FUNDAMENTALS OF MARKETING MIX

FUNDAMENTALS OF MARKETING MIX. Dr. PRASANTH VENPAKAL.

[Audio] Slide number 2 of our presentation focuses on the fundamentals of marketing mix. We will discuss the concept and its importance in the business world. Marketing involves identifying and meeting customer needs with the ultimate goal of making profits. Marketing managers and representatives make important decisions that contribute to a business's success. The marketing mix is a key aspect of marketing and involves using policies and procedures to influence both trade and consumer behavior. This includes product, price, place, and promotion - also known as the 4 Ps of marketing. The goal is to find a balance of these elements to achieve desired consumer behavior at a low cost. Marketing managers must carefully analyze and plan their strategies to ensure the success of the business. In today's competitive market, understanding and effectively utilizing the marketing mix is crucial for a business's success. It is a continuously evolving process that requires constant evaluation and adjustment to meet changing market demands. Let's move on to the next slide where we will delve deeper into the components of marketing mix..

[Audio] In the field of marketing, there are various important factors that contribute to a company's success. These factors include marketing, advertising, personal selling, pricing, packaging, channels, and warehousing. However, companies must determine the most effective way to utilize these elements and ensure profitability in their marketing operations. This is where the concept of marketing mix becomes significant. It is a decision-making approach that enables companies to combine different marketing elements to achieve their desired outcomes. The term "Marketing Mix" was coined by Neil H. Borden in his article "The Concept of Marketing Mix," in which he portrayed the business executive as a "decider" and "artist" who must skillfully mix the ingredients. Just like a chef in the kitchen, a business executive must carefully blend these elements to create a successful marketing strategy. They may follow a proven recipe or develop their own unique combination. Companies may also experiment with new and untested ideas to stand out from their competitors. Ultimately, it is the marketing mix that allows companies to make the most of their products, pricing, promotion, and distribution. Through the right combination of these elements, companies can effectively reach their target audience, establish a strong brand, and achieve their marketing objectives. In the upcoming sections, we will delve deeper into the basics of marketing mix and explore how to implement this concept to drive business growth..

[Audio] Slide number 4 of our presentation on the fundamentals of marketing mix will focus on the definitions of marketing mix by influential figures in the field. The concept of marketing mix is crucial for any successful marketing strategy. According to Philip Kotler, the "Father of Modern Marketing", the marketing mix consists of four elements: product, price, promotion, and place. These elements give companies the flexibility to adjust their strategy to effectively reach their target market. In their book "Principles of Marketing", Kotler and Armstrong define marketing mix as a set of tools used by companies to achieve desired responses from their target market. Renowned marketing expert W. J. Stanton also defines marketing mix as the key inputs of a company's marketing system, including the product, pricing, promotion, and distribution. Understanding and utilizing the marketing mix is vital for achieving marketing success. By creating a strategy that incorporates these elements, companies can effectively reach their target market and achieve their desired results. Let's move on to slide number 5 to further explore the fundamentals of marketing mix..

[Audio] The marketing mix is a vital component of the marketing world, serving as the foundation for every marketing process and involving significant decisions for each element. The best results are achieved when proper emphasis is placed on each element and they are combined effectively. In today's dynamic and ever-changing markets, it is essential to constantly review and adjust the marketing mix. This requires the marketing manager to stay updated on market conditions and make necessary changes to the mix to remain competitive. The marketing mix is a powerful tool for creating successful marketing strategies, with its four key elements: product, price, place, and promotion. It is crucial for these elements to be carefully balanced and integrated for an effective strategy. The product refers to the physical item or service being offered, including its features, design, quality, and packaging. The marketing manager must ensure that the product meets the needs and wants of the target market. The price is determined by factors such as production costs, competition, and perceived value, and the marketing manager must carefully consider these in setting the price. Place includes the location where the product is available for purchase, including distribution channels and accessibility to the target market. The marketing manager must determine the most efficient way to make the product available to customers. Promotion involves various marketing efforts such as advertising, sales promotions, public relations, and personal selling. The marketing manager must choose the most suitable techniques to reach and influence the target market. It is essential for all four elements to be carefully balanced and integrated for the marketing mix to be successful. This requires constant evaluation and adjustments to meet the changing demands of the market. In conclusion, the characteristics of the marketing mix play a crucial role in the success of any marketing strategy, and it is imperative for the marketing manager to constantly review and adapt accordingly..

[Audio] As we explore the fundamentals of marketing mix, we must also consider the impact of a constantly changing external environment. Customers are often the most volatile factor in this environment, with their tastes and preferences shifting quickly. Factors such as brand loyalty and purchasing power are not constant, making it crucial for the marketing manager to regularly conduct market analysis and make necessary adjustments to the marketing mix. However, it is not just external changes that demand a shift in approach. Changes within the company itself, such as advancements in technology, new product lines, or changes in the size and scale of operations, also require corresponding changes in the marketing mix. This highlights the dynamic and ever-evolving nature of the marketing mix, which must be continuously assessed and adapted to keep up with the changing landscape. By understanding and acknowledging the influence of both external and internal changes, the marketing mix can be effectively utilized to meet the demands of the target market and maintain a competitive edge..

[Audio] We will be presenting on the fundamentals of marketing mix and its application to both business and non-business organizations. Marketing mix is a crucial tool for achieving organizational goals, such as increased profits and market share. This concept applies to non-business organizations, such as clubs and educational institutions, as it helps them provide the right services, charge appropriate fees, promote their organization, and cater to customer needs. The success of any organization is dependent on customer satisfaction, and the marketing mix is designed to address these needs. In conclusion, marketing mix is essential for the success of both business and non-business organizations, with a strong focus on the customer. Now, let's move on to the next slide to explore more fundamental concepts..

[Audio] In our presentation on the fundamentals of marketing mix, this is slide number 8 out of 16. This slide will cover the features of marketing mix. The marketing mix consists of four variables - product, price, place, and promotion, which are crucial for any marketing strategy. These variables must be properly aligned to achieve the company's marketing goals. The main objective of the marketing mix is to help companies attain their marketing targets, such as increasing sales, maximizing profits, retaining customers, and ensuring customer satisfaction. By effectively utilizing the four variables, companies can reach their desired goals. The marketing mix is a dynamic concept that allows companies to adjust and adapt to changing marketing conditions and customer needs. This means that the focus on any one variable can be altered to best meet the company's objectives. To succeed in the competitive world of marketing, it is essential to understand and effectively use the marketing mix. Let's now continue to our next slide..

[Audio] Slide number 9 will cover the fourth and fifth components of the marketing mix. The first one is constant monitoring, which involves closely observing changing trends and needs within your company and the market. This ensures that the marketing mix remains effective and meets current demands. The second fundamental is prioritizing the customer in all marketing activities. Understanding the customer as the ultimate focus is crucial for any business. The perception of the customer determines the value of a product, making it essential to continuously aim for customer satisfaction and loyalty. In conclusion, the fourth and fifth fundamentals stress the importance of staying updated and keeping the customer at the forefront of all decisions for a successful and effective marketing strategy..

[Audio] As a marketing manager, you are aware that success in the field requires creative thinking and intuition. However, it is important to acknowledge that these traits alone are not enough. Relying solely on these qualities can lead to inaccurate assumptions and hinder desired results. To develop an effective marketing mix, it is essential to base decisions on thorough research and a balanced combination of facts and innovation. This can be achieved by following a structured process. Let's examine the steps involved in creating a marketing mix. Firstly, identify the target market and understand their needs and preferences. This will serve as a foundation for the marketing mix and aid in tailoring strategies to better reach the audience. Next, conduct research to gather data and insights, including market trends, consumer behavior, and competitor analysis. This information will inform decisions when building the marketing mix. Once the target market is clearly defined and data is collected, the next step is to develop the marketing mix. This involves a combination of the 4 P's: Product, Price, Place, and Promotion. Product refers to what is being offered to customers, be it a physical product, service, or experience. Price takes into account factors such as production costs and competition when determining the cost of the product. Place involves choosing the most suitable distribution channels to make the product easily accessible to the target market. Lastly, Promotion encompasses all tactics used to communicate and promote the product to the audience. By following this process, an informed marketing mix can be created that blends both data and innovation. This will result in a more effective and successful marketing strategy. In conclusion, as a marketing manager, remember to tap into your intuition and creative thinking, but also rely on research and facts to develop a well-informed marketing mix. This will aid in achieving desired results and drive success in marketing efforts..

[Audio] The next step in the marketing manager's process is to understand the consumer, a crucial element in the fundamentals of marketing mix. The manager should begin by defining the unique feature of the product, which can be done through customer surveys or focus groups. It's important to determine the value that this unique feature holds for consumers, and whether it can increase the product's sales. Once the unique feature is identified, the focus then shifts to understanding the consumer who will be purchasing the product. This involves understanding their needs and the value they associate with the product. With this knowledge, the other elements of the marketing mix can be tailored to the target consumer. This understanding is essential in ensuring the product is relevant and appealing to the specific consumer. By following these steps, the marketing manager can create an effective marketing mix that will attract and satisfy the target consumer..

[Audio] The third step in understanding the fundamentals of marketing mix is to analyze the competition. This involves evaluating prices and related benefits, such as discounts, warranties, and special offers. It is important to have a clear understanding of the subjective value of the product and compare it with the actual manufacturing and distribution cost in order to determine the ideal price point. Moving on to the fourth step, the marketing manager should assess the options for where the customer is most likely to make a purchase. This includes considering the costs of using different channels. It is worth considering multiple channels to target a wider customer base and ensure easy product accessibility. However, for a niche product, it may be best to concentrate distribution in a specific area or channel, as the value of the product is closely tied to its availability. These crucial steps are essential for creating a successful marketing mix. By comprehending the competition and evaluating placement options, a marketing manager can effectively set an ideal price point and target the appropriate customer base. This will ultimately lead to a successful marketing strategy, driving sales and business growth. Dr. Prasanth Venpakal's expertise in this field will further enhance comprehension of these fundamental steps. Please continue to follow along as we move on to the next step in the marketing mix..

[Audio] Moving on to step 5 out of 16, it is crucial to identify the target audience and set the price of the product in order to develop a successful marketing strategy. The next step involves creating a communication strategy that effectively conveys the key features and benefits of the product to customers. In step 6, it is important to evaluate how all the elements of the marketing mix are interrelated and rely on each other for a strong and effective strategy. This includes assessing if the selling channels strengthen the perceived value of the product and if the promotional material supports the chosen distribution channels. In the final stage, a thorough review of the entire marketing plan must be conducted to ensure that the four elements are in harmony and there are no conflicting messages. It is crucial to understand the significance of these steps in developing a successful marketing mix. With the guidance of Dr. Prasanth Venpakal, these steps can be applied in marketing strategies for maximum success..

[Audio] Slide number 14 of our presentation on the Fundamentals of Marketing Mix by Dr. Prasanth Venpakal discusses the importance of marketing mix in a successful marketing strategy. It brings together various elements for analysis and evaluation of a product or service. The key benefits include identifying suitable distribution channels, determining appropriate pricing, and utilizing effective promotional media. By integrating all these elements, marketing mix provides a holistic approach to marketing and acts as a guiding force for organizations. The use of marketing mix is crucial for achieving marketing goals and ensuring the success of products or services. This concludes our discussion on marketing mix, and stay tuned for our final slide..

[Audio] Slide number 15 in our presentation on the fundamentals of marketing mix by Dr. Prasanth Venpakal focuses on the concept of value creation. This is a crucial aspect of marketing mix as it helps companies identify and assess the different elements of their products or services and their significance to customers. By understanding the value a product or service holds for the customer, companies can better satisfy their needs and preferences, leading to increased customer satisfaction and loyalty. Additionally, marketing mix aids in the selection of the most effective distribution channel for products or services, whether it be through a retail store or an online platform. This ensures that offerings are easily accessible to target consumers, ultimately increasing sales and profitability. Price allocation is also an important component of marketing mix, involving consideration of the target consumers' priorities and financial limitations when setting a suitable price for the product or service. By understanding the value a product holds for the customer, companies can offer a competitive and fair price to their target market. Promotion and advertising are also essential directives in marketing mix, as they effectively communicate the value of offerings to consumers, increasing the likelihood of purchase and creating value for both the consumer and the company. In summary, marketing mix serves as a comprehensive guide for businesses to effectively create and deliver value to their target consumers through strategic decision making..

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