Marketing
Marketing
"Marketing is the building of a relationship between a company, a product, and a consumer by understanding the value of their needs ”
Dr. Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires.
Importance of marketing can be :
• Marketing Helps in Transfer, Exchange and Movement of Goods
• Rise in The Standard Of Living
• Marketing Creates Employment
• Marketing as a Source of Income and Revenue
• Acts as a Basis for Making Decisions
• Development Of An Economy
Marketing Mix
Marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. Marketing mix is one of the most crucial elements of marketing. It’s a set of controllable variables.
Physical Distribution - Mix
Physical distribution is the group of activities associated with the supply of finished product from the production line to the consumers. The physical distribution considers many sales distribution channels, such as wholesale and retail, and includes critical decision areas like customer service, inventory, materials, packaging, order processing, and transportation and logistics. You often will hear these processes be referred to as distribution, which is used to describe the marketing and movement of products.
PRODUCT MIX
Definition: The Product Mix also called as Product Assortment, refers to the complete range of products that is offered for sale by the company. In other words, the number of product lines that a company has for its customers is called as product mix.
Standardisation and Grading
Standardisation is the process of setting certain standards for a product on the basis of some desirable qualities it should have.
Grading is the process of sorting individual units of a product into well defined classes or grades of quality. The goods are graded or sorted out into different lots in accordance with the specified standards
Branding and Labeling
A brand is a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service. The object of branding is to distinguish the product from the products of other competitors. The letter “R” in a circle on each package indicates that the brand is duly registered.
Labeling is a printed information appearing on or with the package. An effective product label design is one that catches a consumer's attention.A label helps the buyer to understand the nature of the product,its features,its compostition,performance ,name of the product,safety,date of production,expiry date and retail price of the product.
Packaging & product development
PACKAGING, is a process of covering,wrapping of goods into a package .Packaging involves designing producing the wrapper for a product. It is essential for offering goods in safe and secured position to consumer.Packaging,branding and labeling go together and they are integral part of product, planning n development.
PRODUCT DEVELOPMENT, is a series of steps that includes the conceptualization, design, development and marketing of newly created or newly rebranded goods or services. The main objective is to increase a company’s market share by satisfying a consumer demand.
Pricing
Pricing is one of the most crucial elements of marketing mix as it’s the only way via which a company can generate profit. Price is an exchange value of a product.
4 p's of Marketing Mix