Marketing has a wider concept. It is an act of connecting customers to products. The term marketing mix was invented by Neil H. Borden. The marketing mix is a dynamic concept. The marketing program of a business consist of number of elements. Marketing mix refers to completion of these elements.Marketing mix is a business instrument used in marketing and by marketers. The marketing mix is accomplished through the four P’s of marketing: product, price, place , promotion.
OBJECTIVE OF DETERMINING THE MARKETING MIX:
The main objective of determining the marketing mix is to meet the requirements of customers and organisation in most effective and efficient manner. Both long term and short requirements of marketing should be considered while determining the marketing mix. The development of marketing mix requires the compilation of 4 P’s of marketing in right order. The marketers has to identify the marketing variables both controllable and uncontrollable and manipulate them in such a way that they can develop a best programs for a given product.
FOUR P’s MODEL OF MARKETING MIX:
The elements of marketing mix can be categorized under four categories i.e product,price , place , promotion. These four major elements of marketing mix are discussed below:
(i) The Product:
The first P’s of four P’s model of marketing mix is product. The product is an element of marketing mix. A product can be tangible or an intangible good and service that fulfills the needs of customers. The term ‘product mix’ refers to total collection offered by an organisation.
The product mix includes following different elements:
# product policy and development programs.
# Branding, packaging and trade marks etc.
# The product quality its design, features, color, size, shape etc.
(ii) The Price:
The price is also an extremely element of marketing mix. Prices and pricing decisions have great impact on producers, sellers, and consumers. Price determination has a great impact on demand and supply of a product. Prices are generally determined by market conditions.
The price mix includes following variables.
# Determination of right price.
# Credit policy
# Discount and rebates
# Level of margins
# Terms of delivery and payment
(iii) The Place:
Place is the third important element of marketing mix. It is a pace where an organisation is doing their business. It focuses on how the product will be provided to the customers. It is a key element of distribution. The main objective of this is the movement of goods from producers to consumers. If goods are easily available in the market it increases the sales.
The place mix includes following elements:
# Storage and warehousing
# Material handling
# Inventory planning
(iv) The Promotion:
It is the final element of marketing mix. After making a product and deciding its price now it’s time to promote it. It is the duty of the marketer to provide information to customers about product.
The place mix includes these elements:
# Sales promotion
# Personal selling
# video marketing
This quick review of 4 P’s of marketing mix provides information relating to product. To develop a marketing strategy the elements of marketing mix should be properly defined. Whether dealing in a new business or an existing business it is difficult for marketer to balance these four elements of marketing mix. Marketing manager has to work hard to make a good market for their product.