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Marketing Mix (4 Ps) :
The Marketing Mix model
(also known as the 4 P's) is a tool used by marketers while defining the
marketing strategy. Iif you could identify the right combination of these
elements, your marketing would succeed. E. Jerome McCarthy introduced the 4 P's
of Marketing as a way to describe the mix of factors required to successfully
market a product.
The 4 P’s are :
5 P’s of Marketing :
- 4 P’s
- Product
- Price
- Promotion
- Place (distribution) and
- People
- Packaging
- Process
7 P’s of marketing
- Product
- Price
- Place
- Promotion
- People
- Process
- Physical evidence
Important Note : Here the first 4 P's are
considered as the basis of any marketing process. The last 3 P's are a recently added.
SWOT Analysis
SWOT Analysis (Strengths,
Weaknesses, Opportunities, and Threats) is a tool for auditing an organization
and its environment. The SWOT Analysis is the first stage of planning and helps
marketers to focus on key issues. Strengths and weaknesses are internal
factors. Opportunities and threats are external factors.
Customer Relationship Management (CRM)
In order to sell my
product, I should maintain good Customer Relations. I mean I should interact
with customers and know their needs and according to that I have to design my
product. This is called Customer Relationship Management (CRM in short). The CRM
concerns the relationship between the organization and its customers (to learn
more about customers' needs and behaviors in order to develop stronger
relationships with them).
Three Levels of a Product
- Core Product
- Actual
Product
- Augmented
Product
Market Research
Researching (or
gathering information) about Customers or Market. I mean, to discover what customers
want, need, or believe (and ofcourse, how the Act). Once you came to know all
the details then you can easilea get an idea on how to market your product.
Market Information
The Information about
Market. I mean the information like the prices of the different commodities in
the market, and getting the Demand and Supply information.
Market Segmentation
Market Segmentation is
nothing but dividing the market into Parts. Into different homogeneous groups
of consumers. The purpose of this is to allow your marketing program to focus
on the subset of prospects that are "most likely" to purchase your
offering. If done properly this will help to insure the highest return for your
marketing expenditures.
Branding
Displaying the
importance of the product and other things in the form of Logo is called
Branding (this logo may consists some symbols, colours and letters)
Thats all for now Friends. If you have any doubts or comments, please post them in the comments section so that we can answer. And don't forget to share this post with your friends if you like this... Happy Reading :)
Excellent study material in each and every topic for all the aspirants out there.. Great Work Shiv mam.. :)
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