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Marketing Mix

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Published in: Management Subjects
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Marketing Mix

Meera's C / Mumbai

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  1. HE MARKETING MIX. James Culliton, the American marketing expert coined, the expression "Marketing Mix" He described the marketing manager as a "mixer of ingredients" Neil. H. Borden popularised the concept of marketing mix. Jerome McCarthy, the well — known American Prof. of mktg described the marketing mix in the terms of 4 P 's. PRODUCT. PLACE.(distribution) PRICE. PROMOTION. Since then mktg mix and the 4P's of mktg are used synonymously. Mktg mix and the 4P's have various sub — elements.
  2. MARKETING MIX VARIABLES MARKETING PRODUCT VARIABLE. Product mix & Product line. 4P'S OF Design, quality, features, modes, style, appearance, size & arranty of products. Packaging, type, materials, size, appearance & label. Branding & trademarks. Merchandising. Service, pre — sale & after — sale. ew products.
  3. PLACE VARIABLE. Channel of distribution, types of intermediaries, channel design, location of outlets, channel remuneration & dealer principal relationship. Physical distribution, transportation, ware housing, inventory level, order processing.
  4. PR ARIABL Pricing policies, level of prices, level of margins, discounts and rebate. Terms of delivery, payment terms, credit terms & installment facility. Resale price maintenance. PROMOTION VARIABLES. Personal selling:- objectives, level of effort, quality of sales force, cost level, level of motivation. Advertising:- media mix, budgets, allocations and programmes. Sales promotional efforts, display, contest, trade promotion. Publicity & public relations. Events and experiences Direct marketing
  5. WHAT ISA PRODUCT A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. Physical Products. Services. Experiences Events Persons. Place Properties Organization Information Idea. •u
  6. Five product levels core benefit Of the p rod uct generic product ex pected product augtmented product potential product
  7. Product Levels: The customer value hierarchy o In planning its market offering, the marketer needs to address five product levels. Each level adds more customer value. Five levels constitute a customer vale hierarchy. Core benefit - the service or benefit the customer is buying. A hotel guest is buying rest and sleep
  8. Product Levels: The customer value hierarchy Basic product - The hotel room includes a bed, bathroom, towels etc. Expected product - A set of attributes and conditions buyers normally expect when they purchase this product. Augmented product - o It exceeds customer expectations o In India, there is a visible move towards augmented products
  9. Product Levels: The customer value hierarchy Augmented products Each augmentation adds cost. Augmented benefits soon become expected benefits. As companies raise the price of their augmented product, some competitors offer a stripped down version. Potential product - It encompasses all the possible augmentation and transformations the product or offering might undergo in the future.
  10. PRODUCT - MIX DECISIONS Product mix - Product assortment A product mix is a set of all product lines and items that a a, b, particular seller offers for sale to buyers. Width:- different product line a co. carries. Length:- refers to the no of items in product mix Depth:- how many variants are offered of each product in the line Consistency:- how closely related the various product lines are in the end use, production requirements, distribution channels or some other way.
  11. Home and Personal Care Personal Wash Lux Lifebuoy Liril Hamam Breeze Dove Pears & Rexona Laundry Surf Excel Rin Wheel Skin Care Fair & Lovely Ponds Hair Care Sunsilk Naturals Clinic Dove Oral Care Pepso dent Close- up Deodorants Axe Rexona Color Cosmetics Laxme
  12. Product-Line Analysis Companies normally develop a basic platform and modules that can be added to meet different customers. This modular approach enables the company to offer variety while lowering production costs.
  13. Product line decisions Line stretching o It occurs when a company lengthens its product line beyond its current range The company can stretch its line down-market, up- market or both ways.
  14. Product line decisions Line filling A product line can also be lengthened by adding more items within the present range. Line filling is overdone if it results in self- cannibalization and customer confusion. The company needs to differentiate each item in the consumer's mind.
  15. Product line decisions Line modernization Product lines need to be modernized. The issue is whether to overhaul the line piecemeal or all at once. Line pruning Product line contraction o It is necessary when the product lines of the company have become unduly long and complicated.
  16. a THE PRODUCT LIFE CYCLE. The product life cycle portrays distinct stages in the sales history of a product. To say that a product has a life — cycle is to assert four things Products have a limited life. Products pass through distinct stages. Products rise & fall at different stages. Products have a different mktg, financial, manufacturing, purchasing & personnel strategies in each stage.
  17. The PLC concept can be used to analyze a : O Product category. Product form. Brand. Product categories have the longest life cycles. Product form exhibit the std PLC histories. Branded products tend to have short PLC's,
  18. Product Life Cycle $Sales (units sold) Grovfth Introduction Mamrity profit. Declme Time*
  19. 1, INTRODUCTION STAG -- It takes several time to roll out the product in several markets & to fill the dealer pipelines. -- Profits are negative because of the low sales & heavy distribution & promotion expenses. -- Prices tend to be on high — side. High Price Low Hi h Rapid Skimming Strategy Rapid Penetration Strategy Low Rapid Skimming Strategy Rapid Penetration Strategy Promo- tion
  20. 11. GROWTHLSTAGE:- -- the early adopters like the product & ml dle consumers start buying the product. - now competitors enter the market. - price may remain same or may fall slightly. - profits increase. majority Strategies in the Growth Stage:- -- Improve product quality. -- Adds new model. -- Enters new markets segment. -- New distribution channels. -- Advertising done to build product conviction & purchase. -- Lowers price. Firms in this stage faces a trade — off between high market & high current profit.
  21. 111, MATURITY-STAGE,- -- This stage lasts longer than the previous stages. -- Most product are in the maturity stage of the life cycle; most of mktg management deals with the mature products. -- Growth maturity. -- Stable maturity. -- Decaying maturity. -- Competition intensifies. -- Increase advertising. - increase R & D. -- the issue facing a firm in a mature market is whether to become one of the 'big three' or to pursue a niching strategy.
  22. STRATEGIES IN THE MATURE STAGE MARKET MODIFICATION. 1. - try to expand the no. of brand users. - convert non — users. - enter new market segment. - win competitors customers. - more frequent use. - more usage per occasion. - new & more varied uses. PRODUCT MODIFICATION. 11. - Quality improvements. - Features improvements. - Style improvement. 111. MKTG - MIX MODIFICATION.
  23. DECLINE STAGE. - Technological advances. - Consumer shifts in tastes. - Increased foreign & domestic competition. - Unless strong reasons exists, carrying a weak product is very costly to the firm. MARKETING STRATEGIES DURING DECLINE STAGE. - Identifying the weak products. - Determining mktg strategies. - The Drop Decisions.
  24. New product development The company can develop new products in its own laboratories or it can contract with independent researchers or new development firms to develop new products.
  25. New product development Six categories of new products can be identified :- New to the world products New product lines Additions to existing product lines o Improvement and revisions of existing products Repositioning Cost reduction
  26. New product development Less than 10 percent of all new products are truly innovative and new to the world. These products involve the greatest cost and risk because they are new to both the company and the marketplace. Most new-product activity is devoted to improving existing products. Companies that fail to develop new products are putting themselves at risk.
  27. New-product development decision process 0 1. Idea generation o Interacting with various groups. 0 2. Idea screening Promising ideas, marginal ideas and rejects The purpose of screening is to drop poor ideas as early as possible.
  28. New-product development decision process 3. Concept development and testing Concept testing involves presenting the product concept to target consumers and getting their reactions. Virtual reality 4. Marketing strategy o It includes target market size, structure and behaviour Product positioning Sales
  29. New-product development decision process 5. Business analysis Management evaluates the proposal's business attractiveness. 6. Product development Physical prototypes Customer tests 7. Market test Trial, first repeat, adoption and purchase frequency
  30. New-product development decision process 8. Commercialization Timing Geographic strategy Target market prospect o Introductory market strategy
  31. Branding
  32. RAND DECISIONS Developing a branded product requires a great deal of long- term investment spending on advertising, promotion and packaging. Brand:- name, term, sign, symbol or design or a combination of them intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. Brand name Brand mark Trade mark Copy right
  33. The role of brands They simplify product handling or tracing Brands can signal a certain level of quality so that satisfied buyers can easily choose the product again. Brand are an enormously valuable piece of legal property that can influence consumer behavior, be bought and sold and provide security of sustained future revenues to their owners.
  34. The scope of branding Branding is all about creating differences. Branding involves creating mental structures The key to branding is that consumers must not think that all brands in the category are the same.
  35. Branding Decisions Four generic strategies for branding:- 0 1, Individual names A major advantage of an individual-name strategy is that the company does not tie its reputation to the product's. 0 2, Blanket family names The blanket family name is used in diverse product categories. Tata
  36. Branding Decisions 3. Separate family names for all products Aditya Birla Group 4. Corporate names combined with individual product names Sub branding is followed by Kellogs
  37. Packaging Packaging is critically important to the buyer's recognition of the product. Definition Formulating a design of the package and producing an appropriate and attractive container or wrapper for a product Packaging VS. Packing Packing means wrapping the goods for easy and economical transportation Packaging means placing the goods in suitable containers like bottles, boxes, jars, paper bags etc. so as to make them attractive, consumer friendly and facilitate easy handling.
  38. Functions of Packaging Packaging is a sales tool It identifies the maker of the product as well as the brand name The packaging label informs the buyer about the inner content of the product and how to use it It is an advertising and promotional tool
  39. Role of Packaging in Marketing Consumers prefer safe and conveniently packed products The attractiveness of the package appeals to customers to buy the product A silent salesman The Indian Institute of Packaging (IIP) set up in 1966, is playing a significant role in the field of packaging
  40. reative packaging idea from Japan of Black lemon Bread
  41. Honey Packaging for Klein Constantia Farm
  42. Thank you

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