Marketing Mix

Marketing Mix?

The marketing mix refers to the set of actions, that a company uses to promote its brand or product in the market.

Or

Marketing mix refers to the set of marketing tools, that a company or firm uses to pursue its marketing objectives in a target market. 

Or

The marketing mix is the process of designing and integrating various elements of marketing in such a way to ensure the achieve­ment of enterprise objectives.

Definitions of Marketing Mix

According to Philip Kotler, “Marketing Mix is the set of controllable variables that the firm can use to influence the buyer’s response”.

Or

According to Philip Kotler, “Marketing Mix is the combination of four elements, called the 4P’s (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying to create the desired marketing strategy“

According to E.J.McCarthy ‘‘Marketing mix is the pack of four sets of variables, namely product, price, place, and promotion.   

According to William J. Stanton, “Marketing mix is the term that is used to describe the combination of the four inputs that constitute the core of company’s marketing system: the product, the distribution system, the price structure and the promotional activities.”

According to Pitter D. Bennett, “Marketing mix is the marketing program including product conception and development, pricing decision, promotion of the product and distribution to consumers.”

Therefore, the marketing mix consists of various elements, which have been classified into four categories, popularly called the four P’s of marketing —product, price, promotion, and place.  The elements or components are also known as marketing mix variables or controllable variables as they can be used according to business requirements.

The 4Ps make up a typical marketing mix – Price, Product, Promotion,  and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People, and even Politics as vital mix elements.

The marketing mix refers to the set of actions, that a company uses to promote its brand or product in the market.

Elements of Marketing Mix

There are four elements of the marketing mix – Price, Product, Promotion,  and Place.

Product Mix:

Product mix refers to a combination of various features relating to the product or service like product, range, quality, size, features, packaging, after-sale services, branding, warranties etc.
PRODUCT MIX there are Three components – Branding, Packaging, Labelling.
The product mix refers to important decisions related to the products.

 

Price Mix:

Price mix It refers to important decisions related to price levels, pricing strategy, and price policies of an organisation.
Price is the money paid by a buyer (or received by a seller) in consideration of the purchase of a product or a service. It plays an important role in the marketing of goods.

Place Mix:

Place mix includes decisions about channels of distribution, means of transportation, warehousing, inventory control, etc. Place mix is concerned with linking the sellers and buyers.

Promotion Mix:

Promotion mix refers to a combination of promotional tools used by an organization to achieve its communication objectives.
Promotion mix refers to informing the customers about the product and persuading them to purchase these products.

Also read: Government Budget