Marketing Mix

Marketing Mix encompasses the true essence of Marketing, not only as a subject, but as well as it's practical application. Wikipedia defines Marketing Mix as,"The marketing mix has been defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target". To put it in simple terms, Marketing Mix refer to the essential elements that are helpful in attaining marketing goals of an organisation and also target prospects.. Marketing Mix precisely deals with  putting the right product or a combination  in the place, at the right time, and at the right price.

Going by the dictionary, Marketing Mix simply means," a combination of factors that can be controlled by a company to influence consumers to purchase its products".

What are 4 P's of Marketing Mix?

The 4 P's the carry the essence of Marketing Mix represent Product, Price, Place, and Promotion.  Lets has have an overview of the 4 p's of Marketing Mix:

  • Product refers to the item or service designed to satisfy customers' needs and wants. The key elements to be considered in this regard consist of as how product is to be differentiated from the competition and  how it can be effectively branded in the market. the product?
  • Price concerning the sale price of the product and reflects what consumers are willing to pay for it. All the cost related to research and development, manufacturing, marketing, and distribution need to be considered carefully. Establishing the cost of product on these figures is known as cost-based pricing. Pricing relies primarily on the consumers' perceived quality or value, also known as value-based pricing.
  • Place or distribution refers to where the product will be sold. Proper consideration of the type of product sold is useful when determining areas to be opted for distribution. Generic consumer products, such as paper goods, are often made readily available in many stores. Premium consumer products are typically made available in select stores. One more aspect for consideration is whether to place the product in a physical store, online, or both. 
  • Promotion refers to synergistic marketing campaigns, known as the promotional mix, used to promote the product. Such activities include advertising, sales promotion, personal selling, and public relations . A key consideration should be for the budget assigned to the marketing mix and other factors include the stage of the product's life-cycle and positioning of the product through promotion. While promoting the product, it should carefully construct or pitch the message in a useful manner which reaches the target audience. Moreover, determination of the best mediums to communicate the message and decisions about the frequency of the communication are also important. 

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