Marketing Mix Class 11
Concept of Marketing Mix
As done in Marketing Notes – Class 8
Characteristics of Marketing Mix:
- Core of marketing process:
The marketing mix involves careful decisions about each element which are inter-dependent, within it. The overall effectiveness is maximum when each component is given proper emphasis.
- Needs to be flexible:
The marketing manager has to regularly review the mix and the market conditions and make necessary changes in the marketing mix according to various types of changes in the conditions and complexity of the market.
- Affected by External Environment
Changes in the external environment of the business necessitate constant changes in the decisions relating to the different elements of Marketing Mix like changes in the customers’ tastes and preferences.
- Affected by Internal Environment
Changes within the firm may take place due to technology or product line or in the size and scale of operation also require corresponding changes in the marketing mix.
- Applicable to business and non-business organization
Marketing mix is applicable to business organizations as well as non-business organizations, like clubs and educational institutions.
- Helps to achieve organizational goals:
An appropriate marketing mix helps to achieve organizational goals like increased profits and larger market share.
- Concentrates on customers:
As Customer is the king of the market, the main emphasis of marketing mix is to bring maximum satisfaction for the customer.
Marketing Mix Class 11
Developing a Marketing Mix
To ensure that marketing mix is based on research and combines facts with innovation, experience with expectations, a manager should go through the following process:
- Define the Uniqueness of product
The first step is to define the unique features of the product and identify the importance of unique features to consumers and whether they can increase the sales of the product.
- Understand the Consumer
The second step is to understand the consumer who would purchase the product, what they need, what they want. All the other elements of the marketing mix i.e. price, place and promotion will be designed according to the requirements of the customer.
- Understand The Competition
The next step is to understand the competition. The prices, the promotion techniques, after sale services, manufacturing method and cost etc. of the competitors are to be studied to make own settings like price fixation, credit policies etc.
- Evaluation of alternative place options
Next step is to evaluate the options of place to understand the place of requirement of the product, ease of access to the customer and costs for using the selected place. This way target audience can be selected.
- Developing Communication strategy
On the basis of target audience and the price identified the communication strategy will be developed. The promotional methods should be such that they appeal to the customers and the key features and benefits of the product should be clearly communicated and understood.
- Integration of all elements together
The last step of developing Marketing Mix is to see how all the elements identified and planned relate to each other. All marketing mix variables are interdependent. The marketing plan is finalized after ensuring that all four elements are in harmony and there are no conflicting messages anyway.
Importance of Marketing Mix
and
Types of Marketing Mix
Both topics as done in Marketing Mix – Class 10
Marketing Mix Class 11
4C's - Consumer-Oriented Model of Marketing Mix
These days, the customer has gained importance and the concept of 4C‘shas been seen as an extension of 4P’s. Lauterborn has coined, the '4C’s’ i.e. consumer, cost, communication and convenience.
Consumer - In this model the Product is replaced by Consumer. The product is designed and produced according to the needs, wants and demand requirements of consumer.
Cost - Price is replaced by Cost. The cost means the total cost of owning a product. It includes cost to use or change the product and cost of not choosing the competitor's product.
Communication - Promotion is replaced by Communication. Promotion is considered manipulative while communication is cooperative. Communication includes advertising, public relation, personal selling, and any other method used for communication between marketer and consumer.
Convenience - Place is replaced by Convenience. It focuses on the convenience in getting product information, convenience in reaching to the shop/product, and ease of buying the product.