Marketing management is “the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value”- Philip Kotler
The various elements of marketing mix being pursued by Mr. Jaiprakash are as follows:
- Product: “his business is not only restricted to designing “Web sites according to the specifications of the clients but also providing continuous online assistance to them and handling their grievances’ effectively.”
A product is anything of value i.e. a product or service offered to a market to satisfy needs or wants. A product includes physical product,after sale service, handling grievances etc. Every marketer needs to constantly review and revise his products in order to enhance customer’s satisfaction and have an competitive edge.
- Price: “doing all this at a profit. He provides these services at competitive prices.” Price is the monetary value paid in consideration for purchase of a product or service by a buyer to its seller. It is a very crucial decision for the marketers as consumers are very sensitive to the pricing. The factors affecting price determination are cost of product, the utility and demand, extent of competition in the market, government and legal regulations, pricing objectives and marketing methods used.
- Place: “Anybody interested in getting the web solutions can contact him through his website.”
It is considered important element of marketing mix because it includes all those activities that help in making the goods and services available to the prospective buyers in the right quantity, at the right time and in right condition. Two main decisions involved in physical distribution are physical movement of goods from producers to consumers and choice of channels of distribution.
- Promotion: “Moreover, whenever the market is sluggish he tries to create demand by offering short-term incentives to the buyers.” Promotion refers to the set of activities undertaken by a marketer to inform the prospective buyers about the product and persuading them to make a purchase. The various components of promotion mix are advertising, sales promotion, personal selling and public relation.