TYPES OF MARKET SITUATIONS BASED ON PRICE AND OUTPUT DECISIONS
1. Perfect competition : Going by its essential characteristics, it is difficult to find many examples of perfect competition in India. The nearest situation could be the vegetable market.
2. Imperfect competition :
This could be divided into three categories :
A. Monopoly and Monopsony
B. Oligopoly and Oligopsony C. Monopolistic Competition
The best example of monopoly in India is that of Railways. Electric and water supplies are other such examples. There does not seem to be any situation of monopsony in India. Tyres, storage batteries,aluminium, razor blades, automobile,s of all types of cigarettes are good examples of oligopsony in India, Monopolistic competition is present in all consumer goods and is sustained by branding and heavy advertisement. Among the durable consumer goods are televisions, refrigerators, passenger cars and washing machines, Toothpastes, detergents, textiles and toilet soaps are good examples of, monopolistic competition in the non-durable consumer goods sector.
UNDERSTANDING MARKETING MIX
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Target Market
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Marketing Research
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THE FOUR Ps OF MARKETING
Product Mid
- Quality, Technology
- Packaging
- Labeling
- Branding
- Trade mark
- Merchandising
- Size, design, colour, features
- Services
- Warranty
- Product line and range
Price Mix
- Pricing policies
- Credit terms
-Cost and profit
- Allowance and discounts
- Competition'
- Terms of delivery
Place Mix
- Distribution channels
- Transportation
- Warehousing and storage
- Inventory level
- Positioning
Promoting Mix - Advertising
- Sales promotion
- Personal selling
- Public relations
- Publicity
- Direct responses
FACTORS INFLUENCING CUSTOMER SATISFACTION
Product : Basic design : how familiar designers are with customer needs, what incentives drive the designing, manufacturin'g and quality control.
Sales activity: What messages the company sends out in its advertising and promotion programmes, how it chooses ar:ld mon.itors its sales force/intermediaries, and the attitudes that it projects to the customer.
After-sales : Guarantees, parts and services, feed back, complaints handling, and overall responsiveness to a customer with a problem.
Culture : Intrinsic values and beliefs of the firm as well as the tangible and intangible symbols and systems it uses to instil these values into employee behaviour at all levels.
MARKETlnG PLANNING SYSTEM IN A FLOW CHART
Marketing Objectives
Marketing Strategies
Designing Marketing Structure
Marketing Planning System
Marketing Intelligence System
Marketing Control System
Judging Functional Efficiency
Performance Target Analysis
Cost effectiveness Analysis
We may now summarise the importance of
marketing planning :
1. It helps in avoiding future uncertainties.
2. It helps in management by objectives.
3, It helps in achieving objectives.
4. It helps in coordination and communication among the various department.
5. It helps in control.
6. It helps the customers in getting complete satisfaction.
