Nischay, after completing his masters in computer engineering decided to start his own business. He visited his uncle Mr.Jaiprakash who has been running a successful business in web designing. He shared with Nischay that the main reason for his success in the business lies in his approach to building a lifetime relationship with his clients. Therefore, his business is not only restricted to designing web sites according to the specifications of the clients but also providing continuous online assistance to them and handling their grievances effectively and doing all this at a profit. He provides these services at competitive prices. Anybody interested in getting web solutions can contact him through his website. Moreover, whenever the market is sluggish he tries to create demand by offering short-term incentives to the buyers.
In the context of the above case:
Define the term ‘Marketing Management’.
Briefly explain the various elements of the marketing mix being pursued by Mr. Jaiprakash by quoting lines from the para.
1) Marketing Management is the application, idea, vision, planning etc. to develop and implement the best possible strategy to reach the desired consumer segment.
2) Various element of marketing mix being pursued by Mr. Jaiprakash:-
i) Product : A product refers to any good or service that offers value and satisfies needs of a customer. For example, a car, soap, services of teacher, etc.
In marketing, a product relates not just to the physical product but it also includes the satisfaction of various needs and utilities of the customer. In addition, a product also includes the after sale services such as taking feedbacks, redressing consumer complaints, etc. Important decisions regarding a product relate to its designing, quality, features, labelling, branding and packaging.
ii) Price : Price refers to the money paid by the customers to obtain a product. Price of a product affects its demand. As the price of a product increases, its demand falls and vice versa. The marketers must analyse properly the various factors that determine the price and decide a suitable price for the product.
For example, the target customers, pricing policy followed by the competitors, objectives of the firm, etc. must be consider while deciding a price. The price set should be such that the customers find it at par with the value of the product. Suitable discounts and incentive schemes must also be decided.
iii) Place : Placement or distribution is a very important part of the marketing mix strategy. We should position and distribute our product in a place that is easily accessible to potential buyers/customers.
iv) Promotion : It is a marketing communication process that helps the company to publicize the product and its features to the public. Promotion comprises of those activities that communicate customers regarding the availability of a product, its features, qualities, etc. so as to influence the customers to purchase the product. The promotion might include direct marketing, advertising, personal branding, sales promotion, etc.