Consultative Sales Approach to Customer Objections
Being a good Salesman does not come easily to everyone. Out of thousands who take up a career in sales, there are a few hundreds who turn out to be mediocre salesmen pushing the product and chasing sales target and many more leave the field altogether. There are few, who carve out a brilliant trajectory […]
Planograms – Meaning, its Need and Types of Product Placements
How do you think buildings are constructed? With the help of architectural drawings. An architectural drawing creates a rough print of the building on paper which gives an idea about the floor plans, location of rooms, lobby and so on. In retail a planogram replaces architectural drawings. Once a retailer opens a store, he needs […]
Cross Merchandising – Meaning and Concept
Retailing refers to the concept of selling merchandise in small quantities to the consumers for their end use. According to retailing, the individual can walk up to any nearby retail store and purchase products as per his need and pocket in small units for his own consumption. The display of merchandise at the store plays […]
Brand Leadership – What Makes an Enduring Brand?
In the ever-evolving, ever-competitive world of global business, some brands glow white-hot for a short moment, others burn steady and grow through decades of market shifts and cultural transformations. What separates these enduring giants from their short-lived counterparts? Take a moment to consider the brands that dominated headlines just a 10-15 years ago. BlackBerry no […]
Difference between Market Segmentation, Targeting and Positioning
A market refers to a set up where two or more parties are involved in transaction of goods and services in exchange of money. The two parties here are known as sellers and buyers. It is the responsibility of the marketers to create awareness of their products amongst the consumers. It is essential for the […]
Neil Borden in the year 1953 introduced the term Marketing mix, an extension of the work done by one of his associates James Culliton in 1948.
Marketing Mix - A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. Several concepts and ideas combined together to formulate final strategies helpful in making a brand popular amongst the masses form marketing mix.
The elements of marketing mix are often called the four P’s of marketing.
Goods manufactured by organizations for the end-users are called products.
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.
A product in a market place is something which a seller sells to the buyers in exchange of money.
The money which a buyer pays for a product is called as price of the product. The price of a product is indirectly proportional to its availability in the market. Lesser its availability, more would be its price and vice a versa.
Retail stores which stock unique products (not available at any other store) quote a higher price from the buyers.
Place refers to the location where the products are available and can be sold or purchased. Buyers can purchase products either from physical markets or from virtual markets. In a physical market, buyers and sellers can physically meet and interact with each other whereas in a virtual market buyers and sellers meet through internet.
Promotion refers to the various strategies and ideas implemented by the marketers to make the end - users aware of their brand. Promotion includes various techniques employed to promote and make a brand popular amongst the masses.
Promotion can be through any of the following ways:
Print media, Television, radio are effective ways to entice customers and make them aware of the brand’s existence.
Billboards, hoardings, banners installed intelligently at strategic locations like heavy traffic areas, crossings, railway stations, bus stands attract the passing individuals towards a particular brand.
Taglines also increase the recall value of the brand amongst the customers.
One satisfied customer brings ten more customers along with him whereas one dis-satisfied customer takes away ten more customers. That’s the importance of word of mouth. Positive word of mouth goes a long way in promoting brands amongst the customers.
Lately three more P’s have been added to the marketing mix. They are as follows:
Now a days, organizations treat their customers like kings. In the current scenario, the four C’s has thus replaced the four P’s of marketing making it a more customer oriented model. Koichi Shimizu in the year 1973 proposed a four C’s classification.
Robert F. Lauterborn gave a modernized version of the four C’s model in the year 1993. According to him the four C’s of marketing are:
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