Marketing Mix
Product : It includes all product items marketed by the marketer, their features, quality brand, packaging, labelling, product life cycle, and all decision related to product
Product assortment , offered to customers by the entire industry
Product line is a group of similar featured items marketed by a marketer
Total number of lines is referred as breadth (width) of product mix
Product depth or item depth refers to the number of version offered to each product in the line
Distribution channel – is very important to Netflix
Price : brings revenue, act of determining value of a product
Includes pricing objectives, price setting strategies, general pricing policies, discount, allowance, rebate, etc. price mix also includes cash and credit policy, price discrimination, cost and contribution
Place : location distance , transport
Direct marketing no intermediary is there
Promotion: is defined as a combination of all activities concerned with informing and persuading the actuals and potential customers about the merits of a product with an intention to achieve sales goals
Sales promotion involves offering short-term incentive to promote buying and increase sales
Most popular form of sales promotion are free gifts, discounts, exchange offer, free home, delivery , after-sales services, guarantee, warrantee, various purchase schemes, etc.
Favourable relations between organizations and public
Modification and extensions to 4 p’s
Product, price place and promotion (marketed approach)
Consumer oriented approach (4c’s)
Commodity - Product
Cost - Cost
Channel - Place
Communication - Promotion
Services were fundamentally different from products
Process : procedures / mechanisms for delivering services and monitoring
People : human factor as they interact with the consumer using the services
Physical Evidences :
Extension of 4c’s
Consumer solution
Cost convenience
Communication
Elements of marketing mix are mutualy dependant
Marketing mix elements are meant for attaining the target markets
Essence of marketing mix is ensuring profitbality through customer satisfaction
Elements help the marketer in attaining marketing objectives
Customer is the central focus of marketing mix
Purpose and objectives of marketing mix
Marketing mix aims at customer satisfaction
Success of each and every product
Aims at assisting the marketers in creating effective marketing strategy
Profit maximization, image building, creation of goodwill, maintaining better customer relations
Success of each and every product
Marketing mix is the link between business and customers
Marketing mix helps to increase sales and profit
for netflix : reduction in price could be attributed in diminishing returns from advertising