The Mktg Mix

FORMULATING A MARKET STRATEGY Selecting a target market Similar group of customers (Fairly Homogenous) to whom

the marketer wishes to appeal  Selecting a market oriented strategy is target marketing In target marketing the marketing mix is tailored to suit and fit some specific target markets / customers In contrast, mass marketing, the typical production oriented approach – aims at everyone with the same marketing mix Mass marketing assumes that everyone is the same and considers everyone to be a potential customer

FORMULATING A MARKET STRATEGY Selecting a target market Approach in Target Marketing is also known as the RIFLE

APPROACH Approach in Mass Marketing is also known as the SHOTGUN APPROACH But mass marketing and mass marketers are not same Mass Marketing : Means trying to sell to everyone Mass Marketers : Aim at clearly defined targets / markets Eg. McDonalds, Kraft Foods, Haldiram’s, Wal-Mart etc. The confusion - Their target markets, homogenous in nature, are all well spread out

THE MARKETING MIX Designing the Marketing Mix The crux of the marketing task is the assembling and managing

the marketing mix.   The success of a marketing manager depends on how well he is

able to formulate the marketing mix strategy. It was Jerome McCarthy who classified the marketing mix variables

under four heads each beginning with the alphabet ‘P ’   Marketing is an interaction between marketing mix and

environmental variables

THE MARKETING MIX Designing the Marketing Mix

Environmental variables lie outside the control of

the firm -

Competition Consumer Government – legal and statutory laws Forces of nature

Environmental variables -Non controllable Marketing mix variables -Controllable variables

THE MARKETING MIX ASSEMBLING AND DEVELOPING THE MARKETING MIX Customer is surrounded by the marketing mix

elements and variables Still customer is not a part of the marketing mix Customer is the target of all the marketing mix

efforts

THE MARKETING MIX PRODUCT  Physical goods  Services  Features  Benefits  Quality level  Accessories  Installation  Instruction  Manual  Warranty  Guarantee  Product line  Packaging  Branding

THE MARKETING MIX PRICE Objectives Flexibility  Lever over product life cycle Discounts Allowances Taxes Duties Levies Costs Terms and conditions of supply

THE MARKETING MIX PROMOTION  Objectives  Promotion blend Sales people:  Kind  Number  Selection  Training  Motivation Advertising:  Target  Kind of ad  Media type  Copy trust   Sales promotion  Publicity  

THE MARKETING MIX PLACE Objectives Channel type Market exposure Kinds of middlemen  Kinds and location of stores  How to handle transport & storing  Service level  Recruiting middlemen  Managing channels

THE MARKETING MIX