Marketing mix components role in market strategy

Marketing mix components role in trade strategyThe theaters task is to find the better solution for its trade placeing decisions variables. The settings contain its marketing-MIX. The M-Mix is the framework of policies which atomic itemise 18 employ by the seller to get acquirer in the field of grocerying.The MARKETING MIX in the form of 4Ps is mutu bothy beneficial on individu everyy separates. The following atomic quash 18 the components of Marketing mix in that respect be cardinal types of components1. growth2. worth3. PROMOTION4. PLACECOMPONENTSSSPRODUCTPRICEPROMOTIONONPLACE1. Pricing Objectives2. expenditure Fixation3. Discount insurance4. assurance Terms1. Advertising2. sales - promotions3. Customer -Aids4. Sales -Contests1. conduct2. Inventory -Level3. W argonhousing4. Transport -ation5. Retailing1. Planning2. Features3. Variety4. strike out5. Packging6. Labelling betoken 1 Components of 4ps Marketing Mix.1. PRODUCT MIX- harvest-tide is sum native of tangible and intangible attributes includes produce material bodys, style, size, colour, branding, packaging, labeling and so on Some principal(prenominal) variables of growth Mix ar explained herePRODUCT DESIGNPRODUCT contentionPRODUCTQUALITY watch 2 eventful Variables of Product Mix.Product DesignProduct must be de sign(a) in a manner as desired by the grade consumers. Good invention increases sales. It is precise important features in consumer returns manage shoes, readymade gar workforcets etc.Product draw offIt is a group of closely related fruition. For example BPL Co. manufacturing Televisions, Music System, etc.Product QualityProduct Quality depends on design, material used, guile etc. The choice nooky be fixed in basis of size, weight, colour, shape, flavour etc.2. PRICE-The value of point of intersection expressed in term of money is kn protest as Price, Buyer and seller bunghole solitary(prenominal) exchange corkings and service on the agreed set.Some important variables of PRICE MIX atomic name 18 explained herePricing policies and strategiesTerms of creditResale legal injury c beProfit perimeterFigure 3 Important Variables of Price Mix.Pricing policies and strategiesThe pricing policies and strategies ar the guidelines which benefactors the producer in determining the hurt as to match the market place needs. The price is depends upon factors like demand, cost, competition, nature etc.Terms of creditTo increase the sales, credit sales are necessary. Credit sales is necessary to run the work it certainly increases the profitability. It is decided on types of customers.Resale price maintenanceIt removes price competition and increases the goodwill of the firm. Resale price maintenance is a practice and a origination to earn money.Profit marginProfit margin is a difference between the final price paid by a customer and cost of harvest-festivalion .This include margin of retailer, wholesaler and the producer. 3. PROMOTION-Promotion is a mean by which vender talk to its existing and potential customers. It is a mixture of intercourse. Promotion efforts rump be Personal or Im personalised. It is depend on customers acceptance.Some Important variables of promotion mix are explained erePERSONAL SELLINGTRADE FAIRS habitual RELATIONS gross sales PROMOTIONFigure 4 Important Variables of Promotion Mix.Personal changeAn oral communication between a firm and its customers is k at a timen as Personal selling. In order to make scoop use of sale force, proper policies should be prepare regarding selection, training, recruitment, motivation and controlling.Sales PromotionA bridge between advertising and personal selling is known as Sales promotion.Trade fairsTrade fairs are the places where manufactures and dealers gather for selling their products.Public RelationsIt is an attempt to achieve good apprisal with public. Public Include customers, banks, shareholders, suppliers, competitors etc.4. PLACE-The smooth flow of goods and its services from the shaper to consumer by creating to a lower place time and to the proper place is known as Place Mix.Some Important variables of promotion mix are transfer of trainingWAREHOUSINGINVENTORY LEVELSDISTRIBUTION CHANNELPHYSICAL DISTRIBUTIONFigure 5 Important Variables of Promotion Mix. mop upThus, in that respect are four types of components of MARKETING MIX.They are facilitatory in assorted ways to design the market strategy. Top summaries al approximately the 4ps Marketing mix, thither are close to bullet points to remember, as follows4Ps are interdependent on separately other( each depend on others)4Ps constitute your Marketing Strategy.Independent Variables ( We crapper check up on These)Product is only one P.Sales Volume is the dependent variable.Q2 explain the importance of segmentation? Justify yours arguments with examples? penetrationMarket segmentation is the sub-division of a market into homogeneous subsets of customers. It is the strategy of dividing markets in order to conquer them. It is consumer-oriented. In this supply is bended according to demand. Thus, every area of market move be addressed with a targeted trade mix.Importance of constituentation intimacy ofMarketOpportunitiesKnowledge ofCustomersNeedsIncreaseOfSales volume cave in assessmentOf the competitionProper anyocationOfRe comesAdjustments in ProductsHelpful in Advertising sound for consumersFigure 6 Types of Segmentation.There are phoebe bird importances of segmentations1. Knowledge of market opportunities-With the help of market segmentation Marketers are in a better position to locate and compare the opportunities of market. E.g. In clownish area there is less scope for sports facilities so the marketers pot adapt their strategy.2. Proper all(prenominal)ocation of resources-Segmentation lead to proper allocation of resources because customer is the focus of all marketing efforts therefore he batch deal his li mited financial resources according to the needs of different segments.3. Knowledge of customers needs-All marketing activities are directed towards the satisfaction of consumer. With the help of segmentation it becomes slatternly to measure the level of segmentation in easy segment and in like manner to make improvements in the segmentation level.4. Increase in sales volume-The market producer deal increases his sales volume by segment with the help of knowing demand pattern of the product. E.g. Clinic All Clear manufacturers provide shape of shampoos like clinic all clear Anti-Dandruff shampoo clinic all clear for men for its different customers.5. Better assessment of the competition-These segmentation of market helps in assessing flop the strength and weakness of the competitors. It also helps to know the level of competition in each segment. If the competitors has stronghold any segments, there is no use in wasting resources on such(prenominal)(prenominal) segments.6. Adj ustment in products-Under market segmentation marketers can easily make finer adjustments in their products and market communication according to the change in taste, need, nature and income of the consumers.7. Helpful in advertising-With the help of market segmentation consumers through impelling advertising media past the choices, habits, preferences, needs of different buyer groups are duly recognized.8. Beneficial for consumers-Segment results in product wars between the giant manufacturers. E.g. Coca-Cola Vs Pepsi, Polo Vs Mint, Colgate Vs Close Up and so on.Other Importance of Market SegmentationBy focusing the applicable segments, marketers can get benefits very accurately.In market segmentation, a marketer is able to create young market for his products.Segmentation also helps in best allocation of marketing budget.By segmentation the producer, the working of different intermediaries or the distribution channels can be effectively evaluated. demonstrationThus, we conclud e that MARKET SEGMENTATION helps the manufacturers and the marketers to match their products with the real needs of the consumers groups. It is Beneficial for customers. It is assistive to Increase in sales volume.Q3.Choose a product of your own choice and how does branding helps to promote this product?INTRODUCTIONBranding is a process by which a product is brand. It is a process of stamping a product with the both(prenominal) identifies name and mark. It means giving a discrete individuality to a product. Branding gives a specified name to a product or group of products of one seller. Branding gives the product individuality. import OF BRANDINGA brand is a name, term, sign, symbol, or design used to identify the product of one firm and to differentiate them from the products of the competitors. A brand is an integral wear out of the symbol appearing on the product. Once the business get weaving running on full stream, branding helps a serve up in sense of strategy.To lead to this discussion I am deviation to discuss on footwear (shoes) as my product for this. There are different types of brand in footwear market and depth of each of these brands is extremely deep, but to make this discussion be specific I like to specifically talk on one brand named NIKE. epitome of Nike BrandNike is a group of companies and distribution of footwear, cloths and sports products. They manufacture and distribute much than 200 models of footwear, spanning specialties in many an(prenominal) sports, from running, basketball, to soccer and baseball cleats, to golf.Each product of Nike is current, stylish and sleek.Nike is an equipment, shoe and athletic apparel fellowship. nearly of their customers are advanced performance athletes. They also are consistent with who does not fit their target market most of us Basically, Nike has built an international enterprise more or less crownwork performing athletes. There are more than 100 athletes signed on and wearing Nike pr oduct for promotions and marketing. The success and performance of the Nike is represented by athletes are their target market.Nike obviously meets their needs.To meet their target market they do such a good job, in fact, it has brought some criticism. There is thumping number of shoe manufacturer and handful of them is easily recognizable, I would like to say it is quite up and down in the shoe business. In the market of pricing, Nike is always in line with their competitors. Most of competitors against Nike are Adidas, Reebok, cutting Balance, and many others, depending on the specific need.This is very park now-a-days for the high overambitious competitors and surprising as they could receive more of a premium for their product. Nike uses some psychological techniques to boost their marketing with the name of brands. As Nike brand is very reliable and soft. They offer majority of warranties of the product with make trust bail between customer and company, and string more cus tomers. As they offer the best product in the market, once a customer bought product they do verbal marketing by and by using the product, which helps the company in sales and more profitable.Nike organizes events for their customer and offer vouchers on the limited sales which attract more customers for future. Nike provides more than 300 of styles and provides choices to customers.In terms of distribution, Nike has found all the even off places.Sports retailers such JJb sports, sports Direct, Sports Authority and some of the branded sole traders are common places to find them.As the modern arena come to online selling, now Nike lets providing home delivery to their customers under(a) their budget prices. Nike manufacture shoes in the season and try to sell within the season with the unused modified pieces for next seasons, if they found out of season and out of production, they starts selling on discount outlets for the clearance purpose. This strategy provides Nike product to the customer who are ineffective to buy product in the season because of high prices.CONCLUTION later analyzing Nike strategies, marketing mix, the product and promotion of Nike is admirable. These techniques show us that with an edge towards excellence, any branded product can achieve dominance.Q4. Carry out the turn out synopsis for a company of your own choice?INTRODUCTIONSWOT stands for S- peculiarityW-WEAKNESSO-OPPORTUNITYT-THREATTo meditate the concept of SWOT, I studied NOKIA deal. In the Telecommunication equipment market Nokia Corporation named in worlds largest manufactures. It has since established a leading brand presence in many local markets. GSM, CDMA and WCDMA are the common known mobile communication equipments offered by NOKIA in the current market. Not only electronic major proposalet but mobile phone infrastructure and many other telecommunications equipments such as broadband find, professional mobile radio, traditional voice telephony, piano tuner LAN, ISDN, voice over IP and a line of satellite receivers.SWOT Analysis of the Company NokiaStrengthsNokia has very strong financial aspects, with much more profits in the business. It has largest network of distribution and selling as compared to other mobile phone company in the world. It is backed with the high quality and professional team in the HRD Dept. The product being user genial and get all the accessories one want that is why is in broad demand making it No-1 selling mobile phones in the world. There are many choices of products available for all class. There are many good prices of second hand NOKIA mobile phones compared to other mobile phones.WeaknessAfter analyzing Nokia, we found out about lots of strengths and some weakness. The cost of the product offered by company is one of them. Some of the technology used by NOKIA is not user friendly, which is not helping the targeted customers. The price of the product is other main issue. There are very few service ce nters for the Nokia product repairs, which cause to bad service after sale.OpportunityNokia has large number of opportunity to increase its business in international market. With the large number of different types of products, mixer of features and wide selection price range for all great deal, it has an advantage over the competitors around. Nokia has to target right customer at right time to gain the most out of the situation according to the regulation of living in the world, which will increased the purchasing power of the people and sales market of the company.ThreatsAs every company has to face many crisis and threats in their marketing, financial and development, Nokia also has to face many threats to tackle to honour its position as market leader in the international market. The common threats for Nokia is like emerging of other telecommunication companies in the international market with huge range of product. The companies like Sony Ericsson, Apple (iPhone), Blackberry (Smartphone), Android, Motorola and Cingular (U.S) etc. These companies have come to the stand of tough competition with Nokia in the field of fluid Phones. Threats for Nokia from others include, providing cheap phones, mod style and type, mod features, good services after sale etc. So, Nokia has to keep in mind that there are many growing competitors around the world and how to take over them.CONCLUSIONIn SWOT Analyses we know about the STRENGTH, WEAKNESS, OPPORTUNITY, THREATS of the company. here we choose NOKIA Company. STRENGTH and WEAKNESS are inside the company. OPPORTUNITY and THREAT are international the company.Q5Anylyse the external factors that can affect the promotion of a product?INTRODUCTIONThe Beginning of successful products is creative idea. The very first tempo of pertly product development process is the generation of product ideas.There are two factors that can affect the promotion of a product inborn FACTORS outside FACTORSFigure 7 Types of Factors1. na tural FACTORS-These are in company sources of product idea generation. There are four such executable sources, such as1. RESEARCH AND DEVELOPMENT2. MANUFACTURING sight3. SALES PEOPLE4. TOP MANAGEMENT2. EXTERNAL FACTORS-External Factors are those factors that are after-school(prenominal) the company. These help in growth the new thinking. It involves consumers, competitors, reseller etc. It Includes1. SECONDARY IMFORMATION2. CONSUMERS3. RESELLERS4. INVENTORS5. COMPETITORS6. extraneous MARKETS7. CARTOON AND ANIMATIONS FILMS8. some other SOURCES1. SECONDARY development-Most of the business magazines and newspapers have a new product section which provides important culture about new product.2. CONSUMERS-Customers are very important source of new product ideas. The customers suggestions and complaints are good source of new ideas. A company can ordinate meetings of the customers in order to collect training regarding their problems and solutions.3. RESELLERS-Resellers are integ ral part firms marketing system. They have close contact with the consumers and well aware about the market changes.Therefore, they can easily suggest fruitful ideas of new products.4. INVENTORS-Most of the companies remain in regular contact with the inventors for new product ideas. Scientists and Engineers can be a key source of technological innovations and new product ideas from outside the company.5. COMPETITORS-Manufactures must establish a formal procedure for monitor the new product activities of their competitors. Competitors product mix also help ingenerating the new product ideas.6. FOREIGN MARKETS-Every country is known for certain product or products. For example Germany-Steel cars France-Wine Italy-Leather products etc. Therefore, for new products ideas one can visits the immaterial markets.7. CARTOON AND ANIMATION-The producers and writers of animation films develop and show various animated products and ideas in there films which become a good source of new products ideas.8. OTHER FACTORS There are many other sources from where, we can collect the new products ideas, such as(i) Technical universities, engineering collages, government look laboratories and private inquiry organization.(ii) Industrial consultants, trade associations, advertising agencies.(iii) International trade fairs, exhibition and technical collaborations.(iv) Supplier of raw material, new product consultants etc.(v) think sessions of the steering and technicians.CONCLUSIONThere are two Factors that are can affect the promotion of a company. first off is INTERNAL AND second is EXTERNAL. Here we explain EXTERNAL FACTORS. In Many ways these factors are helpful the promotion of the Company.Q6. Explain the term Marketing objectives and analyse them in sex act to a Promotional bear on?MEANING OF MARKETING The meaning of marketing has changed and evolved in the modern world. The Marketing defines as The Process of Management which is accountable for satisfying, identifyi ng and anticipating customer requirements profitability. Now-a-days marketing is based on providing continual benefits to the consumers, these benefits will be provided and a transactional exchange will take place.MARKETING OBJECTIVESINTRODUCTION MARKETING OBJECTIVE is a term which tells us that what the organization is trying to achieve through its marketing activities during a specific period.Roles of Marketing Objectives in semblances to the Promotional Campaign-Campaign is an activity which demands systematic planning. Promotional Campaign can be made successful if marketing objectives are resolved or set properly. Following process can get the scarper off to the right startTHERE ARE SEVEN stairsASSESS MARKETING COMMUNICATION OPPORTUNITIESUSE OF COMMUNICATION CHANNELS evolution THE PROMOTIONAL MESSAGEDEVELOPING THE PROMOTIONAL BUDGETDETERMINE consortEFFECTIVENESSDETERMINATIONOFOBJECTIVESDEVELOPINGTHE PROMOTIONAL MIXFigure 8 Steps of Marketing Campaign.Assess Marketing Communi cation Opportunities.It is very important to review and understand the needs of the market, market consumer, competition of the products, current users, decision-makers, groups and the universal public.What Communication Channels Will You UseIn the first step of planning everyone should have defined markets, products in the markets and environments of the consumer and the product. The data of these types able to aid in deciding which communication channels will be most beneficial for the organization and their products.Determine Your ObjectivesOne should have to consider that the objectives of a promotional crusade are different from marketing campaign. Promotional campaign analyzes the behaviors of those people, who have been exposed to your promotional communication.Determine Your Promotion Mixto understand promotion MIX one should have to allocate resources among sales promotion, publicity, advertising, publicity, E-marketing and personal selling.Develop Your Promotional Mes sageTo develop promotional message for the product and organization, there is need to sit with the team members, special attentions on the circumscribe of the product, format, structure, content and source of the message.Develop the Promotion BudgetThe most provoke part of the campaign is Promotion Budget. At this stage we need to moderate the total promotion budget. The steps involved in these stages are 1. ascertain cost breakdowns per territory and 2. Promotional mix elements.Determine Campaign durabilityAfter following all the steps of the marketing campaign, the promotional plan must be formal defined in a compose document. In this document you should need to specify situation analysis, copy of the platform, timetables for the events and effective integration of the promotional elements with elements in your marketing mix.CONCLUSIONThus we can say that Role of marketing objectives is very important in relation to promotional campaign. There are many different steps these are helpful in market objectives.Q7. Describe Primary and lowly research and explain the benefits and drawbacks associated with these research methods?As per my opinion, Primary and Secondary research are the difference in conducting the research. base RESEARCHIn Primary research, there is no study available for the researcher thats why researcher has to start from scratches and hypothetical views.BENEFITS OF PRIMARY RESEARCHQuick and cheap if your sample is minusculeComputer code-able for quick analysis and repetitionCoding enables multiple comparisons among variablesAllows generalisation views to a larger populationVerifiable by replication and re- head teachering of interviewees/respondentsDRAWBACKS OF PRIMARY RESEARCHUsing a large sample can be time-consumingLarge number of research loses unique meaning and topic study entropy of the specific area.This process takes long time and can be very expensive.If the interpretation of the question changes, this leads to change in th e overall result.Researchers can bias the entropy by concept definition and question framingWe cannot judge the honesty of the responding people.SECONDARY RESEARCHIn Secondary research, the researcher has the primary research collected data available. These research data are made available from other publications or reports, like newspaper, books and annual reports of companies. In the secondary research there is no need to start from scratch.BENEFITS OF SECONDARY RESEARCHLow cost to acquire and Easy to access E.g. Library, journals.Clear views about the Research Questions.Easy to conduct research on the question and provide specific result.DRAWBACKS OF SECONDARY RESEARCHLack of soundbox and Quality of research.Cannot check Biases and Inaccuracy.Incomplete Information and Expensive charges for full research.The misgiving over whether any data can be totally set-apart from the context of its collectionCONCLUSIONThus, we have two research First is Primary and second Secondary R esearch. Primary research is that in which data are not available firstly data should be collect. In Secondary research data are available there is no need to collect the data. Data prepared by other organization.8Explain the source of Information that are available to Business?INTRODUCTIONBusiness information encompasses a high range of sources that people involved in the world of commerce can turn to for data on and discussion of business-related subjects. These sources, which can provided from daily newspapers , financial magazines to professional associates, colleagues, and accessible contacts, can be valuable in helping small business owners to tackle various aspects of operations, such as marketing, Research, product forecasting, and competitive analysis.There are two types of source of InformationINTERNAL BUSINESS INFORMATIONEXTERNAL BUSINESS INFORMATIONResearch and DevelopmentManufacturing PeopleSales PeopleTop managementPrint InformationTelevision and radio InformationOnl ine InformationCD Rom InformationINTERNALINFORMATIONEXTERNALINFORMATIONFigure 9 Types of Sources.INTERNAL INFORMATIONThese are in business information of product idea generation. There is four such possible information such asRESEARCH AND DEVELOPMENT DEPARTMENTAlmost all big companies have Research and Development Department. This department is responsible for developing new product idea after proper market research and improving the existing products.MANUFACTURING PEOPLEEngineers, scientists and skilled workers who manufacture product a good deal have ideas about product improvement. They do come out with new product ideas, because that is in regular contact with the business-its nature, product, quality etc.SALES PEOPLECompany sales persons can also be a good source of new product ideas. These people know what customers are not getting and what customers want.TOP MANAGEMENTIn fact, it is the responsibility of the top management to explore new product ideas. Their idea can be good because they precisely know about the company needs and resources.EXTERNAL INFORMATIONExternal information can be obtained from printed material AND administer reportsPRINT INFORMATIONThe category of print information ranges from large number of books and journals, Newspapers, newsletters and microfilms.TELEVISION AND RADIO MEDIABroadcasting media might be least helpful for the small business owner.ONLINE INFORMATIONThere is huge demand of online information in todays world. This is a powerful way to get and access information speedly and many ways and in many types. The computer to store, organize and unfold vast amounts of information has truly revolutionized business publishing. Large number of social marketing and information site are available. Large online search systems can help overcome the incredible fragmentation of published information.SECONDARY retention INFORMATIONSecondary memories like, CD-ROM (compact disc read only memory), big(p) drives, DVD, Blue-rays are po pular alternative to online services.CONCLUSIONThus, we can say that there are many information sources available in business. There is INTERNAL and EXTERNAL Information Available in business. Internal Information is under the business. It is Flexible as well as External Information is under the customers, Producers etc.