Marketing Mix of Add Gel Pens Ltd Essay Example

intended.

The product concept has dimensions.

1. Managerial Dimension: It covers the core specification or physical attributes related services, brand, package, product life cycle ; product planning ; development. As basis to planning product is second only to market ; marketing research. Product planning and development can assure normal rate of return on investment and continuous growth of the enterprise.
2. Consumer dimension: to the consumer a product is actually a group of symbols or meaning. People buy things not only for what they can do, but also for what they mean. A product conveys a message indicating a bundle of expectations to a buyer. A relevant product is one that is perceived by the consumer as per intention of a market. Once a product id brought by a consumer ; his evaluation past – purpose experience is favorable marketers van have repeat orders, consumer accepts products as bundles of satisfaction rather than as physical things.
3. Social dimensions: to the society salutary products ; desirable products are always welcome as they fulfill the expectations of social welfare ; social industries. Desirable products offer both benefits. Immediate satisfaction ; long run consumer welfare. Society dislikes the production or morely pleasing products which only give immediate satisfaction but which sacrifice social interests in the long run.

When presenting products to consumers, marketers have fulfilled the following social responsibilities.

• Conservation ; best use resources.
• Safety to users.
• Long run satisfaction of consumers.
• Quality of life. Concern

for better environment.

Levels of product:

1. Core product: It is the core benefit decides by the customer.
2. Basic product: It consists of the basic requisites derived by the customer.
3. Expected product: It consists of the product designed to meet the expectations of the customer.
4. Augmented product: It is the product the organization offers to the consumer. Competition is seen at this level as organization trend to provides better products tan their competitors.
5. Potential product: This level consists of the scope of innovation that exists around the product.

The future product can be formed through various product-related strategies. One such strategy is branding, which the American marketing association defines as a name, term symbol, or design, or a combination of them intended to identify the goods or services of one seller and set them apart from competitors.

The functions and objects of Branding are:

1. It helps in product identification and gives distinctive to a product.
2. Indirectly, it denotes quality or standard of product.
3. It estimates imitation.
4. II helps in advertising and packaging activities.
5. It helps to create and sustain brand loyalty to a particular product.
6. It. helps in price differentiation of product.
7. It facilitates in making a choice. 8. It is essential for competition, because without a means for identification there is no way of making a choice.

The benefits for manufacturers of having

a brand name are numerous.

1. Product differentiation: Product differentiation by branding enables manufactures to establish their own price and eliminate price competition to some extent.
2. Brand image: The seller can build up a bright image of his product around the brand. A brand image is built up through the years by the quality of products produced, services offered and the company’s reputation, policies and marketing efforts.
3. Creation of market: Ever increasing competition leads to branding of product by a manufacturer to face competition and create exclusive market for the product.
4. Advertisement and publicity: Branding helps advertising, display and sales promotion, branding and packing go hand to hands.
5. Brand preference: Branding not only gives separate identify and easy recognition to the product. But it also creates special brand preference and brand loyalty.
6. Brand patronage: Development of loyal customers, acting as talking advertisement and repeated buyers if the greatest reason in favor of branding.
7. Expanding the product mix: Many successful multi product firms today, began with the single product whose success created an umbrella under which additional product could be launched with the less risk.
8. Market control: Brand reputation ensures some kind of market control in much as it serves as an antidote to possible retailer hostility.
9. Advertising costs are reduced once the brand has been made popular.

Dear customers:

1. Customers have an assurance of quality and consistency in Product attributes being offered.
2. Certain brands provide status and psychological satisfaction to the consumers.

There is considerable saving of time and energy in shopping for goods.

To Distributors:

1. Widely popular brands easy the selling process.
2. It helps in advertising and sales promotion program.
3. The distributor can easily find out the quick moving products.

The constraints of a brand name are:

1. Brand imposes responsibility for maintaining consisted quality and delivering value satisfaction.
2. Some products by their very nature do not lend themselves branding.
3. Building up brand recognition and loyalty are very expensive.

Packaging refers to the overall range of activities involved in the planning of a product.

1. It enables the producer to give clear instruction about the uses of the product.
2. Price variations caused by the middle man are avoided because price is printed and maintained.
3. It encourages producers to make only standard products.
4. Buyers can easily identify the product.
5. A complete label gives the following information.

The name of the brand is.

The producer's address.

The content should include the gross and net quantity.

d. The ingredients contained in the product.

e. Instructions for use.

f. Precautionary measures.

The product's nature is as follows:

The date of packing and expiry should be considered.

i. Retail price.

Advantages of labeling:

1. It grades the product.
2. It facilitates buyer to pay the right price.
3. It helps in avoiding confusion.

Disadvantages of labeling:

1. It is of no use to ignorant or illiterate population.
2. It increases the cost of the product.
3. It aims at mainly popularizing the product rather than giving information to the consumers.

PRICE:

Price is the total amount charged for a product or service, which includes any warranties, guarantees, delivery discounts, services, or other items that are part of the conditions of sale and are not separately paid for.

The pricing objectives are:

1. Maximizing short term and long run profits.
2. Stabilize market.
3. Maintain loyalty or middlemen and get their sales support.
4. Enhance image of firm and its offerings.
5. Discourage entrants.
6. Help in the sales of weak items in the line.
7. Be considered trust worthy and reliable by rivals.
8. Create interest and excitement about the item.
9. Be regarded as fair by customers.

Pricing is affected by different factors.

• Internal Factors: Internal factors are generally within the control of the organization. These are referred to as built in factors that affect the price.

The price at which consumers are willing to buy is mainly determined by the cost of production. However, this determination has become more complex due

to factors such as having multiple production lines and the need to allocate overhead costs among different product qualities.

b) Pricing policies are formed as a result of companies having established marketing goals or objectives, with pricing playing a role in achieving these goals.

Pricing Policies can be categorized as:

Target rate of return.

The price stability is the second factor.

The maintenance or increase of a market share is important.

d) The purpose is to meet or prevent competition.

The objective is to maximize profits.

External Factors: Although external factors are typically outside an organization's control, they must still be taken into account when determining pricing.

The determination of both the total demand and the rate at which it must be met is essential.

In order to prevent competition, a company can utilize a range of techniques such as advertising, branding, and other approaches to demonstrate the unique qualities of its product. The implementation of prestige pricing and price-cutting strategies serve as tactics to deter competitive pricing.

Distribution channels consist of a middleman who operates as an intermediary between the manufacturer and the consumer. Both the middleman and the manufacturer require compensation for their services, which is incorporated into the ultimate price paid by the consumer.

d) There are legal restrictions.

Government intervention, such as price controls and taxation, can also impact product pricing.

There are different pricing options for firms to choose from for their products, which include:

a) Unconventional pricing

b) Pricing for customers

c) Prestige pricing

d) Dual pricing

Geographical pricing (e)

The strategy of penetrating pricing is employed.

g) Reviewing pricing and related information quickly.

PROMOTION

Promotion refers

to the coordination of all efforts that sellers initiate to establish information and persuasion channels. These channels are aimed at facilitating the sale of goods or services, or the acceptance of an idea.

The objective of promotion:

1. To communicate with the customers regarding all details utilities and attributes of the customers.
2. To convince the customers
3. To compete with the competitors
4. To create demand for products.

The term promotion mix refers to the combination of advertising, personal selling, publicity, and sales promotion within the marketing framework. Advertising is defined by the American Marketing Association as "any paid form of non-personal presentation and promotion of ideas, goods or services by an identified Sponsor".

Salesmanship, also referred to as salesmanship, is the skill of convincing customers to buy products from a particular company. According to the National Salesman's Trading Society of USA, salesmanship can be defined as "the ability to persuade people to purchase goods and services for the seller's profit while benefiting the buyer."

Features of Salesmanship

Salesmanship is the art of persuasion.

b) Creative art.

Salesmanship has the objective of achieving mutual benefits.

The educational process is d.

e) The product is given knowledge.

The main objective is to establish strong and durable relationships between the salesperson and customers.

g) The activity of one human mind influencing another human mind.

Salesmanship endeavors to provide service to the buyer.

Sales promotion

The American Marketing Association states that sales promotion is a crucial component of a company's promotion mix. It encompasses activities aimed at inciting consumer purchases and improving dealer effectiveness. It is

important to highlight that sales promotion does not include personal selling, advertising, or publicity. Examples of such activities comprise displays, shows, exhibitions, demonstrations, and other one-time selling efforts.

There are two types of distribution channels: direct and indirect. In the direct channel, products are sold directly to consumers without intermediaries. Conversely, the indirect channel involves utilizing intermediaries to distribute products to consumers. This type of channel provides the company with different options based on the length of the sequence.

Transportation is the process of transferring passengers and goods between different locations. It is essential for moving products from the manufacturing site to their required destination.

Mode of Transportation:

Railways are a means of transporting passengers and goods between different locations by using railway systems.

Strengths / Advantages

1. It can carry a very large consignment of products to distant markets.
2. It is economic mode of transport particularly for heavy goods.

Weakness / Disadvantages

1. It is uneconomical for short run.
2. In terms of speed it is lower than that of road and air transport.

The road way serves as a method of transportation for both passengers and goods, using roads to travel from one location to another.

Strengths

1. It is economical for short run.
2. It is speeder compare to railways.

Weaknesses

1. It is uneconomical for long run.
2. Bulk and heavy products are difficult to be moved by road transport.

Airway is the transportation of passengers from one place to another using airways.

Strengths

The speed of transportation

is extremely fast, making it possible to remove specific considerations from marketing decisions.

Weakness:

Only products with low weight and low unit value are more suitable due to the high cost of shipping. Waterway transportation involves using boats, among other means, to move passengers and goods between different locations.