MARKETING MIX -4 P'S OF MARKETING
Marketing mix- in simple words marketing mix is the methodology of mixing the different factors to promote its brand and its benefit.company wants its product should be differentiated from its competitors and there product benefit should be known,so that they can remain in the competition and can target to become market leader.
the factors are famous as 4 p's of marketing
product-anything which is offered and sold to the customers are products.it can be tangible(which can be touched) or even it can be intangible(services).interesting fact is that even services are product for the company ,example can be airline industry.in other way product is something which tries to satisfy need of the customer and gives benefit..one thing should be kept in mind customers don't buy products but they buy there need,for example if you are travelling from Bihar and you are on a trip to Agra to visit Taj mahal ,after exploring taj mahal you are tired and you want to rest and sleep at night ,so you booked a hotel.now hotel has a a room with bed and other facilities.now if you look closely actually you are not buying the room but you are buying your rest and sleep .and hence you look the minimum benefits which you will get from that room.
Price- price is the value of the product or service which you are buying.now take the same example you went in the hotel and booked the room and finally they ask you to pay for the room ,actually you are paying for your sleep and rest and room is just a medium,now say they charge 10000 rs for the night ,now this the value and and this the charge.it can be understood the other hotel is charging 5000 rs and the hotel in which you are staying is charging 10000 rs,well real difference can be the benefits .yes you want to stay rest and sleep but what other benefits you are getting may be you will get an air condition which can help you to get a sound sleep,a nice bed and etc.one thing should be kept in mind a product should at least fulfill its minimum level of performance.
place- again looking at this p it is interesting to understand the location really matter . i will be taking the same example of hotel,now as you traveled and reached to agra ,what is the next thing which you will look -of course you will want to freshen up and would like to stay which is near to airport and taj mahal-this is nothing but location.where it is situated .say you have option of two hotels and offering and price of both the hotels are similar but one is very close taj mahal and airport and other is quite far away ,so what will you do -of course you will choose the first one because of its location.
promotion- in most simple language it is a communication.company communicates about its product and services to the customer and customer come to know about the facts and features of that product/services.imagine you have all the above three factors at in its best form but unless customer know about your product will they buy ,answer is no ,so promotion plays an important role
the factors are famous as 4 p's of marketing
product-anything which is offered and sold to the customers are products.it can be tangible(which can be touched) or even it can be intangible(services).interesting fact is that even services are product for the company ,example can be airline industry.in other way product is something which tries to satisfy need of the customer and gives benefit..one thing should be kept in mind customers don't buy products but they buy there need,for example if you are travelling from Bihar and you are on a trip to Agra to visit Taj mahal ,after exploring taj mahal you are tired and you want to rest and sleep at night ,so you booked a hotel.now hotel has a a room with bed and other facilities.now if you look closely actually you are not buying the room but you are buying your rest and sleep .and hence you look the minimum benefits which you will get from that room.
Price- price is the value of the product or service which you are buying.now take the same example you went in the hotel and booked the room and finally they ask you to pay for the room ,actually you are paying for your sleep and rest and room is just a medium,now say they charge 10000 rs for the night ,now this the value and and this the charge.it can be understood the other hotel is charging 5000 rs and the hotel in which you are staying is charging 10000 rs,well real difference can be the benefits .yes you want to stay rest and sleep but what other benefits you are getting may be you will get an air condition which can help you to get a sound sleep,a nice bed and etc.one thing should be kept in mind a product should at least fulfill its minimum level of performance.
place- again looking at this p it is interesting to understand the location really matter . i will be taking the same example of hotel,now as you traveled and reached to agra ,what is the next thing which you will look -of course you will want to freshen up and would like to stay which is near to airport and taj mahal-this is nothing but location.where it is situated .say you have option of two hotels and offering and price of both the hotels are similar but one is very close taj mahal and airport and other is quite far away ,so what will you do -of course you will choose the first one because of its location.
promotion- in most simple language it is a communication.company communicates about its product and services to the customer and customer come to know about the facts and features of that product/services.imagine you have all the above three factors at in its best form but unless customer know about your product will they buy ,answer is no ,so promotion plays an important role
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