( Marketing Mix 4 P's)
- Product
- Price
- Place
- Promotions
Level of Product
- Product bought
- Tangible in nature
- Product- Internal features | brand name |packaging features
- Brand differentiation
- Additional benefits
- Services
- (Product Strategy - Decision Area)
- Product attribute (same features | same amount of quantity quality)
- Packaging (eg- kinder..)
- Labelling and logos ( Identifier)
- Support services (eg -AWS customer centric )
(Product Life Cycle)
- Introduction stage (time consuming | focus : product Awareness )
- Growth Stage (High sales rate | growth and revenue )
- Maturity Stage ( Flattened sales | Reposition | Rebranding )
- Decline Stage ( a. Differ for products | b. Focus : Replace or kill brand )
Price Definition
- Customer point of view (overall package )
- Marketer point of view (cost |of product |revenue brand positioning
[Price Ceiling ]
Product Perceived value
Product cost to company
[Price Floor ]
PRICING STRATEGIES
- Customer value -based pricing ( Based on value of product in consumer mind)
- Cost based pricing (determined by cost of product and distribution)
- Competition based pricing (based on same category product competition)
eg.
Soap (Manufacturing) + Distribution + Retailer + Logistic + Brand building (advertisement)
PLACE
Logo | Packaging | Color |Schemes | Labelling
SUITABLE PLACE
- Distributers - Contract | Supply bulk order region | Industry specefic
- Whole seller - Bulk purchase good distribute to smaller and larger shop
- Retailer - Supply good to consumer
- Stockists - Keep storage of product
PROMOTIONS
Elements of promotion Strategy
- Advertising
- Sales
- Direct and Digital Marketing
- Public Relation
- Personal Selling
Product Life Cycle
- Introduction - Informative + increase product awareness
- Strengthen Product messaging
- Growth Stage - Increase base of loyal customers
- Increase product revenue
- Maturity Stage - Elaborate the lifecycle of product
- Price change sales and promotions increases
- Decline Stage - Reposition of promotional messages
- Repackaging of brand's and communication