Determing types of efforts to get publicityThe constituents of marketing mix are said as marketing mix elements. Product life cycle, relevant strategies for each of the stages of product life cycle, and consumer adoption processiv.
This dimension of the product mix represents the extent to which the activities of the firm are diversified. Additional P’s indicate duplication of one or more of basic 4P’s. Here, our discussion is limited to 4P’s only.
Note that market promotion is concerned not only with raising sales volume, but it is also a tool for establishing long-term relations with the parties involved and is a matter of image, reputation, and goodwill for the company.1. The Breadth of a product mix shows the different kinds of product lines that firm carries. Price Mix:. Elements are also referred as decision variables.
Associating personal selling efforts with other market promotional toolsv.
This element of marketing mix basically concerns with physical distribution and channel of distribution. The product mix has four dimensions: Breadth, Length, Depth, and Consistency. The length element of the product mix refers to the number of products in a given product line. You could also describe it as the number of stock keeping units or SKU's a company carries in a product line. Product Mix: Concept Elements Strategies Dimensions
That means, the right products can be made available to the right consumers, in the right way, at the right time and at the right place, and in the right form.4. Setting advertising objectives.This element concerns with making the products available to the customers effectively.
Recruitment, selection, training, transfer, and promotion of salesmeniv.
Modifications (in term of qualities, features, and performance) on existing products4. Simply, it shows the number of items in the product line. Price can be defined as the economic value of product normally expressed in form of money.Before publishing your articles on this site, please read the following pages:6. Product mix, also known as product assortment, is the total number of product lines that a company offers to its customers. Coordinating advertising efforts with other tools of market promotion7. Depth refers to the different ways that you can buy a particular product in a product line.
A longer product line means consumers have more options and access to greater assortment.Neil Kokemuller has been an active business, finance and education writer and content media website developer since 2007. Breadth. Deciding on advertising message, copy, media, schedule, agency, and budgetiv.
It is a paid form of non-personal presentation and promotion of ideas, goods, and services by identified sponsor. Deciding on indirect expenses of publicityThey are called as 4P’s. Some writers have sited more 4P’s, but other P’s are not very practical and popular.
Evaluating social aspects and advertising effectivenessiii. Remunerating and motivating, and controlling salesmenix. Depth. Products can be of two types - Tangible Product and Intangible Product (Services) An individual can see, touch and feel tangible products as compared to intangible products. Offering a wider array of product lines is common for discount and department that sell products in a number of different product categories. Deciding on objectives of publicityiii. You can buy dish soap in liquid, powder or gel form.
Determining product development costsiv. Analyzing various relevant factors affecting channel decisionsvi. Deciding on sale force sizeii. Deciding on price-setting methodsii. This is the last element of marketing mix but very important as marketing goals can be achieved only if the products reach the hand of consumers conveniently.10.
Product-related services like after-sales services, home delivery, guarantee, warrantee, and demonstration8. Assessing impact of publicity on sales and reputation of company3. Breadth of the product mix refers to the number of product lines that a company offer or the variety a company offers.
Some of the important components of product six are as follows: The product mix refers to important decisions related to the product such as quality of product, design of product, packing of product, etc.
The elements of marketing mix are often called the four P’s of marketing.
Retailers with wide variety often attempt to market themselves in a virtual one-stop shop.The product mix is the variety of products a company produces or sells to the marketplace. Developing and adopting logistics management for effective distribution of productsIt is also known as salesmanship and management relating to personal selling is sales force management.It is a non-person stimulation of demand for the product, service, or business unit by placing commercially significant news in mass media or getting a favourable presentation on radio, television, or stage that is not paid by the sponsor. Deciding on level or margin of profitsvii. A product line often evolves, as manufacturers want to take advantage of a brand's value and the success of other products in the mix. Development and introduction of new products6.
Goods manufactured by organizations for the end-users are called products.