Marketing mix
Marketing mix refers to the element of marketing which implemented in the marketing management practices for the purpose of satisfying the customer’s profitability with profit. The marketing mix consists of the 4 pieces and 7 pieces mentioned as follows>
- Product
- Price
- Place
- Promotion
- People
- Process
- Physical Evidence
Above all are the 4 pieces along with three more pieces which makes seven peas also. 4 piece is product price plays promotions all the elements of the marketing mix used to drive the marketing management practices specifically for the tangible products. Whereas three more pieces, people process, and physical evidence are designed to drive the marketing management practices specifically for the service products.
Product
Product is the bundle of physical characteristics of the features such as color weight iron the different specifications of the features that is it depend upon the type of the products going to be offered to the customers.
The quality of the product and various attributes of the products will be responsible for the satisfaction of the customers if they meet the customer’s expectations. Organizations are required to offer products or produce products that meet the customer’s expectations so that that product can survive for longer. In the market.
Example
- Mobile phones manufactured with the required features and specifications that meet the customer’s expectations and survive in the market. Mobile Neha has different features such as screen size memory size process design these are the various attributes that are potential determinants of customers’ demand and satisfaction level.
- Another example of the product is automobile products such as vehicle two-wheelers 4 Wheelers manufacturing considering the various segments of the customers. The attributes of specifications or features of the products provided that meet the customers’ expectations. So these physical characteristics of the features play a vital role in running the business and surviving the product for a longer product time in the market. Next plane
Price
Price classes of the cost which incurred to manufacture the product or deliver the services. Prize plays a vital role in the increase or decrease in the demand for the product or services. If the price of the product is more the demand may be less whereas if the price of the product is less the demand may be more. This is known as the law of demand crystal. Business organization analyzes the past record of the sales along with the demand on various prime ranges. The past record and present records are used to forecast the future demand for the product or services by applying various statistical techniques. Sales forecasting and demand forecasting of the product enable the business organization to forecast and set the appropriate price at which they can generate the highest revenue without losing the demand. Marketing analytics is the technique used to predict the sales or demand in the future and accordingly, they can set the current price which will not affect the demand and create more revenue.
Example
If the product’s price is not appropriate to increase the demand and survive the market then the company may collect the data of past sales and demand along with the different prices. Following are the price and demand of the product in the last five years.
Demand or sales is 500 units per week at a price of 150 Rs. in 2018
Demand or sales is 500 units per week at a price of 150 Rs. in 2019
Demand or sales is 500 units per week at a price of 150 Rs. in 2020
Demand or sales is 500 units per week at a price of 150 Rs. in 2021
Demand or sales is 500 units per week at a price of 150 Rs. 2022
Based on the demand sales of a product in the last five years and at which prices this product sold company can set the appropriate price. The company can Analyze the demand cells at different prices in different years through the statistical techniques that are demand forecasting and sales forecasting. Based on these techniques company can set the price at which the company generates the highest revenue without impacting the demand.
Place
Places related to the market compare the goods that can be sold to the customer. The motive of the place is to make the products or services available to the customers conveniently and in the required quantity. In marketing management practices place plays a very important role in satisfying the demand by making the available product at the right place on time and in the required quantity.
Promotion
Promotion is concerned with the activity of business which makes aware the customers of the products features products’ quality to attract them towards buying the product or services. It is essential to make customers aware of the product and services along with the uniqueness of this product in the market so that they can attract towards it.
Example
Vodafone has implemented creativity and innovative skills in the promotional activities of Vodafone Company. Many years ago Vodafone ran their promotional activities successfully and effectively without appointing any brand ambassador in their advertising. Zoo Zoo is the concept used by Vodafone to promote its services through stories like animation. They have saved huge expenses that would have been spent on appointing the brand ambassador.
People
People’s world is used to represent the employees of the organization who are involved in delivering the services that satisfy the customer. Can any business organization while dealing with the services the role of employees of the organization plays an important role.
Example
In health care services delivery in hospitals people or employees like doctors nurses compounders play a vital grown in delivering quality services that satisfy the customer or patient.
In the banking industry employees’ role is important Bank employees can satisfy the customers by providing better services and interaction with the customers.
In the hotel the employees of a stop of hotel staff of hotel involved in delivering quality services that meet the customer’s expectations and satisfy them. Satisfied customers will come or be interested to come again and again to consume these services. Companies always type to make loyal customers to entertain their relationships for the longer. Time.
Process
The process is the element of the marketing mix that plays a significant role in delivering the services to the customers that satisfy them. Process guides the exhibition of many activities and methods implemented to deliver the services to the customer if the process is not implemented successfully the customers cannot receive the services in the home the customer is expected to deliver.
Physical evidence
The physical environment plays a very important role in attracting and satisfying customers and making customers’ experiences memorable and better. Customer experiences that are satisfied make customers retained and connected for longer.
Example
In health care services hospitals may provide better physical facilities equipment and environment so that the patient can be recovered quickly and satisfied.
In educational institute also physical environment and the facilities plays a very important role in satisfying the students and providing them the quality education.