Marketing mix 2024 is a dynamic field. A country’s political situation, Government policies, rate of inflation, competitors, advancement in technology, and global changes can affect the marketing mix. These external factors are not in the control of the organization. The internal factors are controllable factors. These four factors are product, price, Place (distribution setup), and promotion. These four factors are under the control of the marketing company. The marketing company can easily use these internal factors in response to the changing situation to achieve the marketing goal.
These four factors PRODUCT, PRICE, PLACE, AND PROMOTION are the MARKETING MIX.
As per the definition by Philip Kotler the set of controllable variables that the firm can use to influence the buyer’s response”
These above-mentioned variables(factors) are under the control as per the situation as is the marketing mix. According to Some authors, there are seven controllable factors in a marketing mix Product, Price, Place, Promotion, People, Packing, and process Marketing involves a number of activities. An organization decides to serve the target group of customers. Once the target group is decided, the company introduces the product in the market. The company is also using the proper combination of marketing mix like product, price, distribution, and promotional efforts. By using these four p’s in a suitable combination as per the situation helps to achieve the company’s marketing goal. Furthermore, we are discussing in detail the above-mentioned four Ps in detail.
MARKETING Software 2024 For Each Step Of Growth
PRODUCT Anything offered by the company to satisfy the needs of the ultimate users is a product. It can be tangible (can be seen touch like cloth food etc.) and intangible like services (transport, education, internet, etc.) Look at the definitions by Stanton and McCarthy as given in the box. Product William J. Stanton “Product is a set of tangible and intangible attributes including packaging, color, price, manufacturer’s prestige, retailer’s prestige and manufacturer’s and retailer’s services which buyer may accept as offering the satisfaction of wants and services” Therefore in a broader sense a product is more than a physical product of its features, color, manufacturer, and retailer good well, brand name, Packaging accessories, installation, after-sales service fulfills some psychological needs. Moreover the assurances about the service facilities to meet the customer needs after the purchase”
Products can be classified on the basis of use, durability, and tangibilit. Based on use there are consumer products and industrial products or goods Consumer goods or products are household products like Coffee, tea rice sugar clothes shoes, which are for personal consumption. On the basis of buying behavior, consumer goods can be classified further into three groups 1-Convenience goods 2-Shopping goods 3- Specialty goods.
MARKETING Software 2024:
- Convenience goods– These products are frequently are using in our daily lives not much more information or research is required to purchase the products. These products are quickly consumed. like Matchbox, Bath soap, and spices. Vegetable cooking oil etc
- Shopping goods –These products are slowly consumed and before going to purchase the customer tries to collect information about the product features like quality, style, suitability, durability price, substitute, and competition before going to have a purchase decision. Therefore these products are more expensive as compared to convenience goods. Examples are clothes, shoes, washing machines, etc.
- Specialty goods- Because of some special feature of products (maybe status symbol) of certain categories of goods people put some alternate effort into buying these products with little attention to price They are ready to buy these goods at the offered price prices and also put in extra time to locate the seller to make the purchase. Examples are status symbol products, cameras, Laptops, new automobiles, etc.
Industrial Goods: Those Goods are used to produce some other products for further usage. These consist of machinery, raw materials, machinery spare parts, and operating supplies too (such as lubricants, stationery, etc.). Moreover, the buyers of industrial goods are knowledgeable, cost-conscious, and rational in their purchase, therefore, marketers adopt different pricing, distribution, and promotional strategies for their sales.
On the basis of Durability, the products can be classified as :
Durable Goods; Durable goods are products which used for a long period i.e., for months or years together. Examples of such goods are refrigerators, cars, washing machines, etc. Such goods also require more personal selling efforts and have high profit margins. In the case of these goods, the seller’s reputation and pre-sale and after-sale service are important factors in the purchase decision.
Non-durable Goods. Such products normally consumed in one go or last for a few uses. Examples of such products are soap, washing powder, salt, pickles, sauce, etc. These items are consumed quickly and we purchase these goods more often. Such items make available through a large number of convenient retail outlets too. Profit margins on such items are usually low and heavy advertising attracts people to their trial and use.
- Based on tangibility, the products can be classified as
(a) Tangible Goods- Most goods, whether these are consumer goods or industrial goods and whether these are durable or non-durable, fall in this category. These products have a physical appearance, that can be touched and seen. Therefore, all items like groceries, cars, raw materials, machinery, etc. fall in the category.
(b) Intangible Goods. Services are essentially intangible activities that provide want or need satisfaction to individual consumers or to organizational buyers (industrial, commercial, institutional, government, etc.) … Medical treatment, postal, banking, and insurance services, internet, education transportation, etc., all fall in this intangible goods category.
MARKETING MIX Functions:
Primarily a channel of distribution performs the following main functions:
1- It helps in establishing regular contact with the customers and provides them with the necessary information relating to the product.
2- It helps the customer to inspect the product at his convenience to make his choice.
3- It facilitates the transfer of ownership and the delivery of goods.
4- It helps in financing by giving credit facilities.
5- It helps to provide after-sales services, if necessary.
TYPES OF CHANNELS OF DISTRIBUTION
- Zero-stage channel of distribution involves direct sales from manufacturer to consumer without involving the middleman. This is true for Industrial goods because the customer is knowledgeable. He makes the purchases at a large scale. Company salesmen make door-to-door sales is another example of a stage channel of distribution.
- One-stage channel of distribution consists of one middleman that is the retailer. Manufacturer appoints a number of retailers on large scales like in shopping malls. Usually durable consumer products like refrigerators, Air conditioners, washing machines, irons, etc.
- Two-stage channel of distribution is the most commonly using channel of distribution for the sale of consumer goods. Moreover, there are two middlemen are using, namely, the wholesaler and the retailer. This is suitable to products where markets are in a large area. The value of individual purchases is small and the frequency of purchase is high.
- The stage channel of distribution- It consists of the Manufacturer →Agent →Wholesaler → Retailer → Consumers
- Factor affecting choice of distribution channel: – Nature of market – Nature of product – also Nature of the company – Middlemen consideration etc