Marketing Mix: Meaning
Marketing Mix: Meaning
Marketing Mix: Meaning
Meaning:
A mixture of several ideas and plans followed by a marketing
representative to promote a particular product or brand is generally
termed as marketing mix. Several concepts and ideas combined together
to formulate final strategies helpful in making a brand popular amongst
the masses form marketing mix. It is an important tool that helps you
understand the benefits of your product as well as how to plan ahead for
the benefits.
Definition:
The marketing mix has been defined as the "set of marketing tools that
the firm uses to pursue its marketing objectives in the target". Thus the
marketing mix refers to four broad levels of marketing decision, namely:
product, price, promotion, and place.
According to Philip Kotler “Marketing Mix is the set of controllable
variables that the firm can use to influence the buyer's response”. The
controllable variables in this context refer to the 4 'P's [product, price,
place (distribution) and promotion].”
The elements of marketing mix are often called the four P’s of
marketing.
Product
Goods manufactured by organizations for the end-users are
called products.
Products can be of two types - Tangible Product and Intangible
Product (Services)
An individual can see, touch and feel tangible products as
compared to intangible products.
A product in a market place is something which a seller sells to
the buyers in exchange of money.
Price:
The money which a buyer pays for a product is called as price of
the product. The price of a product is indirectly proportional to
its availability in the market. Lesser its availability, more would
be its price and vice a versa.
Retail stores which stock unique products (not available at any
other store) quote a higher price from the buyers.
Place:
Place refers to the location where the products are available and
can be sold or purchased. Buyers can purchase products either
from physical markets or from virtual markets. In a physical
market, buyers and sellers can physically meet and interact with
each other whereas in a virtual market buyers and sellers meet
through internet.
Promotion:
Promotion refers to the various strategies and ideas implemented
by the marketers to make the end - users aware of their brand.
Promotion includes various techniques employed to promote
and make a brand popular amongst the masses.
Promotion can be through any of the following ways:
Advertising
Conclusion:
The concept of the marketing mix and four P's have been strongly
dominant paradigms marketing stage for many companies. Marketing
managers must realize its usefulness in the marketing of goods and
services. But market research is bringing new approaches. The
globalization of business and the growing recognition of the importance
of customer retention, interaction and networking in the industrial,
marketing experiences, business ecosystems, value migration, life cycle,
customer relations and relationship marketing, among other trends and
criteria, begin to create new trends in thinking about the theory and
practice of marketing.