INDEX MARKETING MIX

Sr. No. 1. 2. A. 1. 2. 3. 4. 5. 6. B. 1. 2. 3. 4. C. 1. 2. D. 1. 2. 3. 4. PARTICULAR Concept of marketing mix Factors affecting mkt mix PRODUCT MIX STARTEGY Introduction of product mix Concept of product Factor affecting product mix Product life cycle Steps of new product planning Product related strategy PRICE MIX STARTEGY Meaning Pricing objective Factor affecting pricing policy Discount & allowance PROMOTION MIX STARTEGY Introduction Tool of Promotion mix PLACE MIX STARTEGY Introduction Types of channel of distribution Factors affecting channel distribution Importance of channel of dist. Pg. No.

Concept of Marketing Mix

Marketing mix is the term that is used to describe the combination of the four inputs that constitute the care of a companies marketing system. The product, the price structure, the promotional activities and the distribution system.

Factors Affecting Marketing Mix

Following are the factors which are affected by marketing mix. 1) Demand of the Product :

Before producing the product in the market the estimated demand of the product is to be calculated and if there is a no demand then they must create demand of the product. 2) Determining the Cost :

Minimum cost must be incurred while producing the product. Best technology and management are to be found out so that the cost of manufacturing is minimum. 3) Competition :

This is also one of the factor affecting marketing mix while fixing price of the product and future competition is to be noted carefully. 4) Types of Channel Adopted : For durable product long distribution channel is more suitable.

[A] Product Mix Strategy 1) Introduction of Production Mix

A product mix is the set of all product lines and items that a particular lines and items that a particular seller offers for sale to buyers. A companys product mix will have a certain breath, length, depth and consistency. Breath of product mix refers to how many different product lines company carries. Length of product mix refers to the total number of items in its product mix. Depth of the product mix refers to how many variants are offered of each product in the line. By counting the number of variants within each brand the average depth of product mix can be calculated. Consistency of product mix refers to how closely related the various product lines are in end use, production requirement, distribution channels or some other way. These four dimensions of product mix provides handles for defining companys product strategy. Product mix planning is largely the responsibility of the companys strategic planners. It is made up of various product lined, is a group of products that are related either because they satisfy similar needs of different market segment.

2 ) Concept of Product

Defined by kotler A product is any thing that can be offered to a market for attention acquisition user or consumption that might satisfy a want or need. The product is bundle of all kinds of satisfaction of both a material and non-material kinds ranging from economic utilities to satisfaction of a social Psychological nature. It does not only include physical product but also services persons, place organization and ideas.

3 ) Factors Affecting Product Mix

Following are the factors which affect to the decision of product mix.

i)

Demand of The Product :

In CREATIVE CASTING LTD are going to be produce according to the order placed by the customers. This customers will demand different size, colour, and design of the product and accordingly they are manufactured by the company. So this is a very important factor affecting to product mix. In present month, the coming month chart or time table is prepared so that to know that from of oil engines. Hand pumps etc, are going to be produced.

ii) Availability of Skilled Workers :

As in this company whole manufacturing system is automatically i.e. skilled workers are needed so as and when there is no demand of the particular product, these skilled workers will presume that this type of product would be likely by all an would be easily sold in the market so the knowledge and the taste of customers is only known by the skilled persons.

iii) Marketing Region :

Before putting the product in the market, the marketing region is to be decided.

This area or region is decided by seeing the demand of the product and where there is less competition. Now according to the selected region the product is produced to be placed at that region.

4 ) Product Life Cycle

The product life cycle is an attempt to recognize distinct stages in the sales history of the product. General product life cycle passes through four stages. Introduction stage Growth stage Maturity stage Decline stage

It is not compulsory for all firms pass through all the four stages sometimes firms may take years to go through the introductory stage while others are accepted in few weeks. At present CREATIVE CASTING LTD is in the growth stage. The company was good enough to make reasonable profit. Sales and profit both were limited in the introductory stag. The company remained in this stage for two years. We can say that the company is in the growth stage due to several reasons. Firstly both profit and sales rise at rapid rate. Secondly competitors in the market large in number.

5) Steps of New Product Planning

While great devices are invested in the laboratory, great products are invested in the marketing department. William Davidow

Great ides need landing gear as well as wings. Anonymous

Generally there are six steps of new product planning and development Creative Casting Ltd. is already having a new product project and they are started in the existing product. Following are the steps undergone by Creative Casting Ltd. in the product planning they are.

Idea generation

Screening Of Ideas

Business Analysis

Market Study

Test Marketing

Implementation

i)

Generation :
This is first step in new product planning. New ideas are germinated and collected from others. Different persons will have different ideas and opinions.

ii) Screening of Ideas :

In this steps the different ideas by different ideas by different persons are carefully identified and seen that ideas are favorable or not.

iii) Business Analysis :

Initial paper work is completed and technology is studied and examine in the third step of the new product planning. Business analysis means how to apply the idea in the real market.

iv) Implementation :
Here the paper idea is converted into the real product and is implemented in the market. Up till now Creative Casting Ltd has done all the steps but implementation will become after reaching saturation in engineering production.

v) Test Marketing :
Test marketing means, in a selected area firstly they are going to try the product. This step will not be followed by this company.

vi) Market Study :

After implementation the product in the total market they will conduct a market research or study to know whether the product is likely by all or not and if changes are to be made in the product or not. This step is sincerely followed by Creative Casting Ltd.

6 ) Product Related Strategy

i)

Branding :
The word Brand is comprehensive, encompassing other, narrower terms. A brand is a name and/of mark intended to identify the product of one seller or group of sellers and differentiate the product from competing products. Branding strategy indicates how the firm chooses to use branding as an integral part of its overall marketing strategy. It is at the center around which marketing strategy is build up. CREATIVE CASTING LTD has good image of their brand in the market. They are popular for their accurate size of product. It also gives sellers the opportunity to attract a loyal and profitable set of customers.

ii) Packaging and Labeling :

Once the decision is taken on the brand we have to consider the design and the make up of the package and the labeling of the package. In a sense your brand package and label represent your product. Labeling is a part of packaging and consists of printed information that describes the product appearing on or with the package. Modern methods of packaging are valuable to the manufacturer to establish his branded products as distinct from those of his rivals. Company is applying best method of packaging because is protective, less costly, easy to handle and it is also convenient to the customer for using.

According to the quality and quantity grading is done and different types of products, there is a separate department for grading and standardizing. Four types of grading are done i.e I, II, III and rejected qualities as per ISI norms. It is totally manually done.

iv) Product Elimination :

Product elimination means withdraw the product from the market product elimination takes place generally when the product is in maturity stage. In this company product is not totally eliminated but some colours and designs are eliminated which are not likely by the customers. This decisions is important to make the customers satisfied.

v) Product Modification :
Product modification means some changes which are done in the product regarding size, colour, weight etc. In other words it means improvement in quality and quantity of the product. In Creative Casting Co they are modifying the designs of the product and at the same time new colours is also presented in the market. According to the customers taste and preference changes are made in the product. Product modification is must in the company. So as to remain in the market along with other competition to get more and more profit.

vi) Product Mix Strategy :

Several major product mix strategy manufacturers in marketing their products. A) are used by

Expansion of product mix: A firm may select to expand its present product mix by increasing the number of lines and or the depth with in a line.

B)

Contraction of product mix: It means to thin out the product mix the eliminating an entire line or by simplifying the assortment within a line. This type of strategy is applied, when there is in sufficiency of row materials and the energy storage. Alternation of Existing Product: Improving an established product can be more profitable and less risky then developing a completely a new one this type of changes are made to attract more and more customers in the market.

C)

Press media
The product of the company is generally consumer goods so far the company it is necessary to advertise its product in the newspapers so that the message is spread in rural as well as urban areas. Company uses many newspaper for giving advertising such as Akila, Jansatta, Phulchab, Gujarat Samachar, Sandesh etc. Newspaper are very common method of advertising because it is flexible and timely receipt advertising is possible. vi) Evaluation of Advertising: In the evaluation of advertising effectiveness of media alternatives are tested and it is assessed as to whether we can effectively utilize our advertisement or not. We can easily evaluate meaningful or meaningless advertisement and by the way of meaningful advertisement, sales and profit of the company increased and performance and the target of the company is also achieved.

2)

Sales Promotion: Sales promotion is necessary for all kinds of organization. Sales promotion is required for increasing the selling. It offers an incentive to buy. It includes coupons, demonstrations, price off, offers, contests, etc. In short, it is a short term incentive to encourage purchase or sale of a product. i) Importance of Sales Promotion: Now-a-days lot of important is attached to sales promotion in each and every kind of organization. It is an incentive to attract customer to purchase the product of the company. By the way of sales promotion, distributors and dealers also attracted for selling efforts and intensity by the sales force as well as dealers is increased. It is useful to stimulate the buying response of ultimate consumers. So from this it is seen that sales promotion is helpful for achieving strong market response.