A set of marketing tools used by a firm to pursue its marketing objectives in a target market. Product, Price, Place and Promotion are the important elements of marketing mix which are popularly known as Four P’s of marketing.
Elements of Marketing Mix
I - PRODUCT MIX
Meaning and Concept of Product: Product is anything that can be offered to a market to satisfy a want or need.
Product mix refers to a combination of various features relating to the product or service like quality, size, range, package, warranty etc.
PRODUCT MIX – Three components are - Branding, Packaging, Labeling.
1. Branding- Giving a name/a sign; a symbol etc. to a product e
Trade Mark/Brand registered under Trade Mark Act, 1999 with Government of India
Qualities of a Good Brand Name
1. Simple and Short : A brand name should be simple and short as Tata, Bata
2. Easily Pronounceable : A brand names should be easily pronounceable as Lux Dalda.
3. Suggestive : Brand name should be self explanatory, suggesting the inherent quality of the product as Ujjala suggests more whiteness.
4. Distinctive: Brand name should be so distinctive that it highlights itself in the group of other brand names such as : Tide, Perk.
