Introduction to Business

Marketing Mix
 A combination of four P’s.
 Four P’s are:
 Product
 Price
 Place
 Promotion
Product
 A set of physical and tangible attributes
assembled in an identifiable form.
 A set of things, an organization offer for sale.
Price
 Expected price is that price at which
customers consciously or unconsciously
value the product.
Place
 Place in terms of distribution.
Promotion
 Promotion is also called marketing
communication.
 Techniques used for promotion are:
 Advertising
 Any paid form of non personal presentation for
the promotion of goods, services and ideas to the
potential customers.
 Personal Selling
 Sales Promotion
 Public Relations
 Development of direct link with general public.
Market Segmentation
 Dividing the total market into smaller parts.
 Market is heterogeneous/dissimilar.
 By segmentation, heterogeneous market is
converted into homogeneous components.
Basis for segmentation
 Geographic Basis.
 Demographic Basis.
 Psychographic Basis.
Market Targeting
 Who will be the customers of the
organization?

Product Differentiation
 To differentiate the product from other
products on the basis of features.
 Product differentiation is used to avoid
competition.