Question

Please dicuss any area of interest in marketing.

Answer 1

I would like to discuss about the marketing mix

  MARKETING MIX

  MARKETING MIX is a combination of marketing tools that company uses to satisfy their target customers and to achieve their organizational goals . There are four basics components of market plan and are called as 4ps of marketing. They are

• place
• promotion
• product
• price

Price: refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors.   The major factors are keep in mind :

· Demand for a product

· Cost involved

· Consumer ability to pay

· Prices charged by the competitors

Product: refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good.   In product life cycle there are four stages

1. INTRODUCTION STAGE

2. GROWTH STAGE

3. MATURITY STAGE

4. DECLINING STAGE

Place: refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location,

Promotion: this refers to all the activities undertaken to make the product or service known to the user and trade. This can include

· advertising,

· press reports, incentives, commissions and awards to the trade.

· It can also include consumer schemes, direct marketing, contests and prizes.

· Commercial radio

· Direct mail

I would like to discuss about the marketing mix

  MARKETING MIX

  MARKETING MIX is a combination of marketing tools that company uses to satisfy their target customers and to achieve their organizational goals . There are four basics components of market plan and are called as 4ps of marketing. They are

• place
• promotion
• product
• price

Price: refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors.   The major factors are keep in mind :

· Demand for a product

· Cost involved

· Consumer ability to pay

· Prices charged by the competitors

Product: refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good.   In product life cycle there are four stages

1. INTRODUCTION STAGE

2. GROWTH STAGE

3. MATURITY STAGE

4. DECLINING STAGE

Place: refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location,

Promotion: this refers to all the activities undertaken to make the product or service known to the user and trade. This can include

· advertising,

· press reports, incentives, commissions and awards to the trade.

· It can also include consumer schemes, direct marketing, contests and prizes.

· Commercial radio

· Direct mail.