Assignment On

Marketing Mix

Submitted By: Bhavna(18127)

Manisha(18110)
Submitted To: Ms.Anupreet
Introduction
The marketing mix deals with the way in which a business uses price, product,
distribution and promotion to market and sell its product.

The marketing mix is often referred to as the "Four P's" - since the most important elements
of marketing are concerned with:

 Product - the product (or service) that the customer obtains

 Price - how much the customer pays for the product
 Place – how the product is distributed to the customer
 Promotion - how the customer is found and persuaded to buy the product

It is known as a "mix" because each ingredient affects the other and the mix must overall be
suitable to the target customer.

For instance:

 High quality materials used in a product may mean that a higher selling price can be
achieved
 An advertising campaign carried in one area of the country requires distribution of the
product to be in place in advance of the campaign to ensure there are no disappointed
customers

What makes for an effective marketing mix?

An effective marketing mix is one which:

 Meets customer needs

 Achieves marketing objectives
 Is balanced and consistent
 Creates a competitive advantage for the business
 Promotion is needed to emphasise the new features and benefits of a product

Definition of Marketing Mix

 According to Philip Kotler - "Marketing Mix is the combination of four elements,
called the 4P's (product, Price, Promotion, and Place), that every company has the
option of adding, subtracting, or modifying in order to create a desired
marketing strategy"
Elements of Marketing Mix

The marketing mix for each business and industry will vary; it will also vary over time.

For most businesses, one or two elements of the mix will be seen as relatively more important
than the others, as illustrated below:

 PRODUCT MIX
What is Product ?
Anything that satisfies the need of the customer is called a product. A product can be
tangible as well as intangible.

What is Product Mix ?

Product mix refers to the total number of products that a marketer offers in the
market.

EXAMPLE:
The Hindustan Unilever is dealing with soaps , detergents , tea , toothpaste etc.
 Components of Product Mix

The four dimensions to a company's product mix include width, length, depth and
consistency.

 Product mix, also known as product assortment, refers to the total number of product lines a
company offers to its customers. The four dimensions to a company's product mix include
width, length, depth and consistency.

Width: Number of Product Lines

The width, or breadth, of a company's product mix pertains to the number of product lines the
company sells. For example, if you own EZ Tool Company and have two product lines –
hammers and wrenches – your product mix width is two.

Length: Total Products

The product mix length is the total number of products or items in your company's product
mix. For example, EZ Tool has two product lines, hammers and wrenches. In the hammer
product line are claw hammers, ball peen hammers, sledge hammers, roofing hammers and
mallet hammers..

Depth: Product Variations

Depth of a product mix pertains to the total number of variations for each product. Variations
can include size, flavor and any other distinguishing characteristic. For example, if your
company sells three sizes and two flavors of toothpaste, that particular line of toothpaste has a
depth of six.

Product Market Mix Strategy

Small companies usually start out with a product mix limited in width, depth and length; and
have a high level of consistency. However, over time, the company may want to differentiate
products or acquire new ones to enter new markets. They may also add to their lines similar
products that are of higher or lower quality to offer different choices and price points.

This is called stretching the product line. When you add higher quality, more expensive
products, it's called upward stretching. If you add lesser quality, lower priced items, it's called
downward stretching.