Recognising the growing demand for luxury, convenience and personalised experience due to increased disposable income and busy work schedules, 'Ramneek Bros.’ had launched a high end concierge service company two years ago. The company offers customised exclusive services to ultra wealthy clients such as making restaurant reservations, booking private jets, arranging tickets for shows, etc. Ramneek Bros. charges premium prices for their services reflecting the exclusive and top quality offerings they provide. The company also provides a mobile app allowing their clients to access and request for services from anywhere in the world. To communicate availability and features of their services, Ramneek Bros. advertises in high class. magazines and depends upon word of mouth recommendations from existing clients. As a result, the company has successfully established itself as a market leader in their field. Quoting lines from the above case, identify and explain any three elements of marketing mix.

Elements of marketing mix are : Product/Product mix: Quote: “The company offers customized exclusive services to ultra wealthy clients such as making restaurant reservations, booking private jets, arranging tickets for shows, etc.” Product means goods or services or ‘anything of value’, which is offered to the market for sale. It relates to decisions regarding planning, designing and developing the right type of products and services for the consumers. It includes branding, labelling and packaging. Price/Price mix: Quote: “Ramneek Bros. charges premium prices for their services reflecting the exclusive and top quality offerings they provide.” Price is the amount of money customers have to pay to obtain the product. It involves decisions regarding the basic price of the product, discount to customers, traders, credit terms etc. Place/Physical Distribution mix: Quote: “The company also provides a mobile app allowing their clients to access and request for services from anywhere in the world.” Place or Physical Distribution include activities that make firm’s products available to the target customers. It includes decisions like selection of dealers or intermediaries (channels of distribution), providing support to the intermediaries, managing inventory, storage and warehousing and transportation of goods from the place it is produced to the place it is required by the buyers. Promotion/Promotion mix: Quote: “…Ramneek Bros. advertises in high class magazines and depends upon word of mouth recommendations from existing clients.” Promotion refers to communicating availability, features, merits, etc. of the products and services to the target customers and persuading them to buy it. It uses a combination of promotional tools such as advertising, personal selling and sales promotion techniques.