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|Graded Discussion Board # 02||Dated: Jan 21, 14|
Graded Discussion Board
PRINCIPLES OF MARKETING (MGT301)
This is to inform that Graded Discussion Board (GDB) No. 02 will be opened on January 24, 2014 for discussion and last date for posting your discussion will be January 28, 2014.
Topic/Area for Discussion
“MARKET MIX DECISIONS”
This Graded Discussion Board will cover lesson 28 to lesson 31.
For acquiring the relevant knowledge, do not rely only on handouts but also watch the course video lectures and read additional material available online or in any other mode.
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The Marketing mix is a set of four decisions which need to be taken before launching any new product. These variables are also known as the 4 P’s of marketing. These four variables help the firm in making strategic decisions necessary for the smooth running of any product / organization. These variables are
What is a Marketing Mix?
The marketing mix describes the 4P's of marketing. They are product, price, place (where the product will be distributed) and promotion. The 4P's are all aimed at a the target audience.
1) Product – The first thing you need, if you want to start a business, is a product. Therefore Product is also the first variable in the marketing mix. Product decisions are the first decisions you need to take before making any marketing plan. A product can be divided into three parts. The core product, the augmented product and the tertiary product. Before deciding on the product component there are some questions which you need to ask yourself.
What product are you selling?
What would be the quality of your product?
Which features are different from the market?
What is the USP of the product?
Whether the product will be branded as sub brand or completely new?
What are the secondary products which can be sold along with primary (Warranty, services)
sir USP stands for?
2) Price– Pricing of a product depends on a lot of different variables and hence it is constantly updated. Major consideration in pricing is the costing of the product, the advertising and marketing expenses, any price fluctuations in the market, distribution costs etc. Many of these factors can change separately. Thus the pricing has to be such that it can bear the brunt of changes for a certain period of time. However, if all these variables change, then the pricing of a product has to be increased and decreased accordingly.
3) Place – Place refers to the distribution channel of a product. If a product is a consumer product, it needs to be available as far and wide as possible. On the other hand, if the product is a Premium consumer product, it will be available only in select stores. Similarly, if the product is a business product, you need a team who interacts with businesses and makes the product available to them. Thus the place where the product is distributed, depends on the product and pricing decisions, as well as any STP decisions taken by a firm.
Part 2 try yourself
Dhaka laga dya agay ap koshish kren
any one tell me is m basic btna kia h?i mean sir kia pochna cha rhy h
btao k dell edge per keon hei or ager other compt use the dell stratgy then what dell do to make his position on top.
Secondly, if the competitors of dell start selling products online, so dell will definitely focus on augmented product and will create easiness for the customers and will try to satisfy customers better than its competitor do, they can also promote their system or increase commercials about the more awareness and will focus more on making online marketing system more attractive, easy, satisfying, delivery time improving, fast processing, dell at this stage will try to differentiate itself from competitors
Direct marketing is cost effective in some of the ways e.g. when company sells products or services directly to its customers so it saves the cost of inventory which company just show they have, and secondly, company reduces the cost of extra or more intermediaries like wholesalers or retailers.... and Note reducing intermediaries can cause inconvenience for customers will be negative for convenience goods
Double edge means k dell is selling in two ways direct marketing and indirect marketing, in this case the online marketing is basically a direct marketing where companies sale products or services directly to its customers through web site that create a double adge for the company
which increases the sale and decreases the extra cost of intermediary or channel of distribution