|7 P’s with respect to Domestic and International Market | |International Business | | | |Presented to: Prof. Muralidharan | | | |Presented by: Group no. 1 | |MMS – II, LLIM | | |
|S. N. |Name |Roll No. | |1. |Simran Kaur Chadha |18 | |2. |Chetali Gupta |31 | |3. |Nitesh Kothari |48 | |4. |Prerna Majumdar |52 | |5. |Ridhi Sachdeva |82 |
Que: Discuss 7 P’s with respect to Domestic and International Market.
Ans: 7 P’s of Marketing;
The marketing mix is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. Traditionally the marketing mix consisted of just 4 Ps. They are as follows:
• Product - It must provide value to a customer but does not have to be tangible at the same time. Basically, it involves introducing new products or improvising the existing products.
• Price - Pricing must be competitive and must entail profit. The pricing strategy can comprise discounts, offers and the like.
• Place - It refers to the place where the customers can buy the product and how the product reaches out to that place. This is done through different channels, like Internet, wholesalers and retailers.
• Promotion - It includes the various ways of communicating to the customers of what the company has to offer. It is about communicating about the benefits of using a particular product or service rather than just talking about its features.
Getting the mix of these elements right enables the organisation to meet its marketing objectives and to satisfy the requirements of customers.
In addition to the traditional four Ps it is now customary to add some more Ps to the mix to give us Seven Ps.
The additional Ps have been added because today marketing is far more customer oriented than ever before, and because the service sector of the economy has come to dominate economic activity in this country. The additional Ps are:
• People - People refer to the customers, employees, management and everybody else involved in it. It is essential for everyone to realize that the reputation of the brand that you are involved with is in the people's hands.
• Process - It refers to the methods and process of providing a service and is hence essential to have a thorough knowledge on whether the services are helpful to the customers, if they are provided in time, if the customers are informed in hand about the services and many such things.
• Physical (evidence) - It refers to the experience of using a product or service. When a service goes out to the customer, it is essential that you help him see what he is buying or not. For example- brochures, pamphlets etc serve this purpose.
International Marketing v/s Domestic...
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