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Question
Hayaram' is a famous chain selling a large variety of products in the Indian market. Their products include chips, biscuits, sweets and squashes. It charges a comparatively higher price than its competitors as it sells quality products. Besides, it offers regular discounts to its customers and easy credit terms to its retailers. It has five of its own retail shops. It also sells its products through various grocery stores so that the products are made available to customers at the right place, in the right quantity and at the right time. It regularly uses different communication tools to increase its sales.
The above para describes the combination of variables used by Hayaram to prepare its market offering. Identify and explain the variables
Solution
Combination of variables used by Hayaram to prepare its market offering:
1). Product: In terms of marketing, the product refers to the mix of various tangible and intangible attributes which have a value and can be exchanged. They are capable of satisfying the needs of consumers. Besides physical goods, a product includes services. In other words, in terms of marketing, a product is defined not only in terms of physical product (functional utility) but also in terms of satisfaction or the utility provided to the consumer. Moreover, after sales services such as customer care, addressing consumer complaints and taking feedback are parts of the product
2) Price: Price refers to the amount of money which is paid by a consumer to obtain a product. Price is the most important factor determining the demand for a product. Demand for a product shares a negative relation with its price. The marketers must suitably decide a price by properly analysing the various related factors such as the target customers, pricing range of competitors and goals of the firm. The price which is set must be at par with the value offered by the product. In addition, the firm must offer suitable discounts, offers or incentive schemes.
3) Place: Another important decision to be taken by a firm relates to making the product available to target consumers. In this regard, the firm needs to decide the dealers or intermediaries who enable the distribution of the product. Similarly, decisions regarding inventory, warehousing, storage and transport of goods must also be taken.
4) Promotion: Promotion refers to activities such as advertising and sales techniques undertaken by the firm with the objective of communicating to potential consumers the availability of a product, its features, special qualities and purpose. The product is promoted with the objective of influencing potential customers to purchase the product. An organisation must decide which medium of promotion must be used and accordingly take the required actions.
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