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Marketing Mix It is a set of Marketing tools that the
firm uses to pursue its marketing
objectives in the target market
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PS and C Four Ps : Product, Price, Place,
Promotion.
Four Cs: Customer Solution, Customer
Cost, Convenience, Communicatoin
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Significance of Marketing Mix Strategy Formulation Budgeting
Customer Satisfaction Segmentation Positioning Evaluation and Control
Profitability Customer Loyalty Branding
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Important Points Marketing Mix should be adjusted
according to PLC
All mix elements are interrelated
Decision on one element effectdecisions on another
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what is a product
In marketing, a product is anything that can be offered to amarket that might satisfy a want or need. However it is muchmore than just a physical object. It is the complete bundle ofbenefits or satisfactions that buyers perceive they will obtain
if they purchase the product. It is the sum of all physical,psychological, symbolic, and service attributes
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Total product concept Core product
Styling
Attributes Color
Packaging
Brand name
Labelling
Instructions
Quality
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Types of Products Specialty goods
Unsought goods
Shopping products
Convenience products
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Product Lines Product lining is the marketing
strategy of offering for sale several
related products. A line can compriserelated products of various sizes, types,colours, qualities, or prices.
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Line Management Line depth
Line consistency
Width of product mix.
length of product mix.
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BrandingA brand is a name, a term, a symbol or
a combination of these used to identify
the product and differentiate it fromcompetitors
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BrandingA brand is a symbolic embodiment of all
the information connected to a
company, product or service. A brandserves to create associations andexpectations among products made by
a producer. A brand often includes anexplicit logo, fonts, color schemes,symbols, which are developed to
represent implicit values, ideas, andv n r n li .
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Branding Policies
Company name
Family branding
Individual branding
Line Branding
Co Branding
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Brand extension
The existing strong brand name can beused as a vehicle for new or modified
products; for example, after many yearsof running just one brand, Coca-Colalaunched "Diet Coke" and "Cherry
Coke";
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Cannibalism Cannibalism is a particular problem of
a "multibrand" approach, in which the
new brand takes business away from anestablished one which the organizationalso owns
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logoAlogotype (from the Greek), commonly known as a
logo, is the graphic element, symbol,and icon of a trademarkor brand,which is set in a special typeface or
arranged in a particular way. Theshapes, colors, fonts and images ofbrands usually different from others in a
similar market.
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Types of new products
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The process
Idea Generation
Idea Screening
Concept Development and Testing
Business Analysis
Beta Testing and Market Testing Technical Implementation
Commercialization
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Pricing Strategies
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Pricing Strategies
Psychological Pricing
Product Line Pricing
Optional Product Pricing
Captive Product Pricing
Product Bundle Pricing Promotional Pricing
Geographical Pricing
A ll h i h ld d
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A well chosen price should dothree things:
achieve the financial goals of the firm(eg.: profitability)
fit the realities of the marketplace (willcustomers buy at that price?)
support a product's positioning and be
consistent with the other variables inthe marketing mix
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Levels of Channels
that of direct contact with nointermediaries involved, as the 'zero-
level' channel. The next level, the 'one-level' channel,
features just one intermediary; in
consumer goods a retailer, for industrialgoods a distributor
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Role of Distribution system
Information
Price Stability
Promotion
Financing of Manufacturers workingcapital
Take title of goods
ac ors n uenc ng s r u on
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ac ors n uenc ng s r u ondecisions
Market characteristic
Company Characteristcs
Product charac.
Intensity of Competition
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Major Distribution Alternatives
Intensive
Selective
Exclusive