The document discusses the concept of market mix, which refers to the combination of marketing tactics used to effectively target a market. It originally included the four P's of product, place, price and promotion. An expanded market mix was later proposed adding people, physical evidence and process. Each element of the market mix is then defined in detail.

1. Market Mix
It is a mix or a combination of tactics used
to market effectively to a target market.
It can also be defined as the combination of
elements, tools, or efforts used to achieve
marketing objectives.
The concept was given by Theodore Levitt
who proposed the four p’s i.e
Product
Place
Price
Promotion

2. Expanded Market Mix
An expanded mix was proposed by Britner
that added three more Ps :
 People
 Process
 Physical evidence

3. Market Mix (contd)
Product
 Physical good features
 Quality level
 Accessories
 Packaging
 Warranties
 Product Lines
 Branding

4. Market Mix (contd)
Place
 Channel type
 Exposure
 Intermediaries
 Outlet locations
 Transportation
 Storage
 Managing Channels

5. Market Mix (contd)
Price:
 Flexibility
 Price levels
 Terms
 Differentiation
 Discounts
 Allowances

6. Market Mix (contd)
Promotion:
 Promotion blend
 Salespeople
 Advertising
 Sales promotion
 Publicity

7. Market Mix (contd)
People:
 Employees
 Cutomers

8. Market Mix (contd)
Physical Evidence:
 Facility design
 Equipment
 Signage
 Employee dress
 Other tangible

9. Market Mix (contd)
Process:
 Flow of activities
 Number of steps

10. Market Mix (contd)
 Product- It is the offer of the marketer to
satisfy a need & want. It includes the
product variety & assortment, quality,
features, style, brand name, packaging,
warranties & guarantees, product logos,
trademarks, & associated benefits.

11. Market Mix (contd)
 Place- Refers to the distribution of the
products to the consumers. It involves
the movement of the product from the
sellers to the buyers, as well as storage
at different points to make these
available at convenient time & locations
to the buyers.

12. Market Mix (contd)
 Price:It is the monetary value of the
product. This is what the buyer pays to
the seller, including discounts,
allowances, credit terms, payment
period etc.

13. Market Mix (contd)
 Promotion- It refers to all methods &
tools used to give product information to
the buyers & persuade them to
purchase it.

14. Market Mix (contd)
 People- People imply the human
elements involved in the service
experience. The most visible elements
are those engaged in exchange, i.e.
sellers & buyers.

15. Market Mix (contd)
 Process- Process of service delivery
decides the satisfaction of the
customers. It includes the procedures,
task schedules, mechanisms, activities
& routines by which a product or service
is delivered to the customer.

16. Market Mix (contd)
 Physical evidence- Physical evidence
creates tangibility for the intangible
services. I t portrays an image through
physical presence such as building,
décor, uniform etc.

17. Product
Def- A product is anything that can be
offered to a market for attention,
acquisition, use, or consumption that
might satisfy a want or need. It includes
physical objects, services, places,
organizations & ideas.

18. Types of product
 Core product/ Consumer product
 Facilitating product
 Supporting product
 Industrial product

19. Core Product/ Consumer product
 Itincludes what exactly the consumer is
buying, it could include a package of
problem solving seervices

20. Facilitating Product
 These are those services or goods that
must be present for the guest to use the
core product, eg hotel services &
facilities

21. Supporting Product
 These are extra products offered to add
value to the core product & to help
differentiate it from the competition. In a
hotel a business centre or health spa is
a supporting product

22. Industrial product
 Arethose products that are used for
industrial consumption.

23. Product Planning & development/
New product planning &
development
Acompany can obtain new products
through two ways:
 Acquisition
 New product development – setting
research & development department

24. Stages of product planning &
development
 Idea Generation
 Idea screening
 Concept development & testing
 Marketing strategy
 Business analysis
 Product development
 Test marketing
 Commercialization

25. Idea Generation
 Internal sources
 Customers
 Competitors
 Distributors & suppliers
 Other sources

26. Idea Screening
The following are the objectives of idea
screening:
 Fulfilling mission
 Meeting corporate objectives
 Meeting property objectives
 Protect & promote core business
 Protect & please our key customers
 Better utilize existing resources
 Support & enhance existing product line.

27. Concept development & testing
 Product Idea- envisions a possible product
that company managers might offer to the
market
 Product concept- a detailed version of the
idea stated in meaningful consumer terms
 Product image- is the way that consumers
picture an actual or potential product.

28. Marketing Strategy
Designing an initial marketing strategy for
introducing the product into the market.
It is divided into two parts:
 Target market, planned product
positioning, sales, market share & profit
goals.
 Planned price, distribution, marketing
budget.

29. Business Analysis
It involves a review of the sales, costs &
profit projections to determine whether
they satisfy the company’s objectives.

30. Product Development
The product concept develops into a prototype
of the product. It also means that it satisfies
the following criteria:
 Consumers perceive it as having the key
features described in the product concept
statement.
 It performs safely under normal use
 It can be produced for the budgeted costs

31. Test Marketing
It is the stage in which the product &
marketing program are introduced into
more realistic market settings.

32. Commercialization
 Atthe final stage, the product is rolled
out in the market. It may be done in a
phased manner moving from one
market to another market in one go.