Marketing Mix: Product, Price, Distribution, Promotion
What is the Marketing Mix?
The marketing mix is the most appropriate combination of four marketing tools controllable by the company and known as the 4Ps in English:
- Product (attributes, positioning, brand, and packaging)
- Price (price list, pricing strategies)
- Distribution (intermediaries, distribution channels, logistics)
- Promotion (advertising, sales promotions, public relations, direct marketing)
The Product
The product is divided into two categories:
- General products: The consumer (end to his own use)
Key Business Functions: Marketing, Finance, and Operations
Functional Areas in a Company
Marketing
Finance
Production or Operations
Human Resources
Marketing
Stages of Product Development
- Product or service essential for the benefit of the product itself, to solve problems that consumers buy in fact to purchase, such as shelter.
- The real product is formed by all parts of the product, such as style, quality, packaging,
Understanding Bank Liabilities and Financial Operations
Bank Liabilities and Their Importance
Operations and liabilities of a bank, or passive uptake, are of great importance to every bank. These are the activities a bank uses to collect money, mainly from the general public. For a bank to develop, it needs to acquire deposits. Without these, it is impossible to create a sufficient reserve to help place these funds in loans and investments that generate dividends, and to enable it to meet withdrawal demands requested by customers.
Current Accounts
A bank
Read MoreUnderstanding Financial, Managerial, and Cost Accounting in Business
Understanding Financial, Managerial, and Cost Accounting
The information system of a company delivers multiple data and background information. This can take various forms, content, and purposes. The intent of this information depends on individual users that require the background necessary to make informed and appropriate decisions.
Financial Accounting: The Foundation
All enterprise information systems are based on fundamental financial accounting. This system owns and provides the best quantitative
Read MoreFinancial Markets: Capital and Money Markets Explained
Money Market
The money market is a market for financial securities with a maturity period of less than one year.
- It is a market for low-risk, unsecured, and short-term debt instruments that are highly liquid and traded every day.
- It has no physical location but is conducted over the telephone and the internet.
- It helps to:
- Raise short-term funds
- Facilitate the temporary deployment of funds
The main instruments of the money market are as follows:
- Treasury Bills: They are issued by the RBI on behalf of the
Service Marketing: Strategies and Opportunities
1. SERVQUAL Model: Five Dimensions of Service Quality
The SERVQUAL model is a tool used to measure service quality based on customer perceptions. It focuses on the gap between customer expectations and perceptions of the actual service received. The model was developed by Parasuraman, Zeithaml, and Berry in the 1980s and has been widely used to evaluate the quality of service across industries.
Five Dimensions of Service Quality:
- Tangibles:
- Refers to the physical appearance of facilities, equipment,