Marketing Mix

What is Marketing?

Discovering consumer wants

Translating into products and services

Customer Satisfaction

Marketing is the process of discovering and translating consumer wants into products and services and then in turn making it possible for them to enjoy the products and services

Marketing involves finding out what your customers want and supplying it to them at a profit

Marketing v/s Selling Focuses on

consumer’s needs Consumer enjoys

supreme importance Product planning and

development to match products with markets

Converting consumer needs into products

Cavet Vendor (let the seller beware)

Focuses on seller’s needs.

Product enjoys supreme importance

High pressure selling to sell goods already produced.

Converting products into cash

Cavet emptro (let the buyer beware)

Marketing v/s Selling

Selling concept

Focus Means Objectives

Products Selling and promotion

Profits through sales volume

Marketing concept

Consumers’ needs

Integrated Marketing

Profits through consumer satisfaction

The marketing concept calls for goal-oriented approach.

The objective is to earn profits through customer satisfaction.

What is Marketing Planning?

Marketing planning is to inject the philosophy of consumer orientation into the total business system and serves as a guide to the organisations’ efforts.

What is Marketing Mix? It is the combination of four inputs which

constitute the core of a company’s marketing system: product, price structure, promotional activities distribution system

www.learnmarketing.net/marketingmix.htm

Purpose of Marketing Mix

The purpose of marketing mix is to satisfy the needs and wants of the customers in most effective and economical manner

Elements of Marketing Mix

Lets explore Marketing Mix

Problem

Some fast moving consumer good (FMCG) are experiencing a decline in the demand and thus losing their market share

Your Project Select one Fast Moving Consumer

Goods (FMCG) facing decline in the demand

As a market researchers, conduct a case study of each aspect – price, place, promotion and product itself

Prepare revival strategy multimedia presentation of the product for the board of directors

A Big Question

What is the right marketing mix for your product?

Some questions to explore How can we determine a right

marketing mix? What are the factors that affect the

choice of the channel of distribution?

What influences the price of a commodity?

In what ways can surveys help us to make business decisions?

Project Scenario Stages

Select one FMGC product facing decline in the demand Conduct survey for studying the trend of market Analyse the results and draw inferences Use online thinking tools for studying elements of

marketing mix of your products in detail Suggest revival strategy for your product

Your distribution channel. Picture it with diagrams. Your pricing strategy. Indicate the price you will

choose. Your advertising program Your plan to improve the product considering the

customer’s demand Create revival strategy presentation for board of

directors

Remember

To work in teams To note down your learning in

journal To refer to the marketing mantra

score sheet for self evaluation

Go ahead and master the Marketing Mantra

All the best

References

http://www.freeworldacademy.com/newbizzadviser/fw15.htm#8