Marketing Mix

What is Marketing? 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 Discovering consumer wants Translating into products and services Customer Satisfaction Marketing is the process of 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 Focus Means Objectives Selling concept Selling and promotion Profits through sales volume Products 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

What is the right marketing mix for your product? 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 journals 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