2.2. Current Indian Automotive Industry A. Automotive Industry is growing at a rapid pace fairing among top ten in the world. Two wheeler in 2nd position; passenger cars in third position and commercial vehicles in 5th position. B. India has become a major hub for automobiles: i.
Marketing mix, a set of marketing tools is used by the firms to implement the marketing strategy. Marketing mix assorted into four bored groups, known as four Ps, which are price, place, product, and promotion. Firms create a product to satisfy its targeted customers. Marketers then decide how much to be charged to the product andalso consider will it be available for targeted customers. Lastly, promotion is the way marketers communicate with targeted customers to persuade them to purchase their products.
2.1.7 Marketing mix The concept of marketing mix divided into product and service marketing mix. The service marketing mix consists of Product, Price, Place, Promotion, People, Physical Evidence, and Process, simply called 7P’s. The product marketing mix consists of Product, Price, Place, and Promotion, simply called 4P’s (Hartono, 2010 ) Product is defined as anything that can be offered into a market for attention, use, or consumption that might satisfy a need (Armstrong & Kotler, 2006). According to Hirankitti, Mechinda, and Manjing (2009) the service product offers service which can be explained based in the core service which represents the core benefit, and the secondary service which represents both the tangible and augmented product
1.1 Meaning of Marketing The action of business for promoting and selling product or services, including market research and advertising. 1.2 Meaning of Marketing Mix The marketing mix refers to the set of action, or tactics, that a company uses to promote its brand or product in the market. The 4ps make up a typically marketing mix- Product, Price, Promotion
These figures beat the figures of BMW and Audi (Latest Volvo News 2013). The demand in the UK market is driven by quality and performance features of cars. High demand of premium S40 in UK is an example of how technology and performance features are driving the car segment in UK. Parry and Graves (2008) mention the strategy of ‘Built to Order (BTO)’ used by Volvo to control its inventory costs and link the mass production facility to demands from the customers. Quality, high safety standards and environment friendly features of Volvo cars have made the company create its niche in the car market segment (Parry and Graves 2008).
The service marketing mix is also known as an extended marketing mix and is an integral part of a service blueprint design. The service marketing mix consists of 7 P’s as compared to the 4 P’s of a product marketing mix. Simply said, the service marketing mix assumes the service as a product itself. However it adds 3 more P’s which are required for optimum service delivery. The product marketing mix consists of the 4 P’s which are Product, Pricing, Promotions and Placement.
This strategy assists companies and producers in making important decisions in relation to the marketing of their product or service and also in the creation of their main marketing plan. The marketing mix is a fundamental approach to helping companies and producers understand what their product or service has to offer and how to successfully market their product or service. The marketing mix initially consisted of the four P’s; Price, Product, Promotion and Place. However, overtime, several other elements were added to the concept of the marketing mix. To date, there are now seven P’s of the marketing mix.
6.5 Marketing Mix A marketing mix is a tool that aids in processing an important decision in order to build a successful marketing plan. The term "marketing mix" was created in 1953 by American Marketing Association president Neil Borden (The Balance, 2017, para. 1). It is composed of 4P’s which Product, Place, Price, and Promotion are. These must be well correlated and precise in order to meet a specific customer need and demand.
MARKETING MIX: Marketing mix is a business tool used by the marketers to determine the product or brands offer and to produce a desired response from its target market. Marketing mix is the mixture of right product, service, marketing strategies and right price. Marketing mix is used for all types of business either business is well established OR experienced and newly enters in market. For newly enter businesses in market, marketing mix is a tool of marketing strategy through which owners can analyze their core (ps) of product in all aspects. They can analyze prices, place product, process, promotion, people, and physical evidence.
Riding the success of its first SUV, Baojun brand sales jumped 282.5 % to 223,367 units, an all-time high from January to August. Strong demand for several SUV and MPV models offered by GM helped the company resist the market slowdown in August. The Buick Envision and Baojun 560 were the growth leaders for GM in the SUV space during the month, rising 161.7 %, while sales of the Baojun 730 MPV more than doubled. As a whole, Buick’s trio of SUVs that includes Envision, Enclave and Encore continued to impress this year. Together, these three together doubled in sales through the first half of the