Answer: Marketing mix is the decision which came out as the result of blending 4P’s to stimulate the demand of firm product and services. Marketing mix can be also defined as tactical, strategic and controllable marketing tools contain product, price, place and promotion use by the firm to generate response from target market.
According to Philip Kotler “Marketing mix is the set of controllable tactical marketing tools-product, place and promotion- that the firm blends to produce the response it wants in the target market”
From the above discussion we can say that;
- Marketing mix is the combination of product, price, place and promotion.
- Elements of marketing mix are controllable.
- Marketing mix elements are centered with customer.
- For implementing modern marketing concept, marketing mix is essential.
Product:
Products are goods and services offered by company to the target market. Product is the main elements of marketing to a marketer. So marketer has to consider under mentioned variables for product.
a).Variety.
b). Quality
c). Design
d). Features
e). Brand name
f). Packaging
f). Services
Price:
Price is a amount which customer pays to buy the products and services. Price can also attract customer towards firm products and services. The elements of price are given below:
- List price
- Discounts
- Allowances
- Payment period
- Credit terms
Place:
Place are the set of activities which allow the firm to spread their availability of the products and services for the customers. Physical existence is not the only criteria of place. The importance elements of place are given below:
- Channels
- Coverage
- Assortment (Collection)
- Location
- Inventory
- Transportation
- Logistics
Promotion:
Promotion is a way of communication to pass message to customers about firm’s products and services. Promotion means activities that communicate the merits of the product and persuade target customers to buy it. The important elements marketing promotion are given:
- Advertising
- Personal selling
- Sales promotion
- Public relation
- Direct marketing.
From the above discussion we can say that, marketing mix constitutes the company’s tactical tool kit for establishing .
