What is marketing mix? What are its main elements? Explain.
Marketing management decisions are based on a number of controllable and non-controllable factors.
Controllable factors are those which can be influenced at the level of the firm. E.g. price of the product, packaging decision, physical distribution, etc. However, there are certain factors which are beyond the control of the firm.
These are called non-controllable factors or environmental factors. E.g. rate of inflation, credit policy of banks, competition, etc.
Therefore, controllable variables become marketing tools, which are constantly shaped and reshaped by marketing managers to achieve marketing objectives.
The combination of variables chosen by a firm to prepare its market offering, is called marketing mix. The main components of marketing mix consist of the four P’s, viz product, price, place and promotion.
Elements of Marketing Mix are:
Product: Product means goods or services or ‘anything of value’ which is offered to the market for sale. It is a mixture of tangible and intangible attributes, which are capable of being exchanged for value.
From the customer’s point of view, a product is a bundle of utility as it provides three types of benefits to the consumers that are Functional benefits, Psychological benefits and social benefits. It also includes the extended product or what is offered to the customer as after sales services, handling complaints, credit services, etc.
The product mix refers to important decisions related to the product such as quality of product, design of product, packaging, etc.
Price: Price of a product refers to the amount of money that the customer has to pay in the market to obtain the product. The marketers have to take a number of decisions regarding price level, pricing strategy, pricing objectives, discounts, etc, together known as price mix.
Place: Place or physical distribution covers all the activities required to physically move the goods from manufactures to customers.
The two major decision areas under this function are:
i. Decision regarding channels of distribution.
ii. Physical movement of goods from the place where it is produced to the place of consumption.
Promotion: Promotion refers to the process of informing the customers about the product and then persuading them to buy it. Most marketing firms use a combination of advertising sales promotion, personal selling, and public relations to promote their products.
Therefore, the combination of any of these techniques to attain the marketing objectives is called promotion mix.
What are the factors affecting determination of the price of a product or service? Explain.
A marketer of colour TV having 20% of the current market share of the country aims at enhancing the market share to 50 per cent in next three years. For achieving this objective he specified an action programme. Name the function of marketing being discussed above. (Ans. Marketing planning.)
For buyers of consumer durable products, what ‘customer care services’ would you plan as a manager of a firm marketing new brand of motorcycle. Discuss.
How does branding help in differential pricing?
Discuss the role of intermediaries in the distribution of consumer non-durable products.
Distinguish between convenience product and shopping product.
What are industrial products? How are they different from consumer products? Explain.
What information is generally placed on the package of a food product? Design a label for one of the food products of your choice.
Product is a bundle of utilities. Explain.
Define advertising? What are its main features? Explain.
How does planning provide direction?
What is meant by staffing?
Identify the network of social relationships which arises spontaneously due to interaction at work.
What is informal communication?
State the meaning of controlling.
What is meant by capital structure?v
What is meant by management?
What is a Treasury Bill?
What makes principles of management flexible?
Under which consumer right does a business firm set up consumer grievance cell?
Mr Shantanu is a chief manager of a reputed company that manufactures garments. He called the production manager and instructed him to keep a constant and continuous check on all the activities related to his department so that everything goes as per the set plan. He also suggested him to keep a track of the performance of all the employees in the organisation so that targets are achieved effectively and efficiently.
a. Describe any two features of Controlling highlighted in the above situation.(Goal Oriented, continuous and pervasive – any 2).
b. Explain any four points of importance of Controlling.
Planning reduces creativity. Critically comment.(Hint: both the points - Planning promotes innovative ideas and planning reduces creativity – will be given).
State the type of plan and state whether they are Single use or Standing plan:
a. A type of plan which serves as a controlling device as well.(budget)
b. A plan based on research and analysis and is concerned with physical and technical tasks. (Method).
State the meaning of controlling.
Ms. Jayshree recently completed her Post Graduate Diploma in Human Resource Management. A few months from now a large steel manufacturing company appointed her as its human resource manager. As of now, the company employs 800 persons and has an expansion plan in hand which may require another 200 persons for various types of additional requirements. Ms. Jayshree has been given complete charge of the company’s Human Resource Department.
Questions
a. Point out, what functions is she supposed to perform?
b. What problems do you foresee in her job?
c. What steps is she going to take to perform her job efficiently?
d. How significant is her role in the organisation?
Name the principle that is an extension of the ‘harmony, not discord’.
Discuss the elements of delegation.
A reputed hostel, Gyan Pradhan provides medical aid and free education to children of its employees. Which incentive is being highlighted here? State its category and name any two more incentives of the same category.
SanakLal and Gagan started their career in Wales Limited (a printing press) after going through a rigorous recruitment process. Since they had no prior work experience, the firm decided to give them one year to prove themselves. Name the principle of management followed by Wales Limited.
Explain the role of consumer organisations and NGOs in protecting and promoting consumer’s interest.