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    Marketing Mix Answer Full

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    Ritu
    The document discusses marketing and the marketing mix. It defines marketing as a social process through which individuals and groups obtain what they need by creating offerings and exchanging products and services of value with others. It then outlines the key features and functions of marketing like gathering market information, planning, branding, and distribution. The marketing mix refers to the set of marketing tools a firm uses, including the 7Ps - product, price, place, promotion, people, processes, and physical evidence. The success of a firm depends on how well it mixes these elements together to meet customer needs and achieve its objectives.

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    Marketing Mix Answer Full

    Uploaded by

    Ritu
    255 views8 pages
    The document discusses marketing and the marketing mix. It defines marketing as a social process through which individuals and groups obtain what they need by creating offerings and exchanging products and services of value with others. It then outlines the key features and functions of marketing like gathering market information, planning, branding, and distribution. The marketing mix refers to the set of marketing tools a firm uses, including the 7Ps - product, price, place, promotion, people, processes, and physical evidence. The success of a firm depends on how well it mixes these elements together to meet customer needs and achieve its objectives.

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    Marketing mix

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    MARKETING MIX ANSWER FULL

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    The document discusses marketing and the marketing mix. It defines marketing as a social process through which individuals and groups obtain what they need by creating offerings and exchanging products and services of value with others. It then outlines the key features and functions of marketing like gathering market information, planning, branding, and distribution. The marketing mix refers to the set of marketing tools a firm uses, including the 7Ps - product, price, place, promotion, people, processes, and physical evidence. The success of a firm depends on how well it mixes these elements together to meet customer needs and achieve its objectives.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    255 views8 pages

    Marketing Mix Answer Full

    Uploaded by

    Ritu
    The document discusses marketing and the marketing mix. It defines marketing as a social process through which individuals and groups obtain what they need by creating offerings and exchanging products and services of value with others. It then outlines the key features and functions of marketing like gathering market information, planning, branding, and distribution. The marketing mix refers to the set of marketing tools a firm uses, including the 7Ps - product, price, place, promotion, people, processes, and physical evidence. The success of a firm depends on how well it mixes these elements together to meet customer needs and achieve its objectives.

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    You are on page 1of 8

    Marketing refers to a social process by which individuals group obtain

    what they need and want, through creating offerings and freely
    exchanging products and services in value with others
    All the products which are of some value to the other can be marketed

    FEATURES OF MARKETING

    Needs and wants

    Creating a market offering

    Customer value

    Exchange mechanism

    FUNCTIONS OF MARKETING

    GATHERING AND ANALYSING MARKET


    INFORMATION

    MARKETING PLANNING

    STANDARDISATION AND GRADING

    PACKAGING AND KABELLING


    BRANDING

    PRICING OF PRODUCT

    PROMOTION

    STORAGE AND WAREHOUSINH

    PHYSICAL DISTRIBUTION

    Marketing management refers to planning, organising, directing and


    controlling activities, which facilitate exchange of goods and services
    between producers and consumers or users of products and services
    It is both science and art

    PROCESS OF MARKETING MANAGEMENT

    SELECTION OF TARGET MARKET

    CREATE DEMAND FOR THE PRODUCT

    CREATE SUPERIOR VALUES

    2
    Marketing mix refers to set of marketing tools that a firm uses to pursue
    it marketing objectives in a target market

    3
    7 P’S
    Marketing Mix

    Physical
    Price
    Evidence
    Product

    Promotion

    Processes
    Place People

     Product
    It means goods or services or anything of value, which if offered to
    the market for sale

    The concept of product not only relates to the physical product but
    also benefits offered by the customer’s point of view. It also
    includes the extended product or what is offered to the customers
    by way of after sales services, handling complaints etc
    The important product decisions include deciding about the
    featured, quality, packaging etc

    4
     Price
    It is the amount of money, which the customers have to pay to
    obtain the product

    It is a crucial element as customers are highly price sensitive and


    the level of price affects the level of demand. Marketers have to
    analyse the factors determining the price and fix a price for the
    products of the firms.

    Decisions have to be taken in respect of discounts to customers,


    traders etc so that customers perceive the price to be in line with
    the value of the product

     Place
    Place or physical distribution includes activities that makes the
    firm’s products available to the target consumers

    It also includes the decisions regarding the selection of


    intermediaries and providing support to them by the way of
    discounts, promotional campaigns etc

    The intermediaries in turn keeps the firm’s inventory of the


    products, demonstrate them to the potential buyers, negotiate price
    with the buyers, close sales and also service the products after the
    sales

    5
     Promotion
    It refers to all such activities that communicate the availability,
    features, merits etc of the products to the target customers and
    persuade them to buy it
    Organisations undertake various promotional activities and spend
    substantial money on the promotion of their goods through using
    number of tools such as advertising, sales promotion etc

     PEOPLE
    People are the basis who forms the company altogether. The
    company relies on its people from the sales staff to the managing
    director.

    Having the right people for the company is a crucial element for its
    functioning

     PROCESS
    It refers to the flow of activities that the business will follow for its
    delivery of service

    So as to engage large customers and living upto the mark in terms


    of their satisfaction, the process needs to be highly efficient

    6
     PHYSICAL EVIDENCE

    It typically refers to what the customer sees as a whole which


    allows the consumers in their decision making as to whether they
    should purchase the product or not.

    High quality physical evidence creates a positive impact on the


    minds of the customers such as brochures etc

    THE SUCCESS OF THE FIRM DEPENDS ON HOW WELL THESE


    ELEMENTS ARE MIXED TOGETHER TO CRAETE SUPER VAKIR FIR
    THE CUSTOMERS AND SIMULTANEOUSLY ACHIEVE THEIR SALES
    AND PROFIT OBJECTIVES. THSE ELEMENTS MUST WORK
    TOGETHER AND SUPPORT EACH OTHER TO CREATE THE DESIRED
    MARKET POSITION

    7
    8

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