Question

- Please think about one service company and discuss marketing mix of that service company. First define the marketing mix elements and discuss with chosen companies’ functions.

Answer 1

Marketing Mix is defined as a set of actions that are taken by the business to develop and market its product or services to its customers.

It helps us to make sure that we deliver the product or service to the customers at the right time and at the right price.

Importance of marketing mix:

1. It helps us to understand what products we need to offer to the customers.
2. It helps us to plan a successful product
3. It helps us to design, develop and implement various marketing strategies
4. It helps businesses to reduce the cost of production and also to cut the unwanted costs
5. Helps us to face the risk
6. Helps us to assess if the product is the right choice for our customers.
7. It also helps us to promote the product and services to our customers.

There are mainly 4p's in marketing elements, They are Product, Price, Place, and Promotion.

Product: This refers to the items that are intended to satisfy the customer needs We need to have a clear picture of that product that is in demand by our customers. This might be any product which includes software, Program, Service or any other experience

Price: The price of the product is also important to get the product promoted. This will be the first point that comes into the mind of a producer once the product idea is laid. We need to ensure that we have selected the correct pricing strategy and has a good impact on the sales channel

Place: We also have to research the place that needs to be chosen for the successful selling of our product. Due to the internet and technology we have various options and platforms where we can sell our products. The main point is to target our customers. We have to analyze what they are expecting and what is that we are ready to sell. This will help us to get things right and we can sell our product to the targetted customers.

Promotion: Once we have developed product or service we have to promote the product by using promotional media. We have to select the set of customers from the user database and target them with our promotional offers. We need to check and ensure that we have correct campaigns in our policy.

Now, Let me consider Techmahindra s an example of this. TechMahindra is a service-based company that offers services to software companies and it also has the product development team which develops in house solutions for the team. TechM always concentrates on the designing the product that best fits its customer needs once they have designed a prototype. They will estimate the cost of development and then it chooses the right media to promote its products. This may be gatherings, Corporate functions, Industry expos, or any other channels. This will help them to get the best customer base and then starts promoting the product with various offers.

This way marketing mix can be used to get the success of the product or service.