There are 4 major components of marketing (4 Ps of marketing)
Product: A prime object around which marketing activity is built up. Increasing sale of product and profitable revenue generation is the very purpose of marketing. Upkeep of product quality and consistency are essential for developing consumer loyalty. This must be borne in mind at Product Development Stage.
Packaging: This attribute is next to product. Packaging is not only to hold the product but also to protect it from environmental forces including moisture, micro organisms, insects and foreign matter and present it in a desired form to the consumer. The cost of packaging is included in the product cost, and is a major cost component. The type of package and material used depends on the product for ex. Aseptic/tetra pak for fruit juice, milk, poly pouch/ metalized poly packs for bakery products, shrink wrap for fresh fruits etc.
Positioning:Based on the target customer/market, the product is classified as “class/mass/High end/ middle and low end product”. Positioning is reflected mainly in terms of packaging, pricing and branding of the product. Branding builds an image and value around the product and leaves a lasting impression on consumer minds and influences their buying decision.
Pricing: Most critical factor which influences the buying decisions and also the returns on investment of entrepreneur, distributor and retailer. It also influences the growth prospects of the product in market place. Each customer looks for ‘value for money’ when he buys a product price fixing thus calls for a proper balance between the customer psychology and profit for the enterprise.
Participants