Promotional variables include advertising, personal selling, sales promotion and public relation. Activities should be arranged in a logical and sequential form. Firm has to also decide the number and type of intermediaries to be employed. As the name suggests it means the product which is available for purchase or the product offered for sale. However, if the benefits are perceived as greater than their costs, chances of trial and adoption of the product is much greater. “Place” describes the way that the product reaches the consumer. Industrial products-Goods used as inputs in producing other products Example: raw materials, toots etc. Decisions relating to transportation includes choice of mode of transport to be used, whether to own vehicles or hire them, how to schedule deliveries, who will bear the transport cost from manufactures to wholesaler and them to retailer. The difference between the actual price paid by the consumers and the total cost of the product is the margin. The five key components of the marketing communication mix is advertising, public relations, sales promotion, personal selling and direct marketing. Place (Mix)/ Physical Distribution (Mix): 4 Ps of Marketing Mix – Additional 4 Ps: Packaging, Processes, People and Physical Evidence, Tools and Techniques of Control in Management. The policy of the firm in this regard should be clear. Advertising. h. Selling activities i.e., personal selling, contract negotiation, payment provisions. For a tangible product, this refers to the distribution system – including the warehouse, trucks, sales force, retail outlets where it is sold, or places where it is given out for free. Pricing is considered to be an effective competitive weapon. Everything you need  to know about 4 P’s of marketing mix. k. Re-planning on the basis of feedback information from the environment and the market. Proper channel through which the product is to be sold and where and when is to be decided in this element of marketing mix. These perceptions of costs and benefits can be determined through research, and used in positioning the product. This element makes sure that good quality products are offered for sale in market. For instance, a new product is launched, and due to some or the other feature which is not a part of other goods of same category, the product may become a point of discussion among various groups. A continuum of products exists, ranging from tangible, physical products (e.g., condoms), to services (e.g., medical exams), practices (e.g., breastfeeding, ORT […] The various terms and condition in this regard like the quantity of goods to be delivered, time of delivery, place and condition of delivery should be decided in explicit terms. It is very important for the manufacture to see that the product confirms to quality standards specified. Share Your Word File Warehousing decisions mainly include decisions relating to choice of public or private warehouse or cold storages, and number of places where goods have to be stored to be released quickly in time of demand. Promotion is the fourth important element of marketing mix and hence a part of marketing mix strategy. TOS4. The decisions related to (i) quality, (ii) design, (iii) size, (iv) branding, (v) packing, (vi) warranties, (vii) sales service, etc. Sales promotion refers to short-term incentives offered to encourage the sale of goods and service. d. Channel choice and channel management. They bring with them the advantages of having the buyers and seller face to face i.e. Place decision or distribution decisions are concerned with decisions relating to the smooth flow of goods from the producer to consumer and thereby create time, place and possession utilities. The combination of different ‘price related variables’ chosen by a firm to fix the price of its product is called price mix. All the elements of any mix work in integration. Development of marketing mix is a crucial task before marketing managers. Their attitudes and behaviour exercise a major influence on the customer’s perception of the service and the company. A good package attracts customers. Then manufacturers will have to look for a new channel. Pricing occupies an important place in the marketing of goods and services by a firm. Growth and survival, prosperity and profitability, image of the brand and of the firm to a great extent are influenced by the price. In order to achieve maximum profits one may price goods highly but with high prices, the demand decreases and thus the goal is not achieved. Example- Soap, toothpaste, textile etc. The relevant factors which help in making a choice of channels of distribution are: If the product is perishable, it requires maximum agents in its way to reach the final consumers. Depending upon the number of intermediaries, there can be different channel levels viz. tea, coffee etc. Share Your PDF File In other words it is a tool of sales promotion. Different needs of the customers can be satisfied in alternative ways. Pricing hold a key place in every organization as it facilitates transactions by providing a medium of exchange.

125 Yamaha Four Wheeler, Gilded Drake Reserve List, Campwin Beach Caravan Park, Costco Chicken Tamales Cooking Instructions, Kirkland Organic Juice Box Review, Magic The Gathering Rivals Of Ixalan Booster Box, Pizza Sauce Brands, Sausage Stuffed Pork Chops Wrapped In Bacon,