Marketing Mix (4Ps):
The Marketing Mix model (also known as the 4 P’s) is a tool used by marketers while defining the marketing strategy. Iif you could identify the right combination of these elements, your marketing would succeed. E. Jerome McCarthy introduced the 4 P’s of Marketing as a way to describe the mix of factors required to successfully market a product.
The 4 P’s are :
- Place (distribution)Anchor
5 P’s of Marketing :
- Place (distribution) and
7 P’s of marketing
- Physical evidence
Important Note : Here the first 4 P’s are considered as the basis of any marketing process. The last 3 P’s are a recently added.
SWOT Analysis (Strengths, Weaknesses, Opportunities, and Threats) is a tool for auditing an organization and its environment. The SWOT Analysis is the first stage of planning and helps marketers to focus on key issues. Strengths and weaknesses are internal factors. Opportunities and threats are external factors.
Customer Relationship Management (CRM)
In order to sell my product, I should maintain good Customer Relations. I mean I should interact with customers and know their needs and according to that I have to design my product. This is called Customer Relationship Management (CRM in short). The CRM concerns the relationship between the organization and its customers (to learn more about customers’ needs and behaviors in order to develop stronger relationships with them).
Three Levels of a Product
- Core Product
- Actual Product
- Augmented Product
Researching (or gathering information) about Customers or Market. I mean, to discover what customers want, need, or believe (and ofcourse, how the Act). Once you came to know all the details then you can easilea get an idea on how to market your product.
The Information about Market. I mean the information like the prices of the different commodities in the market, and getting the Demand and Supply information.
Market Segmentation is nothing but dividing the market into Parts. Into different homogeneous groups of consumers. The purpose of this is to allow your marketing program to focus on the subset of prospects that are “most likely” to purchase your offering. If done properly this will help to insure the highest return for your marketing expenditures.