a combination of two or more promotional methods as no single method of promotion is effective alone. This is because of large scale competition and widening of market.

However, there is no ideal promotional mix that suits all situations. Forces like nature of product, kind of customer, stage of demand and promotional budget influence the inputs that should be considered while making a promotional plan.

4. Physical Distribution:

Distribution is the delivery of the product and right to consume it. It includes channels of distribution, transportation, and warehousing and inventory control. The distribution mix calls for selecting channels and outlets through which products reach into the hands of customers and arranging their physical movement to different market segments.

The basic object of the manufacturer in selecting and developing distribution channels in conjunction with other elements of the marketing mix is to maximize the degree of attainment of company goals including profit, stability and long-term growth.

It should be emphasized that marketing channel policies are an integral part of the marketing mix and must be considered on the basis of other marketing decisions. The marketing channel decision is affected by production and financial considerations.

In some cases, the manufacturers may even own the retail outlet. For example, there are oil companies that own stations distributing their petroleum products. Many manufacturers also sell directly to consumer by opening the’/ own retail shops in mill’s premises, by mail, through house to house selling by engaging salesmen or by employing mechanical devices.

Whatever may be channel selected, the marketing managers are also responsible for measuring channel performance and making alterations when performance falls short of fixed goals. In addition, he has to find a system of handling and transporting the products through these channels.

Will the product be transported to middlemen by rail or by truck? If by trucks, should the company purchase its own trucks or avail the services of a transporter to do the transporting? What is the best route over which the goods should be moved? These are some of the decisions which the marketing managers have to make in the field of physical distribution.

Marketing Mix for Marketing Management Mcom sem 2 Delhi University:-Determining the Marketing Mix

The objective of determining the marketing mix (or marketing decision making) is to meet the requirements of the customers in the most effective and efficient manner. With the passage of time, the needs of the customers change, the marketing mix also changes.

Thus, marketing mix does not remain static. In the words of Philip Kotler, “Marketing mix represents the settings of the firm’s marketing decision variables at a particular point of time.” Determining the optimal marketing mix is not an easy job. It needs a lot of information, imagination and judgement.

The marketing manager identifies prospective customers and studies their desires and requirements in order to formulate an effective marketing mix-one that prospective customers will believe to be better than offered by competitors.

Marketing research, foresightedness and judgement are used in designing the marketing mix just as they are employed in finding prospective customers and identifying their requirements.

For instance, research may show that a combination of television advertising and low prices is effective in generating sales and the experience of a marketing manager may reveal that personal selling is the best way to introduce new products.

As narrated above, marketing mix is a dynamic concept. It will alter with the change in the requirements of the customers and also with the changing environmental factors. According to Kotler, the firm’s current marketing mix can be represented by the following vector:

(P, A, D, R)

Where: P = price.

A = promotion (advertising and sales promotion).

D = place (distribution).

R = product (product-quality rating with 1.00 = average)

If a business enterprise is at present manufacturing a product priced at Rs. 11, supporting it with promotion expenditure of Rs 12,000 per annum, distribution expenditure of Rs 15,000 per annum and the product quality is rated at 1.20, its marketing mix at the time will be

Rs. 11, 12,000, 15,000. 1.20

The different proportion of these components will result in a number of values. An enterprise’s current marketing mix is selected from a great number of possibilities. Moreover, these components are not adjustable in the short run. This makes decision making complicated.

Marketing Mix for Marketing Management Mcom sem 2 Delhi University

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