Marketing in Business

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Today I am Going to discuss about Marketing Mix. The Marketing mix can be stated as a set of four decisions which are carried out before launching any new product. These variables are also known as the 4 P’s of marketing. These four understanding variables help the firm in making the strategic decisions necessary for the smooth running of any business. These variables are 1.       Product 2.      Price 3.      Place 4.      Promotions Marketing mix is mainly of two types. 1) Product marketing mix –  It is Comprised of Product, price, place and promotions. This marketing mix is usually in case of Tangible goods. 2) Service marketing mix –  The service marketing mix includes three further variables included which are people, physical evidence and process. Marketing Mix was first Intrduced by Neil H Borden back in 1964 in his article “The concept of marketing mix”. Several strategic analysts over the years believe that the marketing mix can make or break the firm. Having the right marketing mix at the start of the marketing plan is absolutely essential. Over time the concept of marketing mix has provided a steady platform for the launch of a new product or business. As mentioned before, the marketing mix is characterized by four different but equally important variables. These variables are never constant and may be changed over time. However, a change in one of the variables may cause a change in all the other variables as well. The variables are as follows.   1) Product – As we all are informed earlier, the first thing you need, if you want to start a business, is a product. Therefore Product is also the first variable in the marketing mix. Product decisions are the first decisions you need to take before making any marketing plan. A product can be divided into three parts. The core product, the augmented product and the tertiary product. Before deciding on the product component there are some questions which you need to ask yourself. ·         What product are you selling? ·         What would be the quality of your product? ·         Which features are different from the market? ·         What is the USP of the product? ·         Whether the product will be branded as sub brand or completely new? ·         What are the secondary products which can be sold along with primary (Warranty, services) Based on these questions, several Product decisions have to be made. These product decisions will in turn affect the other variables of the marketing mix. For example –  You launch a Bike with is to have the highest quality. Thus the pricing, promotions and placing would have to be altered accordingly. Thus as long as you dont know your product, you cannot decide any other variable of the marketing mix. However, if the product features are not fitting in the marketing mix, you can alter the product such that it finds a place for itself in the marketing mix. 2) Pricing – Pricing of a product depends on a lot of different variables and hence it is constantly updated. Major consideration in pricing is the costing of the product, the advertising and marketing expenses, any price fluctuations in the market, distribution costs etc. Many of these factors can change separately. Thus the pricing has to be such that it can bear the brunt of changes for a certain period of time. However, if all these variables change, then the pricing of a product has to be increased and decreased accordingly. Along with the above factors, there are also other things which have to be taken in consideration when deciding on a pricing strategy. Competition can be the best example. Similarly, pricing also affects the targeting and positioning of a product. Pricing is used for sales promotions in the form of trade discounts. Thus based on these factors there are several pricing strategies, one of which is implemented for the marketing mix. 3) Place –  Place refers to the distribution channel of a product. If a product is a consumer product, it needs to be available as far and wide as possible. On the other hand, if the product is a Premium consumer product, it will be available only in select stores. Similarly, if the product is a business product, you need a team who interacts with businesses and makes the product available to them. Thus the place where the product is distributed, depends on the product and pricing decisions, as well as any STP decisions taken by a firm. Distribution has a huge affect on the profitability of a product. Consider a FMCG company which has national distribution for its product. An increase in petrol rates by 10 rs will in fact bring about drastic changes in the profitability of the company. Thus supply chain and logistics decisions are considered as very important costing decisions of the firm. The firm needs to have a full proof logistics and supply chain plan for its distribution. 4) Promotions –  Promotions in the marketing mix includes the complete intregration and  communications which in turn includes ATL and BTL advertising as well as sales promotions. Promotions are dependent a lot on the product and pricing decision. What is the budget for marketing and advertising? What stage is the product in? If the product is completely new in the market, it needs product`s  awareness promotions, whereas if the product is already existing then it will need brand recall promotions. Promotions also decide the segmentation targeting and positioning of the product. The right kind of promotions affect all the other three variables –  the product, price and place. If the promotions are effective, you might have to increase distribution points, you might get to increase the price because of the rising brand equity of the product, and the profitability might support you in launching even more products. However, the budget required for extensive promotions is also high. Promotions is considered as marketing expenses and the same needs to be taken in consideration while deciding the costing of the product.

Three Elements EVERY Marketing Mix Should Have

...that is if you want your effort to be successful. You've done your strategy work. You've defined your target market, developed compelling positioning, established a competitive analysis and advantage, and packaged your products and/or services in a clear and relevant way. Now you're ready for the fun stuff—the marketing mix. You know, direct mail, email, brochure, web site refresh, public relations, and all of the various tactics you've determined make the most sense given your strategy. But that's the hard part isn't it? Translating your strategy into an effective and efficient (and therefore more affordable) Marketing Plan. We have had several consulting audit engagements lately where we have reviewed the marketing mix for our clients and provided feedback on what they're doing well and where they can improve. In almost every case, one or more of the following elements is in need of work: Consistency: It is important to your marketing efforts that everything—and we do mean everything—looks, feels, and sounds the same way. In order to get the benefits that repetition provides, this element is absolutely critical. If your targets hear the same message over and over again, the same way each time, they are much more able to spread the word in the way you want it to be spread. This is where the "and they tell two friends" becomes your most powerful marketing tool. We recommend that you audit all marketing communication pieces, as well as other customer touch points (invoices, fax sheets, email signatures, etc.) for consistency of your brand use and message. Where it is not consistent...fix it immediately. Frequency: It's true, frequency makes a difference. But, how often is frequent enough? It truly does depend on your market, your business goals, and your offer, however there are some guidelines. Once you've prioritized your primary, secondary, and tertiary markets, we'd recommend you "touch" your primary market 2x monthly, your secondary market 1x monthly, and your tertiary markets 1x quarterly. Without this level of frequency your momentum is lost between marketing touches and the impact severely diminished. Unfortunately, as humans, our memory is somewhat short, so constant reminders that you exist and have something to offer is necessary to establishing the brand awareness we all aspire to achieve. Variety: Don't put all of your eggs in one basket. Consistency is good and frequency is even better, but if your marketing mix lacks variety, your efforts will suffer the consequences. Having your marketing rely on one or two vehicles (i.e. direct mail, email, and web site) lacks the power of "touching" your audience from the many angles they take to review their options. A combination of activities (i.e. a monthly newsletter, an email promotion, public relations, and networking) working together in concert allows you to develop a "relationship" with your prospect list long before you ever meet them. And, don't forget this variety should include both value-add content and promotional content and not be too heavily weighted on either. As you can see, designing the marketing mix to support your marketing strategy is much more complicated than just picking the communication vehicles you'll use to "get the word out." You must also be sure that your implementation plan includes all three of the above elements. Audit your own marketing mix for these elements, making adjustments as needed, and you'll be on your way to a more effective and efficient marketing effort!

We can study in various book about market categories, But in my point of view market can be categorized into two categories.
1) Cash Market
2) Credit Market
My classification is too much clear that the market is classified into two categories. One is cash market and another is credit market.
In Cash Market types the wholesalers and retailers trade their business in the form of cash. They trade business CASH to CASH. This is the sign of good business.
The Rigid Business is relied upon credit. They need credit facilities as much they can get it. It means they will not pay for the goods and services promptly.

Each categories depends upon how the parties deal with. Various credit parties have their own business motive of using other`s money & goods for their rotation of money. They even withdraw their investment within one year of transaction utilizing other party`s money. Credit parties use other people`s money for months. In case of medical items they are facilitated through years of credit. This is the fact of Credit parties.

Now, I am going to discuss about Cash parties. Cash parties are those types of parties who deals each and every transaction on cash. They Never take Credit. But they receive cash discount after paying cash to the supplier.

As we all know Marketing is very rigid topic of concern. More we visit the market the more confusion is being created. This is the main rigidity that we just can`t understand the behavior of market.
Market becomes the challenge for every marketer when the parties changes their spoken words.

For a experienced marketer it can be very easy to deal with but it is very tough to handle it by ew comers.