WE ALL HAVE STUDIED THE DEFINITION OF MARKETING WHICH IS DEFINED AS ENGAGING CUSTOMERS BY UNDERSTANDING THEIR NEEDS AND MANTAINING PROFITABLE RELATIONSHIPS WITH THE CUSTOMERS . THE TWO MAIN OBJECTIVES OF MARKETING IS TO ATTRACT NEW CYUSTOMERS BY PROMOSING SUPERIOR VALUES AND TO MANTAIN GOOD TIES WITH CUSTOMERS BY DELIVERING VALUE AND SATISFACTION .

IF YOU HAVE GAINED KNOWLEDGE , IT WILL ONLY BE SUCCESSFUL WHEN YOU WILL UTILISE IT IN A GOOD WAY AND TO UTILISE IT , YOU NEED WEAPONS . SO , MARKETING HAS ITS OWN TOOLS , USED BY THE FIRMS TO FUNCTIONS THE MARKETING IN THE FORM OF MARKETING MIX . MARKETING MIX IS THE SET OF MARKETING TOOLS , COMBINE TOGETHER TO ENGAGE CUSTOMERS , TO SATISFY CUSTOMER NEEDS AND BUILD CUSTOMER RELATIONSHIPS. IT HELPS MARKETERS TO EXECUTE THEIR PLANS EFFECTIVELY AND EFFICIENTLY . THE 4 P’s OF THE MARKETING WHICH WE HAVE STUDIED IN CLASS 11th AND 12th STANDARD.

4 P’s ARE :

• PRODUCT
• PRICE
• PLACE
• PROMOTION

EXTENDED P’s OF MARKETING MIX :

• PEOPLE
• PHYSICAL EVIDENCE
• PROCESSES

IN TOTAL , THE TOOLS OF MARKETING MIX ARE SEVEN , LET’s SEE EACH IN LITTLE DETAIL.

PRODUCT

PRODUCT IS DEFINED AS THE BUNDLE OF UTILITIES CREATED BY THE MARKETER ACCORDING TO THE NEEDS OF THE CUSTOMERS , ENSURING CUSTOMER SATISFACTION.

• IT IS CREATED IN VARIETIES BY THE MARKETERS TO GIVE CUSTOMERS OPTIONS TO CHOOSE .
• ALONG WITH IT, ENSURES THAT THE QUALITY IS UP TO THE CUSTOMER EXPECTATIONS.
• SUPPORTING IT WITH ATTRACTIVE FEATURES TO GAIN THE ATTENTION OF THEIR TARGET MARKET.
• DESIGNING
• THIS ONE IS THE MOST IMPORTANT AS MOST OF THE CUSTOMERS BUY THE PRODUCTS DUE TO PACKAGING . IT GIVES THE DETAILED INFORMATION IN BRIEF ABOUT THE PRODUCT . THE BUSINESSES ARE USING THE TECHNIQUE OF EXOTIC PACKAGING , TEMPTING THE CUSTOMERS TO BUY THROUGH IT.
• BRAND NAME SHOULD BE CATCHY ENOUGH TO GET STUCK IN THE MINDS OF CUSTOMERS.
• SIZE OF THE PRODUCT SHOULD BE DECIDED ACCORDING TO THE NEEDS OF THEIR TARGET MARKET.
• SERVICES ARE MOST LOVED BY THE CUSTOMERS, THEY LOVE IN GETTING AFTER SALES SERVICES .IT INCREASES THEIR INTRESTS IN THAT PRODUCT.
• RETURNS ARE THE FEEDBACK THAT COMPANY CAPTURES FROM THEIR CUSTOMERS ABOUT THE PRODUCT.

PRICE

PRICE IS THE MONETARY VALUE OF THE PRODUCT SET BY THE MARKETERS.

• IT IS THE PRICE LISTED BY THE FIRM ON THE PRODUCT.
• THE CUSTOMERS USUALLY EXPECT DISCOUNTS BY THE BUSINESSES , MAKING THEM BUILDING PROFITABLE RELATIONSHIPS.
• ALLOWANCES
• YOU ALL MUST HAVE COME ACROSS THE COUPONS AND CODES GIVEN BY THE COMPANIES TO AVAIL OFFERS AND DISCOUNTS ON THE PRODUCT .
• PAYMENT MODE , IT CAN BE OFFLINE THAT IS CASH AND ONLINE MODE WHICH IS THE MOST PREFERABLE NOW A DAYS
• CREDIT TERMS
• PAYMENT PERIOD , A CERTAIN TIME PERIOD IS GIVEN TO MAKE THE PAYMENT ALONG WITH THE TIME LAPSE.
• BUILDING
• PRODUCT CANCELLATION , FOR EXAMPLE , MAKE MY TRIP HAS AVAILED THIS FACILITY TO CANCEL THEIR ORDER WITHOUT ANY CANCELLATION CHARGES.IT ATTRACTS THE CUSTOMERS , AS , IT IS HELPING THEM SAVING THEIR MONEY.

PLACE

PLACE THE LOCATION OF THE PRODUCT TO BE TRANSPORTED FROM THE PLACE OF ORIGIN TO THE PLACE OF DISTRIBUTION THAT IS TO THE CUSTOMERS . IT HAS PLAYED AN IMPORTANT ROLE IN CORONA PANDEMIC.

• THERE ARE CERTAIN CHANNELS THAT ARE USED TO TRANSPORT THE PRODUCTS .
• THE LOCATIONS ARE ALEARDY LISTED TO THE CUSTOMERS TILL WHERE IT CAN BE DELIVERED.
• THERE IS WIDE COVERAGE OF THE PRODUCT DUE TO THE EXISTENCE OF THIS P.
• TRANSPORTATION IS DRIVING THE PRODUCT FROM THE PLACE OF PRODUCTION TO THE MARKET .
• WAREHOUSING HELPS TO STORE THE PRODUCT AND KEEP IT SAFE.
• ORDER TAKING , IN THIS FIRMS TAKE THE ORDERS AND DELIVER THE PRODUCTS TO THE CUSTOMERS.

PROMOTION

• ADVERTISING IS USED TO CREATE THE IMAGE OF THE PRODUCT IN THE MINDS OF THE CUSTOMERS.
• PERSONAL SELLING INVOLVES COMMUNICATING THE FEATURES OF THE PRODUCT TO CUSTOMERS FACE TO FACE , WHAT EXACTLY SALESMEN DO.
• PBLICITY OF THE PRODUCT.
• PUBLIC RELATIONS , PRODUCT SHOULD BE COHESIVE TO THE LIFE CUSTOMERS , TO MAKE IT A REAL CONNECT.
• DIRECT MARKETING
• BLOGS , WRITING ABOUT YOUR FIRM AND PROMOTE THE PRODUCT HTROUGH WEBSITES.
• SOCIAL MEDIA
• MARKETING

PEOPLE

• FIRST AIM OF THE CUSTOMERS IS TO MAKE THEIR EMPLOYEES HAPPY THROUGH PERKS AND INCENTIVES.
• TRAINING , CREATING TRAINING PROGRAMMES FOR THEIR GROWTH AND DEVOLOPMENT.
• MOTIVATION , ENERGISE THEM BY APPRECIATING THEM WITH THE BEST EMPLOYEES CERTIFICATE AND GIVING THEM PROMOTIONS.
• CONSUMER SATISFACTION
• STAKEHOLDERS , ENSURING THE INVESTMENT AND SHARES , THEY ARE INJECTING.

PROCESSES

• PROCEDURES , EVERY COMPANY DEFINES THEIR RULES AND REGULATION TO THE EMPLOYEES.
• MECHANISMS
• CREATIVITY , ENSURING TO INCREASE THE CREATIVE ABILITY OF THEIR EMPLOYEES.
• MANTAINING DESCIPLINE
• STRUCTURE , THE FOUBDATION OF THE ORGANISATION
• ENCOURAGEMENT TO THEIR EMPLOYEES WITH POSITIVE AND FRIENDLY ENVIROMENT.
• NEW IDEAS , DEVOLOPING AND DEVOLOPING THE EMPLOYEES TO GIVE INNOVATIVE IDEAS FOR THE COMPANY’s GROWTH.

PHYSICAL EVIDENCE

IT BASICALLY REFERS TO THE PHYSICAL ENVIROMENT OF THE BUSINESSES LIKE HOTELS , RESORTS ETC

• MUSIC , PEOPLE LOVE TO ENJOY WHILE EATING FOOD AND MUSIC IS THE BEST WAY TO HAVE FUN.
• LIGHTINING , IT IS HOW THE HOTELS OR RESTRAUNTS HAVE LIGHTINING ,HOW MUCH IT IS BEAUTIFULLY DECORATED .
• DELIVERY EXPIRIENCE , HOW FAST AND GOOD THE SERVICE OF THE FOOD IS DONE BY THE WAITERS OF THAT RESTRAUNT.
• CLEANLINESS
• FRAGNANCE , ALL OF US WOULD LOVE TO DINE AT A PLACE OF ROSES.
• DECOR , ATTRACTIVE INFRASTRUCTURES WHICH TEMPT THE CUSTOMERS TO VISIT.
• ASTHETICS , ARE THE ADDICATES HOW THE WORKERS OF THE ORGANISATION ARE BEHAVING WITH THE CUSTOMERS.
• AMBIENCE , THE MOST IMPORTANT , WHETHER YOU ARE ABLE TO CONNECT WITH THE ENVIROMENT OF THE RESTRAUNT / HOTEL OR NOT.