Bangladesh University of Business Technology (BUBT)

ASSIGNMENT
ON
MARKETING MIX

Group Name:-Uddipon

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 Course Title: Introduction to Marketing
Course Code: MKT 301

Submitted To:
Mr.Omar Faruck Ansari
Assistance Professor

Department of Marketing

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 Table of content
SL Topic Page No

1) Introduction 4

2) 4 P’s of marketing mix 5

3) 7 P’s of marketing mix 6

4) 9 P’s of marketing mix 7

5) 4 C’s of marketing mix 8

6) 4 A’s of marketing mix 9

7) Conclusion 10

8) References 11

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 Introduction

The marketing mix (also known as the 4 Ps) is a foundation model in marketing. The

marketing mix has been defined as the "set of marketing tools that the firm uses to
pursue its marketing objectives in the target".Thus the marketing mix refers to four
broad levels of marketing decision, namely: product, price, promotion, and
place. Marketing practice has been occurring for millennia, but marketing theory
emerged in the early twentieth century. The contemporary marketing mix, or the 4
Ps, which has become the dominant framework for marketing management
decisions, was first published in 1960. In services marketing, an extended marketing
mix is used, typically comprising 7 Ps, made up of the original 4 Ps extended by
process, people, and physical evidence. Occasionally service marketers will refer to 8
Ps, comprising these 7 Ps plus performance.

In the 1990s, the model of 4 Cs was introduced as a more customer-driven

replacement of the 4 Ps. There are two theories based on 4 Cs: Lauterborn's 4 Cs
(consumer, cost, communication, convenience), and Shimizu's 4 Cs

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 4 P’s of marketing mix
1. Product
 The first of the Four Ps of marketing is product. A product can be either a tangible
good or an intangible service that fulfills a need or want of consumers. Whether you
sell custom pallets and wood products or provide luxury accommodations, it’s
imperative that you have a clear grasp of exactly what your product is and what
makes it unique before you can successfully market it.

Example: You sell clothes for kids ages 2–10 in North America

2. Price
 Once a concrete understanding of the product offering is established we can start
making some pricing decisions. Price determinations will impact profit margins,
supply, demand and marketing strategy. Similar (in concept) products and brands
may need to be positioned differently based on varying price points, while price
elasticity considerations may influence our next two Ps.

Example: How does your pricing stack up with your competitors? are your clothes
expensive, average or cheap? If you set a high price you may be price skimming,
while price penetration is the opposite. For instance, if you’re selling kids shoes at
$5 you are price penetrating to get a share of the market.

3. Promotion
We’ve got a product and a price now it’s time to promote it. Promotion looks at the
many ways marketing agencies disseminate relevant product information to
consumers and differentiate a particular product or service. Promotion includes
elements like: advertising, public relations, social media marketing, email marketing,
search engine marketing, video marketing and more. Each touch point must be
supported by a well positioned brand to truly maximize return on investment.

Example: If the majority of your clients are mothers you may offer them a discount
on their birthday or around the holidays to drive more sales.

4. Place
 Often you will hear marketers saying that marketing is about putting the right
product, at the right price, at the right place, at the right time. It’s critical then, to
evaluate what the ideal locations are to convert potential clients into actual clients.
Today, even in situations where the actual transaction doesn’t happen on the web,
the initial place potential clients are engaged and converted is on

Example:You may decide to get your clothes inside high-end stores and boutiques
hgffgg the price of the clothes is high. Alternatively, you might place them at Costco if you
gfhgg offer very affordable clothes.

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 7 P’s of marketing mix

We now look at the 3 new elements of the services marketing mix - people, process and
physical evidence - which are unique to the marketing of services.

5. People
 People are a defining factor in a service delivery process, since a service is
inseparable from the person providing it. Thus, a restaurant is known as much for its
food as for the service provided by its staff. The same is true of banks and
department stores. Consequently, customer service training for staff has become a
top priority for many organizations today.

6. Process
The process of service delivery is crucial since it ensures that the same standard of
service is repeatedly delivered to the customers. Therefore, most companies have a
service blue print which provides the details of the service delivery process, often
going down to even defining the service script and the greeting phrases to be used
by the service staff.

7. Physical Evidence
 Since services are intangible in nature most service providers strive to incorporate
certain tangible elements into their offering to enhance customer experience. Thus,
there are hair salons that have well designed waiting areas often with magazines and
plush sofas for patrons to read and relax while they await their turn. Similarly,
restaurants invest heavily in their interior design and decorations to offer a tangible
and unique experience to their guests.

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 9 P’s of marketing mix

We now look at the 2 new elements of the services marketing mix Philosophy and Packaging
which are unique to the marketing of services.

8. Philosophy 
it is no longer sufficient to be a company with a product or service. You also often
share your philosophies with the world. Menlo Innovations- often invites groups of
people, even their competition, in for up to week-long sessions - to show off their
philosophy for developing software via extreme agile project management and
paired programming. Green energy firms -Accio Energy, eco-friendly cars - Smart
Cars, and electric bikes - Current Motor Company - all have a philosophy behind
them. It is part of their company DNA, it is what they live and breathe at work.

9. Packaging 
from traditional packaging to non-tactile packaging on the web for services or
downloads, packaging your product or service becomes more and more important as
the global market place is now your competition.

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 4 C’s of marketing mix

1. Customer
Customer or Consumer is the king in the competitive world. In the competitive
environment, the product will not create its own demand if it isn’t wanted by the
consumer.
First, you must need to study the consumer needs and demands and then develop
the product as it satisfies the needs, wants and demands of desired customer or
consumer. demand.
2. Cost
Price is only a subset of the total cost incurred to satisfy the want or need of
customer or consumer. Cost is the most important element of marketing mix which
affects the decision of the customers.
The marketers must need to give special attention to the cost of a product or
services.
3. Convenience
Convenience is the most important tools for more sales. The convenience of
purchase products helps most of customers or consumers to choose that product.
4. Communication
A marketer should consider the communication instead of promotion.
Promotion is manipulative, it starts from the seller while Communication requires a
give and take between the buyer and seller.

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 4 A’s of marketing mix
1.Acumen
Marketers need to improve the skills within their department when it comes to mining vast
swathes of data in order to develop customer insights. Participants identifying this as a top
priority.

“We set up an analytics center of excellence to centralise and analyse information across
platforms. This equips our marketers with the real-time insights and agility they need to
develop customer-centric programmes that advance our business.”

- Karen Quintos, chief marketing officer at Dell

2. Alignment
It is critical for marketers to follow the same work processes as all other departments within
the same organisation in order to effectively engage with customers across all touchpoints.

“Alignment is very important. Marketing is evolving and becoming very specialised across
a number of disciplines — technology, data, analytics, content, operations, creative, etc.
Marketing organisations need to hire specialists who are experts in these areas and create
the processes for the specialists to work together in an integrated way in service of the
customers.”

- Rishi Dave, chief marketing officer at Dun & Bradstreet

3. Agility
The guide noted how important it is for businesses to have strong cross-functional teams to
posses the the flexibility required to pilot something new, then quickly implement learnings
from these experiences.

“Pilot is my favorite word – trying something new with the intention of learning and
knowing it may fail. People are more willing to support a pilot than to completely change
the way they are doing things today.”

- Snehal Desai, global business director of Dow Water & Processing Solutions at Dow
Chemical

4. Accountability
The guide also recommends that marketers better demonstrate the impact their activity is
having on the company's profit and loss sheet by instilling the the right measures to
demonstrate accountability.

"I can measure everything today, and that is both a blessing and a curse. The curse is you
have to decide what the most important things are to measure to demonstrate
accountability.”- Heidi Melin, chief marketing officer at Plex Systems

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 Conclusion

• The marketing mix is a very important aspect of creating

a marketing strategy.

• Once the company develops a product or service that will meet the customers needs, it
will be either through direct or indirect channels of distribution and in some cases may have
multiple channels.

• The company will then determine how to communicate to the public about the new
product or service. Finally, the company will determine a price for the product or service
that ensures a profit.

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 References

Websites:-

https://www.purelybranded.com/insights/the-four-ps-of-marketing/

https://www.quora.com/What-are-the-4Ps-of-marketing

https://iedunote.com/marketing-mix

http://www.annarbor.com/business-review/the-9-ps-of-marketing/

https://www.thedrum.com/news/2015/11/19/4-marketing-explained

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