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MGT301 Principles of Marketing GDB NO.2 Discussion and Solution opened on January 24, 2014 closed on January 28, 2014.

Graded Discussion Board # 02 Dated: Jan 21, 14

Important announcement

Graded Discussion Board

PRINCIPLES OF MARKETING (MGT301)

 

Dear Students!

 

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.

 

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Replies to This Discussion

Please Discuss here about this GDB.Thanks

Our main purpose here discussion not just Solution

We are here with you hands in hands to facilitate your learning and do not appreciate the idea of copying or replicating solutions.

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

  1. Product
  2. Price
  3. Place
  4. Promotions

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)

2) Pricing – 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.

4) Promotions –  Promotions in the marketing mix includes the complete integrated marketing communications which in turn includes ATL and BTL advertising as well as sales promotions. Promotions are dependent a lot on the product and pricing decision. What is the budget for marketing and advertising? What stage is the product in? If the product is completely new in the market, it needs brand / product awareness promotions, whereas if the product is already existing then it will need brand recall promotions.

what is the double edge?

plz explain the case in easy words

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

Sunny Khan:

please once again explain this.

u have mentioned that online marketing is basically direct marketing than what is direct marketing in the given scenerio.

Case study says that ,,,, Dell mostly focuses on providing their services directly to the customers.( Which means Direct Marketing ,,,,,, jis se dell ki cost kam hoti hai aik to intermediaries kam hotay hain direct marketing se dusra Inventory maintain nahi karni parti jese in k case main )

Direct marketing through: Cell Phone calls, Text messaging, e-mail, consumer websites etc dell does

The model of direct-selling has made the company understand their customers in a very successful manner. The company has managed to save their inventory cost and applied new technology by using the just-in-time approach on their products.

online selling is indirect marketing.

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