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>> Concept of Marketing Mix & its Elements
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What is Marketing Mix?
It is a most famous term in marketing and the elements of marketing mix are product, place price promotion, physical evidence, people and process. All marketing decisions based on this category and the concept is used to make a greater prospect and greater concept of marketing which includes ideas, additional attributes elements and mixture that is applied to marketing.
Today 7 P’s of marketing plays a great role in marketing mix.
Product: Product should be based on the basis of customer’s actual needs and demand but the question is how does a company know that the actual need and demand of the customer? So on the basis of marketing Research Company can able to get some information about the actual need, demand, preferences of the customer so company can introduce or arrange the product varieties on the basis of collected information with high quality. Product range should be arrange in this manner which can satisfy the customer means in terms of interior design customers’ have first preference to get maximum value of their money by the help of best and innovation idea and services.
Price: Price is the very much important thing in marketing plan. Price should be competitive and reasonable. It should be so that price should be like that company can make real profit and does not go into loss. It should define all the strategy and it should bear all the costs like the marketing, product promotion etc. initially price will be little competitive but with time, it will increase as per the loyalty of customer will begin. Market penetration will occur because it is a new business for me and my team. The price will define the product development market development and the diversification etc. Price also defines our next plan, our employee’s salary, infrastructure cost; the cost which will take place in marketing is quite difficult for top managers to decide because for a new product it’s quite difficult to define that it will succeed or not so the best steps get taken by following these steps. The public wants value for everything that it purchases. In the interior business price matter a lot because here customers pay for products and services for long term.
Promotion: If someone is opening a company in any area it is a very exciting thing for public residing there. They will get a new interest and if it makes them feel something new and different they will surely visit the company so the company promotion will be very much important for the business because promotion will help in creating a good business so firstly I will design my service and past activities list and give it to press for release it so that more number of people can be aware of the interior design company which will be really unique and attracting so that the customers can have their eyes on it. I’ll arrange a program of public relations so that not much investment will take place from my side. If I will get a successful public and media relations program I will have an increased exposure and prestigious value without spending a fortune. It should be exclusive and should be an extension of brand identity.
Company will also organize events so that will be the unique and great way to position our interior design company in the market with high reputation which will also be helpful in creating a profit and attract the local customers about our achievements and USP. Company will also promote our business by providing the newsletter with whole details of our company location and price along with contact number and full address so that customer can feel easy and convenient to visit our company can provide a good high quality service. For example an interior based company. Company will provide these newsletters, pamphlets; along with the newspaper in morning time so that the daily readers can know about our shortly opening company. Along with the newsletter Company will also distribute a green color card which will describe the eco friendly environment in our interior design company. In Televisions and different local channels Company will advertise by giving a scrolling ad for our company to increase the awareness. Company will invite the celebrity at the day of opening the interior design company so that will be more impressing and will create a celebrity endorsement opening. Company will differentiate our company from the other interior design company and will create an excitement in a way that reinforces website will be launched with full details. Promotion of our interior design company will not be in a traditional way but in a very creative manner so that would call by our clients a smart marketing.
Place: People love to visit those place which is easy to go and for any business company need to have a place so that company can think of a business to start with so here a place defines that it will be in Delhi in INDIA and company are currently negotiating the interior design company space to be rented of in the Delhi complex and will open in the month of December. Our place will consist of highly expensive equipments, furniture including sofa, table sets, comfortable chair, painting, reconstruction, rent, and labor, manpower, associated with opening our dream interior design company. The office will be in prime location in Delhi people prefer to use Metro as conveyance so I will try to open my office in a place where people can easily reach.
People: People are the main source in any business and in business customers are like a God who will provide a great business to any business plan. Without people, without a team Creative design company would not be able to generate our business, company would not be able to create our plan because people are the key assets to any business which makes us feel strength in one’s business. Company intends to succeed by giving people an excellent and interesting service. People will be in all areas from the way to reception to the way to serve services. Managing the plan can be simple but managing a business needs a people. While plan are simple but to make a budget you need to add real management and management forms from people. This business will need a team who can help with this process who can be willing to work for even a little pay. People will help to accomplish our goals and help to achieve higher with low profit.
Process: It is not enough when Company completes our study of product place price promotion and people because process needs to complete the whole strategy. Process is very important where customers can get impressed by this strategy like there should be a determined and organized way of processing each activity from the way customers’ steps in and how our people welcome them and if they are showing interest how well versed our team is communicating to them. Customers always focus on quick a service they never prefer to wait that’s why some customers ready to pay more here my strategy to segment the customers on the basis of urgency and cost. So, I can understand and fulfill the requirements of the customers.
Physical evidence: Physical evidence provides the place where customers directly interact with the seller and discuss about the requirement and try to build trust on the seller. Physical evidence is important because for any person to rely upon anything he or she would need the real touch to that product so that it could be any material or any part of that service of business. It will add value to the business and differentiate customer’s perspectives. For example it could have brochures, pamphlets, newsletters, banners, posters, websites, etc. Online it is bit difficult to make the customer understand about the product or service reality but it is necessary to communicate with a customer in such a way so that they can feel confident and comfortable in visiting our company.
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