Topics
Principles of Management
- Concept of Management Principles
- Nature of Management Principles
- Significance of Management Principles
- Theories of Management
- Henry Fayol's Administrative Theory of Management
- Taylor's Scientific Management Theory
- Emerging Trends in Management
Functions of Management
- Functions of Management
- Planning
- Organising
- Staffing
- Directing
- Co-ordinating
- Controlling
- Comparative Study of Management Functions
Entrepreneurship Development
- Concept of Entrepreneur
- Entrepreneurship Development
- Process of Entrepreneurship Development
- Recent Initiatives in Entrepreneurship Development
- Start up India
- Stand-up India
- Agro Tourism (Rural Tourism)
- Women Entrepreneurship Platform (WEP)
- Concept of Intrapreneurs
- Employees' Contribution to Innovation
Business Services
- Concept of Service
- Business Services
- Types of Business Services
- Banking
- Banking > Functions of Commercial Bank
- Types of Insurance
- Insurance
- Transport
- Modes of Transport
- Types of Transport > Roadways
- Types of Transport > Railways
- Air Transport
- Communication
- Warehousing
- Types of Communication
- Postal Service
- Modern Means of Communication
- Comparative Study of Business Services
- Comparative Study of Business Services
Emerging Modes of Business
- Concept of E-business
- Online Transactions
- Buying and Selling Process
- Concept of Outsourcing
- Forms of Outsourcing
- Business Process Outsourcing (BPO)
- Knowledge Process Outsourcing (KPO)
- Legal Process Outsourcing (LPO)
- Comparative Study of E-Business
Social Responsibilities of Business
- Concept of Social Responsibility
- Responsibilities Towards Different Interest Groups
- Social Responsibility Towards Protection of Environment
- Business Ethics
- Corporate Social Responsibility
Consumer Protection
Marketing
- Concept of Marketing
- Concept of Market
- Types of Market
- Importance of Marketing
- Functions of Marketing
- Concept of Marketing Mix
Meaning
Marketing mix is a combination of elements which are classified into four Ps: Product, Price, Place and Promotion.
Product
- Refers to goods, services, or anything of value that can be offered.
- Includes features, quality, packaging, labelling, and branding.
- Extended product covers after-sales service, spare parts, and complaint handling.
- Examples cited: Hindustan Lever, Tata, LG, and Amul.
Price
- The amount paid to obtain the product.
- Affected by demand for the product.
- Decisions involve pricing objectives, determinants of price, discounts, and credit terms.
Place
- Concerned with the physical distribution of the product.
- Involves selection and support of dealers/intermediaries.
- Decisions include inventory, storage warehousing, transportation, demonstration, negotiation, and after-sales service.
Promotion
- Involves communicating the features and merits of the product to persuade purchase.
- Tools include advertising, personal selling, and sales promotion (e.g., discounts, free samples).
- Decisions cover the message, media used, and handling objections.
Marketing Mix: Elements
| P | Sub-elements |
|---|---|
| Product | Product mix, new product design, branding, packaging, and labelling |
| Price | Pricing objectives, determinants of price, discounts, and credit |
| Place | Channel strategy, inventory, storage, warehousing, and transportation |
| Promotion | Promotion mix, advertising, personal selling, publicity, and public relations |
Key Points: Concept of Marketing Mix
- Marketing mix has four elements: Product, Price, Place. and Promotion.
- Product includes core offering plus extended features like after-sales service.
- Price is influenced by demand and involves discount/credit decisions.
- Place deals with physical distribution and dealer support.
- Promotion persuades buyers through advertising, personal selling, and sales promotion tools.
Video Tutorials
Shaalaa.com | Marketing Management 3
Related QuestionsVIEW ALL [34]
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CASE STUDY Tata Motors-owned Jaguar Land Rover on Friday reported a 4.9 per cent declinein retail sales at 88,121 units in the second quarter ended on September 30, 2020. The company had posted retail sales of 92,710 units in the same quarter previous fiscal year, Sales of the Jaguar brand were at 17,340 units in the second quarter as against 19248 units in the year-ago period, down 9.9 per cent. Similarly, sales of Land Rover brand were down 3.63 per cent at 70,781 units as compared to 73,462 units in the same quarter a year ago. While there was improvement in sales in the second quarter, it remained constrained by semiconductor shortages, the company said in a statement. “The company continues to see strong demand for its products, with global retail orders again setting new records in the quarter,” it said adding, as on September 30, 2022, the total order book has grown to 2.05 lakh units, up around 5,000 orders from June 30, 2022. Demand for the new Range Rover, new Range Rover Sport and Defender remained strong, accounting for over 1.45 lakh of the 2.05 lakh orders, it added. |
With reference to above case study, answer the following questions:
- Explain the advantages of training Tata motor employees.
- Analyse and advise on any two suitable promotional mix for Tata motors.
- In the context of above case study, Analyze any five advantages of advertising to manufacturers.
