Marketing Mix | Combination of 4P's Product, Price, Promotion & Place

Marketing Mix | Combination of Product, Price, Promotion & Place

Marketing mix, four ps of marketing mix, 4ps of marketing mix, marketing mix, Marketing Mix, elements of marketing mix, definition of marketing mix, meaning of marketing mix



   INTRODUCTION:-


                                   Marketing mix
   is extremely important part of
   business. In the competitive
   market, there are very difficult
   to survive without the satisfaction
   of consumers.
        Marketing Mix started before
   the production of goods which is
   the combination of Product, Price
   Promotion, and distribution.


 WHAT IS MARKETING MIX:-


             Marketing mix is the
   comprehensive framework 
   adopted by the marketers to get
   success in the field of marketing.
   Under marketing mix, we include
   Product
   Price
   Promotion
   Distribution.

           In the marketing mix, that is
   not the product but the satisfacti-
   on that is sold. For this, one 
   should know the real needs of 
   his customers and then use the
   resources to produce the products
   which will best satisfy the identif-
   ied needs. The effective co-ordina-
   tion of these function is often 
   called is "Marketing Mix."

              In the simple words,

   Marketing mix is the combination
   of four ingredients:- Product, 
   Price, Promotion and Place.



   Definition of Marketing Mix:-




   According to R.S Davar,"The 
   policies adopted by the manufact
   -urer to attain success in the 
   market constitute the marketing
   mix."


   According to MeCarthy,"Marketi-
   ng mix is the pack of four sets of 
   variables namely product, Price,
   Promotion and place variables."


   According to William of stanton
   ,"Marketing mix is the term used
   to describe the combination of
   the four input which constitute
   the core of a company's marketing
   system the products, the price 
   structure, the promotional activit
   -ies and the distribution system."



   ELEMENTS OF    MARKETING MIX:-



   There are following four elements
   or 4P's of Marketing Mix given
   below:-



Marketing mix, four ps of marketing mix, 4ps of marketing mix, marketing mix, Marketing Mix, elements of marketing mix, definition of marketing mix, meaning of marketing mix


   1) Product Mix
   2) Price Mix
   3) Promotion Mix
   4) Place Mix



   1) Product Mix:- 


                                   The product is
   the focus of all marketing 
   activities. Product is the total sum
   of tangible and intangible attribu
   -tes including product design, size
   style, quality, colour, brand name
   labelling, packing etc.
   There are following attributes of
   Product Mix:-


   A) Product Design:-


                                     Product design
   is a very important feature of
   marketing mix, because design of
   a product helpful to attract the
   consumers. Products like shoes,
   readymade garments, furniture,
   crockery, automobile etc.


   B) Product Quality:-


                                        Quality of
   products is the important ingred-
   ient of business. To boost up sales,
   product must be quality conscious
   ness i.e reduction in the cost
   Without reducing the quality of
   a product.
   

   C) Product Branding:-

                                           Nowadays
   consumers prefer branded 
   products. A brand is a name, a
   mark, a symbol, a communication
   which gives identity to a product.
   A brand is a image, a quality, a
   value, a personality of a product.


   D) Product labelling:-

                                           Labels are
   Fixed to products to identify them
   and to describe it's ingredients
   quality, quantity, and other 
   characteristics.


   E) Guarantee and warranty:-


   It is also an important ingredient
   for every business. Because
   people purchase more and more
   goods with the offer of guarantee
   and warranty.



   2. Price Mix :-

                             Second and most
   important element of marketing
   mix is price of goods. Price is the
   value of Product expressed in the
   term of money.
   There are following attributes of
   price mix:-


   A) Pricing Policies:-

                                        The pricing
   policies and strategies are made
   by the managers or directors of
   the company which helps the
   marketer in determining the
   prices so as to match the market
   needs. The price of the product
   depends upon Factors like cost,
   demand, nature of product and
   nature of customer etc.


   B) Term of Credit:-

                                         To boost up
   sales, credit sales are very very
   important. It helps to increase the
   profitability of firm and reducing
   the liquidity position of firm.


   C) Profit Margin:-

                                    Profit margin
   is the difference between final
   price paid by the customer and
   Cost of production.


   D) Discount Policy:-

                                        To increase 
   the sales discount policy is very
   important to survive in the 
   competitive market. It means
   sold goods on less price for special
   customer.


   E) Price Determination:-

                                                It is  most
   important factor affected all over
   the business if your product's cost
   is more than other business then
   you can't survive in the market.



   3. Promotion Mix:-

                                      After set all
    the price policies and strategies
   the third element is extremely
   important,"Promotion Mix."
               It means expand your
   business in the whole world.
   It can be done by two types of
   communication. 1.Personal
   Communication 2. Impersonal
   Communication.
   There are following attributes of
   Promotion mix:-


   A) Personal selling:-

                                         It is an oral
   Or face to face communication
   between the buyer and seller. It is
   very effective way of communica
   -tion because seller cam easily 
   find the needs wants, reasons,
   expression, buying Behaviour or
   feedback of customers.


   B) Advertisement:-

                                     Advertisement
   is the paid form of non personal
   communication by an identified
   sponsor. It is a vital tool for
   marketing the products. There are
   many number of advertising
   media used by the marketer such
   as press, outdoor, mail etc.


   C) Sales Promotion:-

                                        It provides
   the special offer to customers to
   attract them. The offers can be in
   the form of gifts, coupons,
   premiums, discount, contests, free
   samples, buy one get one free etc.



   4. Place Mix:-

                            Price mix or
   distribution mix is the last or
   4th P of marketing mix. It is 
   concerned with the smooth flow
   of goods and services from the
   producer to consumers.
   There are following attributes of
   Place Mix:-

   A) Transportation:-

                                      It helps in the
   physical movement of goods from
   the place of production to the 
   place of consumption by using
   railway transport, Road Transport
   Water Transport and Air Transpo
   -rt.


   B) Warehousing:-

                                    Warehousing
   is a place where surplus goods
   are stored and made available
   to the market when needed.
   It creates time utility. Nowadays,
   Standardisation, grading, packing
   etc. are done here.


   C) Distribution Channel:-

                                                 The 
   distribution channels helps to the
   movement of goods and services
   from the place of production to
   the place of consumption through
   various channels like wholeseller
   and retailer.


   D) Physical Distribution:-

                                                   Physical
   Distribution means movement of
   goods from one place to another
   place physically. It includes 
   Distribution planning inbound
   transportation, material handling,
   inventory management etc.


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