Marketing Mix includes the set of actions that a company uses to promote its brand or product in the market. It mainly focuses on generating maximum revenue by spending more effort on advertising.
Meaning of Marketing Mix
It is a marketing tool that is helpful for the promotion of products and services. It includes 4p’s: Product, Price, Place, Promotion. In other words, we can say that the term “marketing mix” was coined in the mid-20th century. It is firstly used in a 1953 address to the American Marketing Association, The Neil Bordon outlined (Harvard professor and marketing expert) focuses on how marketers develop and execute a successful marketing plan.
Identify and arranging the elements of its marketing mix allows the business profitable at every level.
Definitions of Marketing Mix
The set of controllable variables that the firm can use to influence the buyer’s response”. The controllable variables in this context refer to the 4 ‘P’s [product, price, place (distribution) and promotion.
A marketing mix often refers to four Ps: product, price, placement, and promotion. The different elements of a marketing mix work in conjunction with one another. Consumer-centric marketing mixes incorporate a focus on customers into their approaches.
-E. Jerome McCarthy’s
4p’s of Marketing Mix:
In the 1960s, E. Jerome McCarthy (American marketeer), provided a framework of the marketing mix (the 4 P’s) which is as follows:
A product is a commodity that is tangible in nature, produced to satisfy the need of an individual or a group. It can be intangible as it can be in the form of services also.
A product life cycle tells about the growth phase, the maturity phase, and the decline phase. It is important for marketers/businessmen to reinvent their products for more demand. The strategy- “what can I do for offering a better product to the group of people than my competitors” helps the company to build brand value and generate more and more profit in the long run.
It refers to the cost of the product. They should be reasonable so that every person in society can afford the product. The competitor’s price, list price, customer location, discount, terms of sale, etc are kept in mind while determining the cost of the product. Price is the analytic part of a marketing plan because it describes the company’s survival and profit.
This is the place where the product is distributed to the ultimate consumer. The businessmen should focus on the thing that was to place the product so that the customer can easily assess without wasting time.
This is the communication process that helps the company to promote the product and describe its features to the public. It is the essential and most expensive component of the marketing mix, that helps for the attention of the customers and influences them to purchase the product.
Most marketers/businessmen use promotion techniques to advertise their products and reach out to the target audience. The promotion is concerned with direct marketing, advertising, personal branding, sales promotion, etc.
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