Marketing Mix and Elements of Marketing Mix 1 Product Video Lecture - Business

now after having understood what is
marketing and what is marketing
management let's come to what is
marketing mix marketing mix is just a
combination of all the tools it is a set
of all tools that a marketer uses to
pursue its marketing objectives in the
target market basically all the tools
that a marketer uses to achieve its
marketing objectives in the target
market now a marketing the elements of
marketing mix we call we also call it as
four PS of marketing mix our product
price place and promotion right now
taking up the first element of the
marketing mix that is a product now what
is a product product it is nothing else
but it is a form of utility product can
be defined as what the buyer gets in
return of the money that he has paid
right now it could be product could be a
tangible or it could be an intangible
product when we talk about a tangible
product it is something like this pen it
is a tangible product something that can
be seen touched and felt intangible
product would be like a service you go
to a restaurant right you have food over
there the way you are served okay that
is the service that they're providing
you go for a movie that's a service that
they're also you bought a movie ticket
right you've watched the movie it's over
that's an intangible product clear so a
product is just a bundle of utilities
involving product features and
accompanying services right coming to
the levels of product right number one
being the first level of the product is
the core benefit the core benefit of the
core need that the customer seeks to
satisfy by buying that product right for
example if I am buying a connection
floor let's say Tata Sky ticket so my
core benefit is that I should be able to
get a huge number of channels a variety
of channels that is what I am looking at
right then expected product that is a
core benefit is variety are Jumeirah
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as a core benefit that I am looking at
expected productors expectation of the
customers customer expectation cow hey
that sorry HD channels via James May
high-definition channels via J right and
all the possible channels news channel
sports channels right whatever pack you
take PK you have to take a different
pack there are different packages which
are available in the market so up goes
my select kana that whether you want
cartoons you want news or whatever that
is the expected product that a customer
wants a wide range of channels from
which he can choose right from which he
can tailor package for himself right
then augmented product augmented product
is something which is beyond the
expectation of the customer right beyond
the expectation of the customer yoga
that wearing you are giving a facility
that if you are not able to watch a TV
serial Attached schedule time you also
have a feature over there where you can
record the serial and watch it tomorrow
whenever you get time this is an
augmented product this is not what the
customer was expecting but this is an
innovation that you've made in your
product number one to have an edge over
the competitors number two be more
innovative so that competitors the
product your customers have octopus RJ
so these are the three basic levels of a
product core benefit expected product
and augmented product right now having
understood what product is that is the
bundle of utilities okay that you are
buying and it is something that you get
in return of your money now products
basically we have divided the products
categorize them into two categories
consumer products and industrial
products consumer goods and industrial
goods the consumer goods are the goods
which are meant for final consumption
mutlar which are bought for the purpose
of consumption they are not meant for
the purpose of resealed right for
example you buy this pen or you buy
clothing you're buying it because you
want to wear it you I'm buying this
because I want to use this so I am the
final consumer of this product right now
consumer products can further be
classified on two bases on the basis of
durability and on the basis of the
buying behavior number one coming to on
the basis of durability first one is
consumer durables or durable products
right now these are the products which
are going to be used for a longer period
of time and they are generally of high
price right and they involve huge
maintenance costs also for example your
refrigerators your air conditioners and
LCDs right these are consumer durables
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services opcode any poor theme non
durable product sergeant cooky apneic
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whatever 5/6 uses it's over like
toothpaste or your soul or your
detergent you use it you consume it and
it's over clear and normally they are
not very highly priced then we talk
about services services are your
intangible products something you cannot
touch fee or seal but it exists examples
would do would be your banking service
insurance service transportation etc
right now these were on the basis of
durability peek at durable products non
durable products and services now coming
on the basis of buying behavior of the
customer subsequently adopted
convenience convenience products now
convenience goods what are the
convenient goods convenient goods are
the ones which are bought frequently by
the buyer with a minimum shopping effort
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do kana Jana Bertha they are something
which you have you know which you buy
and routine like your toothpaste or your
soap or your noodles and all so you
don't spend much of time on shopping of
these goods they are called as your
convenience goods right in contrast in
krk shopping Goods now these are the
goods which are bought after do shopping
effort these are the goods which are
bought after do shopping effort after
you research the market well do
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