Understand Marketing Mix-- -in 5 Minutes

Understand Marketing Mix-- -in 5 Minutes
Product , Price, Promotion and Place. All these are part of marketing mix. If one of them is not there then we cannot call it a marketing mix. For example Sanjeev Kapoor who is famous chef prepares a recipe for making the cake. He mixes many ingredients , and all of them have to blend well ,so that cake comes out to be perfect in all respect.
In the same way a marketing manager combines all the marketing activities and blend it well to form a perfect marketing mix and he achieves, what he has aimed for. Developing Marketing plan or the programme is very complex .There are many elements that have to be attended in order to develop a good marketing programme .
In order to determine the best marketing mix, there are many factors which should be considered like
1. The company should go for which product .
2. What type of market should be targeted like industrial or consumer.
3. What is the stage whether it is emerging,
4. Competitive conditions .
These factors keep on changing as per the time and requirement. The main aim of the company is to make use of marketing mix in such a way that it achieves the volume of sales and get the profit which has been targeted
Marketing Mix can also include marketing research which is a systematic method of collecting market information for solving marketing problems .
Definition MARKETING MIX is set of tools that the company uses to pursue its marketing objectives in the target market.

PROMOTION
QUE WHAT ARE THE PROMOTIONAL ACTIVITIES ?
ANS – The Promotional activities are
1) Advertisement – In this there is one person pays the money to media to send the message to the consumers .
2)Personal Selling – When a person working for a particular company engage in communications through phone calls or by speaking to customer in order to sell the product.
3)Sales Promotion- When a company uses display , hoarding , banners or other tools like demonstration , dealer contests supplement advertising and personal selling.
4) Publicity and Public Relations – Pubic relations and Publicity efforts include a number of indirect activities and programs designed to create a favourable impression of the company. It has more impression on the public than advertising.
5) Sales Force- The company employs a team a sales force who go to the target market and introduce the products and also book the orders
All these promotional activities differ from company to company .
Que What is meaning of product in reference to the marketing mix?
Ans The product in reference to the marketing means the set of benefits ,which customer gets against the price paid. The marketing company takes many decisions regarding the product being marketed like
1. Branding,
2. Various sizes to be marketed,
3. Quality,
4. Features,
5. Services,
6. Warranties
7. Packaging
8. Sizes.

Que What is meant by price in the marketing mix?
Ans The price is what consumer pays for the product. The company decides the other factors like The maximum Retail Price, discounts, Payment period, interest to be charged, EMI .

Que What is meant by Place in reference to the marketing mix?
Ans The place in reference to the marketing, means all factors involved in the movement of the product from the point of manufacturing to the customer or end user. It includes the modes of
1. transportation,
2. warehousing
3. optimum Inventory
4. Retail Points
5. Wholesaler or sales agents.
6. Insurance