This slideshow talks about the introduction to the traditional and modern marketing mix, for products as well as services. It explains how a marketing mix is developed to achieve marketing goals of a company.

1. Department of MBA
IMS Engineering College, Ghaziabad
Marketing Management – II
UNIT 1
Marketing Mix

2. Marketing Mix: Meaning
• By marketing mix, we mean a combination of
factors that can be controlled by the organization
to influence the consumers to purchase its
products.
• It is a set of marketing tools that the company
uses to pursue its marketing objectives.
• The elements of marketing mix influence each
other. They make up the business plan for the
company and if handled right, can give it great
success.

3. Marketing Mix: Importance
• Marketing mix represents the business plan of the
company, hence has to be handled very carefully.
• Marketing mix is formed after a lot of market
research and consultation with several people –
from the people involved in the supply chain to
the consumers
• It acts as a guide to improve the business
• Marketing mix helps in enhancing product
portfolio
• Marketing mix helps in differentiation in a
competitive market

4. The traditional Marketing Mix
• The product marketing mix consists of 4Ps –
Product, Place, Price and Promotion
• The Marketing mix 4Cs consist of – Consumer
(wants and needs), Cost, Communication,
Convenience
• The 4Cs enables the organization to think in
terms of consumer rather than self, thus
encouraging a consumer centric approach from
a business centric approach

6. The Service marketing mix: 7Ps
• Product
• Place
• Price
• Promotion
• People
• Process
• Physical evidence

7. The Service marketing mix: 7Ps
• The 4Ps were developed by E. Jerome McCarthy
in 1960, to these 4Ps, Booms and Bitner added
another 3Ps in Late 1970s – People, Process and
Physical Evidence
• ‘People’ in service marketing mix means the
human resource
• ‘Process’ in service marketing mix means the
sequence of activities that leads to service
outcome
• ‘Physical Evidence’ in service marketing mix
means the ‘packaging’ of the service, it refers to
tangibility in service

8. Developing an
effective marketing Mix
• Companies must update their products as per
the technology and add to their products, such
features which the customers value.
• Companies can extend guarantees on their
product offering if they are very confident
about their product / service, this will make
offering all the more effective
• Packaging can also be used as a tool to
enhance product offering

9. Developing an
effective marketing Mix
• Companies can offer low priced versions of
their products to attract consumers
• Marketers need to consider factors such as
payment period, margin, credit terms etc
before deciding the price
• Some companies attempt to position
themselves as offering lower price than their
consumers

10. Developing an
effective marketing Mix
• To promote effectively, the companies have to
decide carefully their marketing mix and channels
they want to employ for communication with the
customer.
• Internet is also a great way to promote products
and services
• Companies may also think of viral, word of
mouth promotion or publicity
• Companies have to chose distribution channels
carefully so that get the products and services in
the right quantity when they need them.

11. Managing and
Designing Marketing Mix
• Organization must take care about the
following before developing the marketing
mix:
• Identify overall goal or marketing strategy
• Identify target market

12. Managing and
Designing Marketing Mix
• To create the right marketing mix, businesses
have to meet the following conditions: The
product has to have the right features - for
example, it must look good and work well.
• The price must be right. Consumer will need to
buy in large numbers to produce a healthy profit.
• The goods must be in the right place at the right
time. Making sure that the goods arrive when and
where they are wanted is an important operation.
• The target group needs to be made aware of the
existence and availability of the product through
promotion. Successful promotion helps a firm to
spread costs over a larger output.