2. MARKETING
• The term "marketing" is derived from the
word "market," which refers to a group of
sellers and buyers that co-operate to
exchange goods and services.
• Marketing is defined as communicating the
value of a product, service or brand
to customers, for the purpose of promoting
or selling that product, service, or brand.
4. IMPORTANCE OF
MARKETING
• Marketing Promotes Product Awareness to
the Public
• Marketing Helps Boost Product Sales
• Marketing Builds Company Reputation
5. MARKETING MIX
• Factors managed by an organization that
influence the demand of a pro
• It is a combination of marketing tools that a
company uses to satisfy their target
customers, and achieving organizational
goals. duct or service.
6. HISTORY
• The term marketing mix was coined in an
article written by Neil Borden called “The
Concept of the Marketing Mix.”
• The marketer, E. Jerome McCarthy, proposed
a four Ps classification in 1960
7. 4 P’S OF
MARKETING
McCarthy classified all marketing tools under four
broad categories:
• Product
• Price
• Place
• Promotion
• These four elements are the basic components
of a marketing plan and are collectively called 4
P’s of marketing.
9. PRODUCT
• Tangible or intangible item or service offered
to customers to satisfy a need or want.
• Example:
– Brand Styling and Packaging
– Features/Benefits
– Warranty
10. PRICE
• Amount a product or service costs to
customers.
• Often influences customers where to
purchase certain products or services.
• Example:
– Clearance: 500rs for everything
– Buy 1, Get One 50% off
11. PLACE
• Communication between businesses and
customers that guide them towards making a
purchasing decision.
• Example:
– Advertising
– Publicity
– Sales and Discounts
12. PROMOTION
• How a product or service is delivered to
customers or businesses.
• Examples:
– Inventory
– Distribution Centers
– Transportation
– E-Commerce
13. EXTENDED MARKETING
MIX
• In order to extend the usefulness of marketing
mix, some authors introduced seven P’s.
• Booms and Bitner included three additional 'Ps'
to accommodate trends towards a service or
knowledge based economy:
PEOPLE
PROCESS
PHYSICAL EVIDENCE/ENVIRONMENT
• But the foundation of Marketing Mix still stands
on the basic 4P’s.
15. PEOPLE
• All people who directly or indirectly influence
the perceived value of the product or service,
including knowledge workers, employees,
management and consumers.
16. PROCESS
• Procedures, mechanisms and flow of
activities which lead to an exchange of value.
• Process become all the more crucial to
ensures standards are met with.
• Process mapping ensures that your service is
perceived as being dependable by your
target segment
17. PHYSICAL
ENVIRONMENT
• The direct sensory experience of a product or
service that allows a customer to measure
whether he or she has received value.
Examples might include the way a customer
is treated by a staff member, or the length of
time a customer has to wait, or a cover letter
from an insurance company, or the
environment in which a product or service is
delivered
