Meaning of Marketing Mix
Marketing Mix is a set of marketing tool used to promote a product or services and sell it. It is about positioning a product and deciding it sell in the right place, at the right price and time. The product will then be sold, according to marketing and promotional strategy.
The components of the marketing mix consist of 4Ps Product, Price, Place, and Promotion. In the business sector, the marketing managers plan a marketing strategy taking into consideration all the 4Ps.
Related read: Why planning in marketing is important?
4Ps of Marketing Mix
A product is a commodity produced or built to satisfy the need of an individual or a group. The product can be in the form of both goods and services. It is important to do extensive research before developing a product as it has a fluctuating life cycle, from the growth phase to the maturity phase to the sales decline phase. A good marketing plan of a company includes reinvent of its products every few years so, the demand remains high, and the sales never decline. The importance of marketing mix is to promote the products and services of an organization and should be one of its kind. It should create an impact in the mind of the customers, which is exclusive and different from the competitor’s product. This strategy also helps the company to build brand value.
The price is merely the money that a customer pays for a product. It is the most critical element of a marketing plan because it dictates a company’s survival and profit. A company’s marketing plan is profoundly affected by the price of a product and should be quoted in a way that it affects the sales of a product positively. While determining the cost of the product, things like the competitor’s price, list price, customer location, discount, terms of sale, etc., should be kept on the mind. The price of a product shapes the position of a company in the customers and competitors mind.
The place is a composition of how and where the product will be available and sold to the customers. It is essential to locate and distribute the product that is easily accessible to potential customers.
It is a marketing communication process that helps the company to publicize the product and its features to the public. It is the most expensive and essential components of the marketing mix, that helps to grab the attention of the customers and influence them to buy the product. Most of the marketers use promotion tactics to promote their product and reach out to the public or the target audience. The promotion might include direct marketing, advertising, personal branding, sales promotion, etc.
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Marketing Mix Example
In any organization, generally marketing mix 4 Ps price, product, promotion, and place are applied in the marketing process. However, there are other elements such as people, process, and physical evidence added makes the 7 Ps of Marketing mix. For example, if an organization provides service instead of a product, apart from the 4 Ps there may be three additional P’s to acknowledge: people, process, and physical environment.
|1 MARK QUESTIONS|
|Q.1 DEFINE MARKETING MIX?|
The marketing mix is a set of tools used by a firm to achieve its marketing objectives.
|Q.2 STATE THE ELEMENTS OF MARKET|
|Q.3 STATE ANY ONE ADVANTAGE OF PERSONAL BRANDING.|
|HELPS IN PRODUCT IDENTIFICATION||
|Q.4 STATE THE COMPONENTS OF PRODUCT MIX.|
|Q.5 A COMPANY HAS TO DECIDE ABOUT ITS PRICE POLICY, CREDIT POLICY; TERMS OF PAYMENT ETC. NAME THE CONCEPT WHICH THE COMPANY IS TRYING TO DECIDE.|
The above mentioned is the concept, that is elucidated in detail about ‘Marketing Mix’ for the Commerce students. To know more, stay tuned to BYJU’S.