India is home to some of the world’s most successful and influential businessmen. Here are ten of the most famous businessmen in India: 1. Mukesh Ambani is the oldest son of Dhiru Bhai Ambani and the chairman and owner of Reliance Industries. With a net worth of $56.6 billion, he is currently the richest person in India and the 13th richest person in the world (The world listing gets updated every time). Reliance Retail, Reliance Capital, Reliance Fresh, Reliance Petrol pump, Reliance Petroleum, Reliance Foundation, Reliance Digital, and many more, all this comes under the ownership and management of reliance industries. 2. Azim Premji is the chairman of Wipro Limited, an Indian IT firm. He is also an Indian billionaire, business tycoon, businessman, and philanthropist. With a net worth of $22.6 billion, he is the second richest person in India. 3. Gautam Adani is the founder and chairman of the Adani Group, a company engaged in port development and activities in India. He is also kn
WHAT IS MARKETING MIX?
IF YOU WANT TO KNOW THIS TERM IN DETAIL, THEN YOU ARE AT THE
RIGHT PLACE
The marketing mix is also termed the service marketing mix.
The following are the terms of SERVICE MARKETING MIX.
1. Product: (services, goods, etc.) Which you wish to offer or launch in the market. Basically, you should understand the market and make a product which consumer need, not something which you want to sell.
2. Price: (price segmentation is an important term based on service/quality, it should not be too high/low). If a product quality/service is best, but the cost is too high, then only rich people will purchase it. Even if you have made it for the convenience of all class people. So, it is better to have deep analytics before offering the price.
3. Place-Distribution: (geographical area, consumer preferences)
4. Promotion: (promotion through which means online, free sample distribution of product/service, advertising, word of mouth). After deep analysis of the market, you should schedule when and where to promote your product. For example, if you advertise a frozen desert in winter, it may not benefit your company. But may see but not consider or use it, even if you are spending a huge amount.
THIS ARE THE MAJOR PART IN MARKETING MIX KNOWN AS 4P's OF MARKETING MIX
The most important task is to blend the marketing variables. The most important task is to blend the 4 elements in different combinations in order to have a greater marketing impact and also to be cost-effective.
The total number of P's is 7 in the marketing mix which you need to remember. The remaining three elements are:
5. People: (Employees, support staff) A good working environment for your employees and goodwill of your company among people plays an important role. Employees getting benefits, work life balance, salary, insurance leaves and loan facility. All this helps in creating word of mouth publicity. The benefits after connecting with your product/service, rather it may be directly and indirectly.
6. Process (Service process/ Mapping, line of interaction, system setup) Can be simply termed as line of action/ Chain of command, from board meetings to CEO to general manager to managers to employees.
From production to delivery, strategy of a product/service to its implementation everything comes under service process.
7. Physical Evidence (Efforts taken by the service provider to tangibles their services, facilities, environment, social settings)
Considering the 4P's can also be adequate in the
initial stages of marketing.
Some modifications in the 4P's are required when applied to services due to some special features of services.
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