Seminar

on
Marketing Mix

Presented by
CHANDRASHEKHARA N
2ndYear MSc.
Dept. of Studies and Research in Library and Information Science
Tumkur University, Tumakuru.
 Contents

• Meaning of Marketing Mix

• Definitions of Marketing Mix
• 4P’s of Marketing Mix
• Product
• Price
• Place
• Promotion
• Conclusion
 Meaning of Marketing Mix

• It is a marketing tool that is helpful for the promotion of the products and
services.
• It includes 4p’s: Product, Price, Place, Promotion.
• In other words, we can say that the term “marketing mix” was coined in
the mid-20th century.
• It is firstly used in a 1953 address to the American Marketing Association,
the Neil Bordon outlined (Harvard Professor and marketing expert)
focuses on how marketers develop and execute a successful marketing
plan
 Definitions of Marketing Mix

• The set of controllable variables that the firm can use to influence the
buyer’s response. The controllable variables in this context refer to
the 4P’s [Product, Price, Place Promotion] - Philip Kotler
• A marketing mix often refers to 4P’s: Product, Price, Place and
Promotion. The different elements of a marketing mix work in
conjunction with one another. Consumer-centric marketing mix
incorporate a focus on customers into their approaches. - E. Jerome
McCarthy
 4P’s of Marketing Mix
In the 1960s, E. Jerome McCarthy, provided a framework of the marketing mix (4P’s)
which is as follows:
Product:
• A product is a commodity that is tangible in nature, produced to satisfy the need of
an individual or a group. It can be intangible as it can be in the form of service also.
• A product life cycle tells about the growth phase, and the decline phase.
• It is important for marketers/businessman to reinvent their products for more
demand.
• The strategy- “what can i do for offering a better product to the group of people
than my competitors” helps the company to build brand and generate more and
more profit in the long run.
 4P’s of Marketing Mix

Price:
• It refers to the cost of the product. They should be reasonable so that every
person in society can afford the product.
• The competitor’s price, customer location, discount, terms of sale, etc are kept in
mind while determining the cost of the product.
• Price is the analytic part of a marketing plan because it describes the company’s
survival and profit.
 4P’s of Marketing Mix

Place:
• This is the place where the product is distributed to the ultimate
consumer
• The businessman should focus on the thing that was to place the
product so that the customer can easily assess without wasting
time.
 4P’s of Marketing Mix
Promotion:
• This is the communication process that helps the company to promote the
product and describes its features to the public.
• It is the essential and most expensive component of the marketing mix, that
helps for the attention of the customers and influences them to purchase the
product.
• Most marketers/businessman use promotion techniques to advertise their
products and reach out to the target audience.
• The promotion concerned with direct marketing, advertising, personal
branding, sales promotion etc.
 Conclusion
• The marketing mix is a very important aspect of creating a marketing strategy
• Once the company develops a product or service that will meets the customer
needs, it will then lock into determining how the consumer is ultimately going
to receive the product
• It will be either through direct or indirect channels of distribution and in some
cases may have multiple channels
• The company will then determine how to communicate to the public about the
new product or service
• Finally, the company will determine a price for the product or service that
ensures a profit.