Assignment no. 1
Principles of Marketing ( Mgt 301):
Marketing Mix:
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix -
1) identification, selection and developmentof aproduct,
(2) determination of itsprice,
(3) selection of a distribution channal to reachthe custumer’splace, and
(4) development and implementation of a promotional stretagy
"Marketing mix" is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E J McCarthy.
The 4Ps are:
· Product (or Service).
· Place.
· Price.
· Promotion.
For example:
Habib Oil Mills (PVT) Ltd was incorporated in 1954-55 and initially established as an oil expelling unit. HOM has strong financial background and has substantial infrastructure managed by professional staff. We are required to suggest a suitable marketing mix for Habib Oil to compete magnificently with other market giants for this new brand extension.
Ø Suitable Marketing Mix for Habib oil Mills:
The product:
· It refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good.
The place:
· It refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location, location, location'.
The price:
· it refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.
The promotion:
· This refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.
Habib’s products like
Habib Curry king, Habib Mayo meal, Habib Tomato ketchup, and Abeer Super Basmati Rice can compete magnificently with other using thseses 4p’s ( marketing mix).
v The End