The marketing mix, from the name you can understand that this blog is all about PRODUCT, PLACE, PROMOTION AND PRICE. The 4 P’s of marketing, which are very important not just for the business expansion or for big revenue, it’s more about studying the market analysis the needs and wants, finding or targeting those strategies which creat a great market penetration.
E . Jerome McCarthy was the one who come up with, these 4 P’s of marketing mix.
Marketing mix it is something which focused upon the fields with increases the chances to hold and to sustain the shares with the competitors. There are additional P’s to included in marketing are PEOPLE, PROCESS AND PHYSICAL EVIDENCE. We are going to honour other 4 P’s.Let’s start with a little intro of MM ( marketing mix ).
PRODUCT MIX
Product mix is also known as product assortment or product portfolio. It gives you a idea what a individual company had in there product line, it means what they serve to people. The segment of quality, packaging, labelling, design and branding are the main areas in which you travel on path of product mix.
The levels of product
. The core level
. The basic level
. The expected level
. The augmented level
. The potential level
Take an example to understand it in a wide perspective.
Car, like any car: audi, jaguar, BMW ( Bayerische Motoren Werke ) or anything like Royals rolls is my, now I will make you understand about the differentiation of product level in these cars.
Core product – transportation
Basic product – 4 wheels, steering, engine and break.
Expected product- speed and comfort.
Augmented product – intelligence and connectivity
Potential product – voice recognition and face recognition.
These are levels of product which divides them into small units.
The dimension of product break the concept into 4 parts:
1) Width – it’s all the numbers or different product line a company carries. Eg:- Colgate consists of three product lines: oral care, personal care and pet nutrition.
THOSE WHO DID NOT HAVE WIDTH IN PRODUCT?
. Small companies
. Start-ups
2) lenght – means total numbers of product a company have in a product line Eg:- like a company have 4 product line and each product line in consist of 5 products, then the lenght in product mix is 4 × 5 = 20. It’s means a company have 20 products.
3) Depth – total numbers of variants available in one product offering. Eg:- ford making different versions like ford eco, ford endeavour, ford figo, ford aspire and etc….. in among them they have petrol and diesel option, cars with different colors red, green, black and many more this is what depth.
4) Consistency – understanding the focus and pattern of product, who closely product lines are team with the end use, production requirements, distribution channels. Eg:- most of HUL products are household related and amul products are dairy related.
Product strategies
. Standardization
. Customization
. Changing product variants
. Adding new product in product line
. Strengthening product consistency
In the short these all the 4 P’s cannot be alter but in long they can.
In the next blog we’ll continue with next segments of marketing mix.
.
Site Title 