MARKETING PROJECT ON

MARKETING MIX
2023-2024

LEARNING OBJECTIVES: -
 Learn about the traditional marketing mix
elements: Product, Price, Place, and Promotion.
 Explore how each element contributes to the
overall marketing strategy.
 Understand how the 4Cs complement and expand
upon the traditional 4Ps.
 Apply the principles of the 4Ps to your own
product or service.
 Develop strategies for product development,
pricing, distribution, and promotion tailored to your
specific offering.
 Synthesize insights from the 4Ps and 4Cs
frameworks to develop a comprehensive marketing
plan for your product.
 Outline actionable strategies for product
development, pricing, distribution channels, and
promotional activities to achieve your marketing
objectives.
 INTRODUCTION

MARKETING MIX?
A marketing mix includes multiple areas of focus as part of a
comprehensive marketing plan. The term often refers to a
common classification that began as the four Ps: product,
price, placement, and promotion.

Effective marketing touches on a broad range of areas as

opposed to fixating on one message. Doing so helps reach a
wider audience, and by keeping the four Ps in mind,
marketing professionals are better able to maintain focus on
the things that really matter. Focusing on a marketing mix
helps organizations make strategic decisions when launching
new products or revising existing products.

IMPORTANCE OF MARKETING MIX

MARKET APPROACH: it contributes towards the

formation of an effective marketing strategy, and it’s practical
implementation, integrates the essential of effective
marketing, and allows to analyze and access the feasibility
and role of the product or service that the organization offers.

VALUE CREATION: Marketing mix guides in identifying

and assessing the diverse aspects of the products or services in
relation to their importance and utility to customers and their
preferences. Furthermore, it also provides for the reaction of a
suitable distribution channel, where the target distribution is
more likely to look around for offered services or product.
 4PS OF MARKETING MIX

PRODUCT
First P of the 4Ps is PRODUCT. It refers to the actual goods
or services offered to customers, including their features,
design, quality, packaging, and branding. The product is why
marketing exists, and the best products are created to solve
consumers’ real-world problems.
“Marketing’s role is to act as a liaison between the consumer
and the production side of the business.”
A good product begins by fully understanding an unsolved
value a target market needs.

CLASSIFICATION OF PRODUCT
1. USAGE
 Consumer Good- They are meant for personal
consumption by the household or the final
consumers like soaps, biscuits or books.
  Industrial Goods- They are meant for consumption
or use as inputs in production of other products or
provisions of service for example nuts and bolts,
machinery etc.

2. DURABILITY
 Durable Goods- Durable goods are products which
are used for a long period of time i.e., for months or
years together like mobile handsets, pressure
cookers etc.
  Non-Durable Goods- Non-durable goods are
products that are normally consumed in one go or
last for a few uses.

3. TANGIBILITY
 Tangible Goods- They have a physical form and can
be used, touched and seen.
  Intangible Good- Intangible goods refer to services
provided to the individual consumers or to the
organisational buyers.

PRICE
Price represents the value that consumers are willing to
exchange for a product. Marketers must align the price with
the product's perceived value while taking into account factors
such as production costs, competitor pricing, seasonal
fluctuations, and retail markups. At times, businesses may opt
to increase prices to position a product as luxurious or
exclusive, or decrease prices to encourage trial and attract
more customers. However, marketers must carefully assess
the appropriateness of discounting, as it can impact the
perceived value of the product and consumer perception of its
desirability.

MAJOR PRICING STRATEGIES

1. PENETRATION PRICING STRATEGY
Penetration pricing is a strategy used by businesses to
attract customers to a new product or service by offering
 a lower price initially. The lower price helps a new
product or service penetrate the market and attract
customers away from competitors.

2. MARKET SKIMMING STRATEGY

A pricing approach in which the producer sets a high
introductory price to attract buyers with a strong desire
for the product and the resources to buy it, and then
gradually reduces the price to attract the next and
subsequent layers of the market.

3. DIFFERENTIAL PRICING STRATEGY

A pricing strategy in which a company sets different
prices for the same product on the basis of differing
customer type, time of purchase, etc; also called
Discriminatory Pricing, Flexible Pricing, Multiple
Pricing, Variable Pricing.

4. GEOGRAPHIC PRICING STRATEGY

Geographical pricing is a practice in which the same
goods and services are priced differently based on the
buyer's geographic location. The difference in price
might be based on the shipping cost, the taxes each
location charges, or the amount people in the location are
willing to pay.

5. PRODUCT LINE PRICING STRATEGY

 Product line pricing is a pricing strategy where a
company offers a range of products or services at
different price points, with each product having a distinct
set of features and benefits.

PLACE
Place, as a component of the marketing mix, involves the
entirety of the process that facilitates the accessibility of a
product to consumers, encompassing all intermediaries and
distributors. This includes both physical locations, such as
storefronts, and online platforms like websites. Distribution
interacts synergistically with other elements of the marketing
mix to formulate an effective promotional strategy for product
sales. Once a company has developed a product meeting
demand, established an appropriate price point, and devised a
promotional strategy to increase product awareness,
distribution channels are utilized to disseminate the product
and facilitate sales.

DISTRIBUTION CHANNELS
A distribution channel comprises the network of businesses or
intermediaries involved in the passage of a product or service
until it reaches the ultimate buyer or end consumer. This
network may include wholesalers, retailers, distributors, and
online platforms. Distribution channels represent the
downstream aspect of the process, addressing the query, "How
do we deliver our product to consumers?" This differs from
the upstream process, or the supply chain, which addresses the
question, "Who are our suppliers?".

COMPONENTS OF A DISTRIBUTION
CHANNEL
1. Producer: Producers combine labour and capital to create
goods and services for consumers.
2. Agent: Agents commonly act on behalf of the producer
to accept payments and transfer the title of the goods and
services as it moves through distribution.
3. Wholesaler: A person or company that sells large
quantities of goods, often at low prices, to retailers.
 4. Retailer: A person or business that sells goods to the
public in small quantities for immediate use or
consumption.
5. Ultimate Consumer: A person who buys a product or
service.

PROMOTION
Promotions play a vital role within the marketing mix, serving
as a pivotal element in capturing consumer attention and
driving engagement, particularly in eCommerce and other
channels. Marketers employ various strategies to entice
consumers to take action or make purchases, emphasizing the
importance of strategic research to identify and target the
desired audience effectively.
Effective promotion entails a multifaceted approach,
encompassing techniques such as advertising, sales
promotions, public relations, and direct marketing, each
tailored to resonate with specific consumer segments and
achieve distinct marketing objectives. By leveraging
promotions strategically, brands can ensure they reach the
right audience segments and successfully accomplish their
goals, whether it involves boosting brand awareness,
stimulating sales, or fostering customer loyalty. Ultimately,
the role of promotion extends beyond mere communication; it
serves as a catalyst for building brand equity, shaping
consumer perceptions, and driving overall business success in
today's competitive landscape.

VARIOUS METHODS OF PROMOTION

1. Advertising:
- Television commercials
- Radio advertisements
- Print ads (newspapers, magazines)
- Outdoor advertising (billboards, posters)
- Online advertising (display ads, social media ads, search
engine ads)
2. Sales Promotions:
- Discounts and coupons
- Buy one, get one free (BOGO) offers
- Limited-time offers and flash sales
- Contests and sweepstakes
- Loyalty programs and rewards

3. Public Relations (PR):

- Press releases
- Media interviews and appearances
- Sponsorships and partnerships
- Community involvement and events
- Crisis management and reputation building
4. Personal Selling:
- Face-to-face sales presentations
- Sales meetings and demonstrations
- Trade shows and exhibitions
- In-store demonstrations
- Direct sales through sales representatives

5. Direct Marketing:
- Email marketing campaigns
 - Direct mail (catalogs, flyers, brochures)
- Telemarketing
- SMS marketing (text message promotions)
- Online direct response advertising (banner ads, pop-ups)

6. Content Marketing:
- Blog posts and articles
- Social media content
- Infographics and visual content
- Webinars and online seminars
- E-books and whitepapers

7. Influencer Marketing:
- Partnering with social media influencers
- Sponsored content on influencer platforms (YouTube,
Instagram, TikTok)
- Brand ambassador programs
- Product reviews and endorsements by influencers

8. Guerrilla Marketing:
- Unconventional and low-cost tactics to generate buzz
- Street art and graffiti
- Flash mobs and public stunts
- Viral marketing campaigns
- Product placement in unexpected locations

4CS OF MARKETING MIX

The 4 Cs of Marketing—Customer, Cost, Convenience, and
Communication—are pivotal factors that determine the
success or failure of a company in the long term.
At the core of any marketing strategy lies the customer, whose
purchasing decisions drive profitability. Therefore, prioritizing
customer satisfaction is paramount, as it directly correlates
with increased revenues.
Equally crucial is the cost of marketing, as investing in
developing a robust brand identity and conveying compelling
messages across all channels requires financial resources.
Furthermore, the complexity of marketing varies depending
on industry and target audience, with more intricate
businesses often necessitating greater investment in marketing
strategies.
Lastly, effective communication is essential for fostering
relationships with the target audience, fostering higher
engagement levels and driving sales.

CUSTOMER
The initial "C" in the marketing mix pertains to addressing the
desires and requirements of the customer. Rather than solely
concentrating on the product, this aspect emphasizes fulfilling
a need or gap in the customer's life. This customer-centric
approach is particularly vital for businesses aiming to gain
insights into their customer base. Understanding the customer
facilitates the creation of products or services that offer
genuine value. Ultimately, as the driving force behind
purchase decisions, the customer stands as the most
invaluable asset in any marketing strategy.
COST
The second "C" in the marketing mix is cost, which should
not be conflated with the price of your product. Price
represents just one component of the overall cost incurred by
customers when purchasing a product. It's crucial to ascertain
the comprehensive cost—not merely the price—of your
product to the customer. This encompasses factors such as the
time and effort customers invest in accessing your product, as
well as any associated expenses like transportation costs.
Additionally, the perceived benefit or lack thereof of the
product to the customer also contributes to its overall cost.
Understanding these elements is essential for accurately
evaluating the true cost to the customer.
CONENIENCE
The third "C" in this marketing mix is convenience, which
differs from the "place" component of the 4Ps strategy. While
place simply refers to where the product will be sold,
convenience takes a more customer-centric approach.
By understanding your customer's purchasing habits, you can
determine whether they prefer shopping online or in physical
stores, and assess their willingness to go the extra mile to
acquire your product. The overall cost of the product plays a
role in its convenience to your target audience. The objective
is to make the product cost-effective and easily accessible to
customers, minimizing any hurdles they may encounter in the
purchasing process.
COMMUNICATION
The fourth and final "C" in this marketing mix is
communication, which serves as a fundamental aspect of
business marketing. Without effective communication, the
other Cs would not be as impactful. While communication
shares similarities with the fourth P, promotion, it operates
differently.
Promotion typically aims to persuade customers to make a
purchase and can sometimes come across as manipulative and
ineffective. In contrast, communication takes a customer-
centric approach to selling products, emphasizing interaction
between the buyer and seller. This strategy can be seamlessly
executed through platforms like social media.
Leveraging social media for marketing purposes or integrating
links to your social media profiles can greatly benefit your
customers. It enables them to engage with your brand on a
personal level, fostering greater brand loyalty over time.
“Advertising is manipulative while communication is
cooperative.”

MY PRODUCT
Introducing my exquisite line of authentic and premium
chocolates, meticulously crafted to perfection by "Colette &
Co." Allow me to present "CocoChoc" a divine creation that
embodies the essence of indulgence and luxury. With every
bite, experience the unparalleled richness and sophistication
that only my handcrafted chocolates can offer. Join me on a
journey of culinary delight, where every moment savoured is
a testament to my unwavering commitment to quality and
excellence. I chose to create and offer authentic and premium
chocolates because of my passion for exquisite flavours and
exceptional quality. As an aficionado of fine chocolate, I
recognize the pleasure and satisfaction that indulging in high-
quality treats can bring. With a desire to share my love for the
artistry of chocolate-making with others, I embarked on this
journey to create a product that reflects my dedication to
authenticity, craftsmanship, and luxury. My goal is to delight
and elevate the taste buds of chocolate enthusiasts
everywhere, ensuring that each bite of my chocolates delivers
an unforgettable experience of pure indulgence and
refinement.

My Company Name:
Colette & Co.

Product Name:
CocoChoc

Tagline:
"Savour the symphony of sweet perfection."
LOGO, COMPANY NAME, TAGLINE PRODUCT

PRICE
For my premium authentic chocolates, I would implement a
skimming pricing strategy to capitalize on the exclusivity and
perceived value of the product. Initially, upon launch, I would
set the price at a premium level that reflects the superior
quality, craftsmanship, and luxury experience offered by my
chocolates. This higher price point would target affluent
consumers who are willing to pay more for exceptional
indulgences and seek out exclusive products. As demand
stabilizes and competition increases, I may gradually lower
the price to attract a broader range of customers while still
maintaining a premium image. This skimming strategy allows
me to maximize revenue and profitability during the initial
stages of product introduction, leveraging the prestige
associated with premium pricing to establish my brand as a
leader in the market segment.

PLACE
For distributing my premium authentic chocolates, I would
leverage a variety of channels to reach a wide audience. This
includes establishing an e-commerce platform for direct
consumer sales globally, collaborating with upscale specialty
stores and gourmet food shops, and partnering with luxury
hotels and resorts to feature my chocolates as in-room
amenities. Additionally, I would offer subscription services for
curated chocolate experiences, supply corporate gifts and
events through partnerships with gifting companies, and
participate in specialty food markets and festivals to engage
directly with consumers. Through these distribution channels,
I aim to cater to chocolate enthusiasts seeking high-quality
and unique products while establishing my brand as a leader
in the premium chocolate market.
PROMOTION
To promote my premium authentic chocolates, I would utilize
various techniques to highlight their exceptional quality,
exclusivity, and luxury appeal. This includes partnering with
influential personalities and social media influencers in the
gourmet food and luxury lifestyle space to endorse my
chocolates, creating immersive brand experiences through
tastings and interactive workshops, and investing in elegant
packaging designs that reflect the sophistication of the
product. Collaborations with high-end fashion labels and
luxury hotels would further enhance the exclusivity of my
chocolates, while digital marketing efforts would showcase
their artisanal craftsmanship and unique flavor profiles to a
global audience. Advertising campaigns across various
channels, such as print, online, and television, would
complement these efforts, ensuring widespread visibility and
awareness of the brand. Securing media coverage in
prestigious publications and offering personalized gifting
options would further bolster the brand's credibility and
appeal to discerning chocolate enthusiasts seeking premium
indulgences.

CONCLUSION
In conclusion, understanding both the traditional 4Ps and the
modern 4Cs of marketing is essential for crafting effective
marketing strategies that resonate with today's consumers.
While the 4Ps focus on product, price, place, and promotion,
the 4Cs emphasize customer needs, cost, convenience, and
communication. By integrating both frameworks, marketers
can create comprehensive strategies that prioritize customer-
centric approaches, address evolving consumer behaviours,
and drive business success.

In my own marketing endeavour, I applied these principles to

introduce and promote my premium authentic chocolates. By
identifying and fulfilling customer needs, setting a skimming
pricing strategy to reflect the product's exclusivity, leveraging
multiple distribution channels for convenience, and utilizing
various promotional techniques including influencer
partnerships, experiential marketing, premium packaging,
digital marketing, advertising, and personalized gifting
options, I aimed to establish my brand as a leader in the
premium chocolate market. Through strategic implementation
of the 4Ps and 4Cs, I endeavoured to create a compelling
narrative that resonates with consumers, fosters brand loyalty,
and drives sales.

BIBLIOGRAPHY

●https://www.shutterstock.com/create/editor

● https://www.linkedin.com

● https://www.cyberclick.net/

● https://www.adroll.com/

● https://www.coursesidekick.com/