What is marketing mix? What are its main elements? Explain.
Marketing management decisions are based on a number of controllable and non-controllable factors.
Controllable factors are those which can be influenced at the level of the firm. E.g. price of the product, packaging decision, physical distribution, etc. However, there are certain factors which are beyond the control of the firm.
These are called non-controllable factors or environmental factors. E.g. rate of inflation, credit policy of banks, competition, etc.
Therefore, controllable variables become marketing tools, which are constantly shaped and reshaped by marketing managers to achieve marketing objectives.
The combination of variables chosen by a firm to prepare its market offering, is called marketing mix. The main components of marketing mix consist of the four P’s, viz product, price, place and promotion.
Elements of Marketing Mix are:
Product: Product means goods or services or ‘anything of value’ which is offered to the market for sale. It is a mixture of tangible and intangible attributes, which are capable of being exchanged for value.
From the customer’s point of view, a product is a bundle of utility as it provides three types of benefits to the consumers that are Functional benefits, Psychological benefits and social benefits. It also includes the extended product or what is offered to the customer as after sales services, handling complaints, credit services, etc.
The product mix refers to important decisions related to the product such as quality of product, design of product, packaging, etc.
Price: Price of a product refers to the amount of money that the customer has to pay in the market to obtain the product. The marketers have to take a number of decisions regarding price level, pricing strategy, pricing objectives, discounts, etc, together known as price mix.
Place: Place or physical distribution covers all the activities required to physically move the goods from manufactures to customers.
The two major decision areas under this function are:
i. Decision regarding channels of distribution.
ii. Physical movement of goods from the place where it is produced to the place of consumption.
Promotion: Promotion refers to the process of informing the customers about the product and then persuading them to buy it. Most marketing firms use a combination of advertising sales promotion, personal selling, and public relations to promote their products.
Therefore, the combination of any of these techniques to attain the marketing objectives is called promotion mix.
What are the factors affecting determination of the price of a product or service? Explain.
A marketer of colour TV having 20% of the current market share of the country aims at enhancing the market share to 50 per cent in next three years. For achieving this objective he specified an action programme. Name the function of marketing being discussed above. (Ans. Marketing planning.)
For buyers of consumer durable products, what ‘customer care services’ would you plan as a manager of a firm marketing new brand of motorcycle. Discuss.
How does branding help in differential pricing?
Distinguish between convenience product and shopping product.
Discuss the role of intermediaries in the distribution of consumer non-durable products.
What information is generally placed on the package of a food product? Design a label for one of the food products of your choice.
What are industrial products? How are they different from consumer products? Explain.
Product is a bundle of utilities. Explain.
Discuss the role of ‘sales promotion’ as an element of promotion mix.
How does planning provide direction?
What is meant by staffing?
Identify the network of social relationships which arises spontaneously due to interaction at work.
What is informal communication?
State the meaning of controlling.
What is meant by capital structure?v
What is meant by management?
What is a Treasury Bill?
What makes principles of management flexible?
Under which consumer right does a business firm set up consumer grievance cell?
Discuss the role of SEBI in regulating the financial markets in India.
State any two relief available to consumers under CPA.
Mrs. Mathur sent a jacket to a laundry shop in January 2018. The jacket was purchased at a price of ₹4,500. She had previously sent the jacket for dry cleaning with Shine Dry Cleaners and the jacket was cleaned well. However, she noticed that her jacket had white discoloration marks when she collected the jacket this time. On informing the dry cleaner, Mrs. Mathur received a letter confirming that discolouration indeed appeared after the jacket was dry cleaned. She contacted the dry cleaner multiple times and requested for compensation for discoloured jacket but to no avail.
Upon Consumer court’s intervention, Shine Dry Cleaners agreed to compensate ₹2,500 to Mrs. Mathur for the discoloured jacket.
a. Which right was exercised by Mrs. Mathur at the first instance.
b. Name and explain the right which helped Mrs. Mathur to avail the compensation.
c. State which consumer responsibility has been fulfilled by Mrs. Mathur in the above case.
d. State any other two responsibilities to be assumed by the consumers.
How does leadership style affect employee performance?
State two important steps in the organizing process.
What is the meaning of 'Business Environment'?
How does controlling contribute to the organizational goals?
Explain the significance of the Consumer Protection Act, 2019. How is it different from the 1986 Act?
Why is management considered to be a multi-dimensional concept?
Name the document prepared in the process of online trading of securities that is legally enforceable and helps to settle disputes/claims between the investor and the broker.