CS Foundation – Business Environment Marketing Mix and its Elements
Marketing Mix and its Elements
‘Marketing‘ is the action or activity or business of promoting and selling products or services, including market research and advertising.
‘Marketing Mix’ is a technique in which certain factors are combined that can be controlled by a company to influence consumers to purchase its products. It’s a combination of several concepts and ideas that are controllable and tactical to formulate the final strategies to popularize a brand amongst the masses.
In technical terms, the marketing mix is the set of controllable tactical marketing tools – product, price, promotion, and place – that the firm blends to produce the response it wants in the target market.
It is about putting the right product in the right place, at the right time, and at the right price.
Elements of Marketing Mix
The elements of the marketing mix are also known as the four P’s of marketing.
- Product
A product can be an idea, service, information, method, technique, advice that can be offered for sale or it can also be a combination of two or more things mentioned above. It can be either be in the physical or even be in the virtual form. The product should deliver the best quality and should satisfy the maximum requirements of the customer.
In developing the right product, certain questions have to be answered like:
- What does the customer want from the service or product?
- How will the customer use it?
- Where the product or the service is to be used?
- Features of the product or the features that the product must have as per the requirement or need of customer?
- How is the product going to compete with the products already available in the market?
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- Price
In general terms. Price is a value that will purchase a finite quantity, weight, or another measure of a good or service. As the consideration given in change for transfer of ownership, price forms the vital basis of commercial transactions.
In reference to the marketing mix, Price refers to “How have you priced your product or service so that your price remains competitive but allows you to make a good profit.”
- Place
It refers to the area where a customer can get the product or service it needs. ‘Distribution’ is a very important part of the product mix definition. You have to position and distribute the product in a place that is accessible to potential buyers.
Place refers to the location where the products are available and can be sold or purchased. A place can be Physical or Virtual in form. In a physical market, buyers and sellers can physically meet, can touch, see, feel the product and interact with each other whereas in a virtual market buyers and sellers meet through the internet.
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- Promotion
Promotion means to any type of action used to inform, encourage or persuade target audiences of the relative merits of a service, product, issue or brand for the sale of a good or service. The purpose of promotion is to increase awareness, create interest, generate sales or create brand loyalty.
Promotion includes various techniques employed to promote and make a brand popular amongst the masses. Promotion can be through any of the following ways:
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- Advertising
- Word of mouth
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