Gujarat BoardEnglish MediumSTD 12 CommerceOCMMARKETING MANAGEMENT3 Marks
Question
Explain in brief $4p$ of marketing.
✓
Answer
Introduction :
Consumers demand not only cheap products but also they demand cheap and good products.
Besides, they expect the availability of products near to their residence.
Considering this matter, management studies four factors influencing consumer satisfaction.
These influencing four components are :
Product.
Price.
Place.
Promotion.
They are known as $4-p$ ‘Marketing Mix’.
A business unit has no control over external affecting factors.
They directly affect consumers .
Marketing mix is used to reduce this effect.
Product :
Product is a starting point of marketing. Product may be in the form of real thing (product) or service.
People buy products to fulfill their demand.
So product should be customer oriented.
Concept of product mix :
Various decisions are taken while considering the product.
Moreover, number of decisions are involved so it is called ‘Product Mix’. It includes features of the product, packaging, branding, trade mark, labeling after sales services. Besides this, introducing new product in the market, necessary changes in existing product, after sale services, redresser of consumers complaints regarding the product etc. are included.
Branding, packaging, and trade mark are basic process.
Price :
Profit or income of business or unit depend on the price of the product.
Price is important for both the seller and the buyer.
There is inverse relation between product and its demand.
Concept of price :
Price is related to the value paid by the customer to the physical, economic, social and psychological satisfaction received from the product or service.
Price is economic value for product or service. It is generally showed through money.
Factors influencing price : factors affecting price are :
Cost of the product.
Demand of the product.
Competition in the market.
Legal and government control.
Objective based pricing policy.
Economic condition
Purchase behaviour etc are included.
Distribution $: ($Place / Distribution$) :$
Number of clients are spread far and wide in different regions – Geographical situation and facilities are different in each area.
Distribution of product to all clients is not very easy.
Distribution work is carried out through various middlemen.
Producer cannot come in direct contact with each consumer.
Concept of distribution :
Distribution is related to make the product available to the customer as and when required in desired quantity and at desired place.
Distribution of the product depends on the type of the product, number of clients, and specific geographical condition of clients, and specific geographical area services of different middle men like retailer, wholesalers, and service of agents of product.
Care is taken to make the product reach all the consumers are traders at least price.
Transportation of goods and storage of goods are included in distribution.
Promotion :
Concept of promotion is adopted toe explain about the product to convert probable customers into actual customers.
Marketing management creates attraction among customers to buy the product, through various collective means, so it is called promotion mix.
Concept of promotion mix :
Concept of promotion mix includes advertisement, personal sale, sale promotion and publicity.
Promotion mix is a group of promotion instruments which is used by business unit to explain regarding product or service to customers and insist the customer to buy the product.
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