PRODUCT AS A PART OF MARKETING MIX

PRODUCT AS A PART OF MARKETING MIX

BY

SMART LEARNING WAY

CONTENTS 

·          Definition of the marketing?

·          What is marketing mix?

·          Introduction of marketing mix

·          Elements of marketing mix

·          Definition of the product

·         What is product?

·          Introduction of the product

·         Product as a part of the marketing mix

·          Conclusion

·          Bibliography

 

DEFINITION OF THE MARKETING

The American marketing association(AMA) defines, marketing as, ‘the Process, planning and executing the conception, promotion and distribution or ideas and services  to create exchanges that satisfy individual & organization goals.

INTRODUCTION OF MARKETING MIX

The marketing mix is concerned with the realities and practicalities of how the marketing objectives may be turned into specific marketing plans and activities. The role of the marketing mix is to move objectives and plans into reality of implementation and achievement 

In order to achieve your marketing objectives you need to have a strategy that includes different elements - the various parts of the marketing mix. Calling it a mix reminds you to try and get the balance right between the different elements. It is easy to assume that one part of the mix is wrong, when in fact it is another. 

WHAT IS MARKETING MIX ?

Marketing Mix acts as a stimulus and resulting variables such as consumer satisfaction, market share, return on investment and company image as respondent. The marketing objectives represent desired responses. The firm will be judged by out spiders on the basis of results achieved.

 Under customer-oriented marketing plans and strategies   main marketing objectives are naturally consumer- citizen satisfaction and profitability through serving the demand, customers and customer needs.  

ELEMENTS OF MARKETING MIX

•          Product

•          Price

•          Promotion

•          Place

•          People

•          Process

•          Physical Evidence

DEFINITION OF THE PRODUCT 

• The end result of the manufectuning process , to be offered to the market place to satisfy a need or want .
• Products are the goods a business offers to consumers. The product marketing mix defines all the elements necessary to sell these goods in the marketplace. As part of the overall marketing mix (which also includes price, place and promotion), product plays the most important role in marketing strategy development.
• The variety of product lines that a company produces, or that a retailer stocks. Product mix usually refers to the length (the number of products in the product line), breadth (the number of product lines that a company offers), depth (the different varieties of product in the product line), and consistency (the relationship between products in their final destination) of product lines. Product mix is sometimes called product assortment.

INTRODUCTION OF THE PRODUCT 

Product means the tangible parts products and services such as the quality and design. For example, if marketers want a lower quality product, this ensures that they can offer a lower price and attract more customers in accordance with the law of demand. If marketers decide on a higher quality product, they will lose customers, but they compensate this by having prices higher and this type of product usually attracts weal.

The product, service, or program includes both tangible and intangible elements. The tangible, because, those things that the customer can see, touch, feel, taste, or smell. The intangible include such things as the image of the offering which includes the image of the organization making the offering, the psychological aspects of pricing.

Product is actually a complex, multidimensional concept. It is defined broadly enough to include services, programs, and attitudes and includes whatever you are offering the target market in an effort to meet their needs. It involves all tangible and intangible aspects of the good or service you offer your target market.

Product is actually a complex, multidimensional concept. It is defined broadly enough to include services, programs, and attitudes and includes whatever you are offering the target market in an effort to meet their needs. It involves all tangible and intangible aspects of the good or service you offer your target market.

WHAT IS PRODUCT ?

 A Product is a bundle of satisfaction that a customer buys. It is a set of attributes put together in some distinct form.

 In the words of philip kotler, ‘A product is anything that can be offered to market for attention,  acquisition use or consumption that satisfy a want or need. It includes physical object, service, person, place, organization and idea.

 It is clear from the above definition that product is a wider term an overall concept which provide a set of utilities to the customer and various inputs and processes that deliver profits to the organization.

American marketing association defines service as “Activates benefits or satisfaction which are offered for sale of good”. 

Philip kotler says, “service is an act or performance that one party can offer to another that is essentially intangible and dose not result in the ownership of anything. 

 Product is designed to match customer need. 

 product includes product size, quality, branding and packaging.

Product as a part of marketing mix

        Every organization has a product mix that is made up of product lines. Product lines contain product items. Each product item is a product or service as well as the brand, package, and services associated with it. There are six components as follows :

·         Services: 

                Interpreters in visitor centers are providing an information service. 

·         Package:  

               In the product world this is the container. In the NPS world this could be the surroundings in which a program is delivered. The atmosphere of a visitor center might be considered the package in which the visitor center experience is delivered.      

                                          

·         Product Line: 

              A group of products within a product mix that are closely related, either because they meet the same need, function in a similar manner, or share some other characteristic. Interpretation might be considered a product line. 

·         Product Mix (assortment): 

                the set of all product lines and items that an organization offers its target market's. Everything the NPS offers target market's constitutes its product mix.

Products come in several forms. Consumer products can be categorized as convenience goods, for which consumers are willing to invest very limited shopping efforts. Thus, it is essential to have these products readily available and have the brand name well known. Shopping goods, in contrast, are goods in which the consumer is willing to invest a great deal of time and effort.

For example, consumers will spend a great deal of   time looking for a new car or a medical procedure.  Specialty goods are those that are of interest only to a  narrow segment of the population—e.g., drilling machines.  Industrial goods can also be broken down into subgroups,  depending on their uses. It should also be noted that,  within the context of marketing decisions, the term product  refers to more than tangible goods—a service can be a  product, too.

CONCLUSION

                               

The success of marketing services  Lies in understanding the four levels of service product. This analysis helps service marketer to focus on customer needs and differ nation of service offering. The augmented level that is the Key to differentiation consists of three components of the service.

BIBLIOGRAPHY

·         SERVICES MARKETING

·         VASANTI VENUGOPAL

·         HIMALYA PUBLISHING HOUSE

·         MARKETING MANAGEMENT

·         S.A.SHERLEKAR

·         HIMALY PUBLISHING HOUSE