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Marketing mix and its components are said to be the base of any kind of marketing that's undertaken by any entity. The mix essentially consists of the 4 P's. Namely Price, Product, Place and Promotion; all of which need to be brought together as effectively as possible to achieve one's marketing goals. Some brands choose to focus more on one aspect than on the other so as to meet one of the goal requirements. Although the first 4 are said to be the crux of the marketing mix, 3 more P's have been added to also draw attention to the other factors. These are People, Physical Evidence and Process. Being able to focus on ea one individually will help make a Six Sigma brand.
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It is the combination of plans made by an organization related to products, price, promotion and distribution. In simple words marketing mix consists of everything that a firm can do to influence the demand for its products, the many possibilities can be collected into four groups of variables known as 4Ps, product, price, place and promotion.
Product:
Product means goods and services or combination of both that a company offers to the target market. This is the most important variable of marketing mix, because if there is no product there will be no business. It includes the decision about product variety, quality, design, feature, brand name, packaging, size, services, warranties, returns etc.
It is the amount of money that the customers are willing to pay for the product in order to satisfy his needs. Deciding the list price, discount offered, allowances, payment period and the length of credit period is very much important.
Place:
Once the product is manufactured and price is settled the next step is the availability of product to the target customer. Placement includes the company activities that make the product available to the target customer. Placement is done directly, through dealers and many other ways.
Promotion:
It includes all those activities that communicate the merits and demerits of the product to the target customers and convince him to buy it.
Product:
Product means goods and services or combination of both that a company offers to the target market. This is the most important variable of marketing mix, because if there is no product there will be no business. It includes the decision about product variety, quality, design, feature, brand name, packaging, size, services, warranties, returns etc.
It is the amount of money that the customers are willing to pay for the product in order to satisfy his needs. Deciding the list price, discount offered, allowances, payment period and the length of credit period is very much important.
Place:
Once the product is manufactured and price is settled the next step is the availability of product to the target customer. Placement includes the company activities that make the product available to the target customer. Placement is done directly, through dealers and many other ways.
Promotion:
It includes all those activities that communicate the merits and demerits of the product to the target customers and convince him to buy it.
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