After reading this article you will learn about Marketing Mix:- 1. Concept of Marketing Mix 2. Elements of Marketing Mix.
Concept of Marketing Mix:
Marketing mix is the set of controllable variables that a firm can use to influence the buyer’s response within a given marketing environment (consisting of political, social, cultural, economic and marketing institutional influences). The environmental influences are uncontrollable elements, whereas the ingredients of marketing mix are controllable factors or comments.
The blend or combination of these ingredients constitutes the marketing mix and this marketing mix or programme is expected to be in tune with the environmental influences mentioned above. In other words, for each market segment and market environment, we will have specific and appropriate marketing mix.
Please note that a marketing mix is developed to satisfy anticipated and perceived needs of an identified market within a given environment. Variations in external environmental forces will directly influence the components of our marketing mix and we will have to adjust our marketing mix to the changes in the business environment.
Then only can we secure favourable buyer’s response and secure planned sales volume through serving consumer demand in the best manner possible.
Elements of Marketing Mix:
Marketing mix is the cornerstone of modern marketing. Broadly speaking, there are four elements of the marketing mix of manufacturers.
1. Product:
Product is the thing possessing a bundle of utilities. It covers the physical attributes, the package, branding, labelling, warranties and services accompanying the product. Product is evolved in consultation of marketing manager. It must match with customer needs and expectations.
2. Price:
It covers pricing objectives and pricing policies. Price is the monetary value of a product. It also includes discounts, allowances and terms of credit. Price is an effective means of competition. It can also act as a device of promotion.
3. Distribution:
It covers:
(i) Channels of distribution including all middlemen and facilitating agencies involved in getting the possession and the title to products to consumer and
(ii) Physical distribution, which is concerned with transporting, warehousing storing, and handling of products.
4. Promotion:
It covers all means of marketing communication designed to persuade buyers to purchase the product.
There are four main devices of promotion acting as persuasive and informational ingredients:
(a) Personal selling,
(b) Advertising,
(c) Sales promotion and
(d) Publicity or public relations.
Largely promotion deals with non-price competition.