“In other words, a company has control over what product it makes, what price it sells the product for, how it wishes to place (distribute) the product and how it wishes to promote it” (Food Export, 2011 para. Therefore, a good way to understand the characteristics of the marketing mix is to identify its four special elements—the four Ps. Above all, the perception of the marketing mix is vital in the marketing industry because the process will allow the organization to sustain customer satisfaction and maintain corporate success.
The following is a diagram of the marketing mix formula (product, place, price, promotion) (See figure 1) Figure 1: Four elements of the marketing mix (Style, 2010) The goal of the ... Ultimately, the focal point in the marketing mix is to fulfill the customers’ needs.
Marketing mix might be defined as follows: Marketing mix is a unique combination of the basic ingredients of marketing viz. A unique combination of these product factors and others makes for designing the product- mix. intermediaries which fetch products from the place of the manufacturer to the place of ultimate consumers. Promotion is a very significant component part of the marketing mix; as without promotional efforts, people would never be able to appreciate the utility of the product for satisfaction of their needs; and conducting sales-transactions, would not, obviously, be possible for the marketer.
product, price, place (channels of distribution) and promotion-designed for the best realisation of the objectives of marketing management. The basic idea behind making a product mix is to produce and offer a product that makes it acceptable to the target-consumers; by providing them maximum satisfaction for their needs for the fulfillment of which, the product, in question, is intended. The ‘place’ is an important ingredient of marketing mix; as howsoever useful the product might be and howsoever suitable its price, be; unless and until products are made available to consumers at ‘centres of convenient buying’, the busy consumers of today’s affluent societies will be most unwilling to buy those product-travelling long distances. Promotion, in a sense, is a sort of best consumer-education; which educates consumers as to the availability and usefulness of various products.
The four Ps is a good way to define the marketing mix tool.
The marketing mix is a process most organizations use to bring a product or service to market.The chat masala mix is so to say, the trade secret of the chat-wala- unknown to the competitors. Some of the important factors which usually go into the designing of the price-mix are decisions about: 1. A unique combination of various advertising media, various types of salesmen and attractive sales promotions devices, makes for designing the promotion-mix. Certain observations on the concept of marketing mix: (1) Target consumer is the focal point of designing marketing-mix.Further, the consumers, being unable to prepare that much tasty type of a chat at their homes, are persuaded to visit that particular chat-wala for the satisfaction of their ‘tongue-needs.’ A manufacturer, in a likewise manner, must design such a marketing-mix, that despite severe business competition-consumers do prefer his product and are led to buy that product for the satisfaction of those needs of theirs- for which that particular product is designed. In fact, each of these four elements has many variables or variations of factors, and accordingly within the marketing mix we have four sub-mixes i.e. The basic idea behind making a promotion-mix is to so communicate knowledge about the existence and utility of products; that prospects appreciate the significance of the products for the satisfaction of their needs and may become ready to buy the product-so promoted. product-mix, price-mix place-mix and promotion-mix into a grand-plan of marketing, would result in the development of a marketing mix of type which makes 1. In fact, consumer is the central point around which the whole circle of marketing mix is drawn.Although the marketing mix is a unique way to market a product or service, satisfying the consumers’ needs and wants is every marketer’s main goal.Aspects of the Marketing Mix The best way to define a market is to recognize the needs and wants of consumers and then focus on meeting those needs and wants.“In other words, a company has control over what product it makes, what price it sells the product for, how it wishes to place (distribute) the product and how it wishes to promote it” (Food Export, 2011 para. Therefore, a good way to understand the characteristics of the marketing mix is to identify its four special elements—the four Ps. ...fective marketing tools to reach consumers” (Kerin et al., 2009 p. Additionally, the main recommendation for the marketing mix concept is to stay focus and go beyond and above its goal to sell a product.The following is a diagram of the marketing mix formula (product, place, price, promotion) (See figure 1) Figure 1: Four elements of the marketing mix (Style, 2010) The goal of the ... In other words, from the consumers’ perspective, identify and meet the needs of a selected targeted market and from the company’s angle, meet financial and marketing objectives. [the four] elements [of the marketing mix] will potentially contribute to the success of the product…” (Business Mate, 2010).(1) “Marketing mix refers to the apportionment of effort, combination, designing and integration of the various elements of marketing into a programme, of mix which will best achieve the marketing objectives of an enterprise at a given time”. Neil Borden of the Harvard Business School (2) “Marketing mix is the term used to describe the combination of four inputs which constitute the core of the company’s marketing system- the product, the price structure, the promotional activities and the distribution system”. Stanton Marketing mix is a mix of the type that is planned to ensure that the ‘product’ does sell even amidst intensely competitive conditions; providing best satisfaction to consumers and providing, in turn, handsome profits to the enterprise- in addition to fulfillment of other objectives of marketing management. The price-factor is, perhaps, the most-crucial factor of the marketing mix; as the buying decisions of most of the consumers are dependent on the price of the product. The important factors which usually go into the making of the place-mix are decisions about: 1. Some of the factors which go into making of the promotion mix are decisions about: 1. The criterion for measuring the success of the marketing mix is the volume of sales of product turned over by it.Point of Comment: An analogy could be drawn between the marketing mix of a manufacturer and the spices-mix of a famous ‘Chat-wala’ located at the corner of a busy street in the walled city of Delhi; who combines spices like-salt, rock salt, pepper, black pepper, spices for seasoning food (i.e. in such proportions that the chat becomes so tasty as to lead to a remarkable rapidity of turnover fetching handsome profits to the chat-wala. For the manufacturers also, the price decision is directly reflected in the profits; which they make from selling the product. Discounts to be offered-cash discounts and trade discounts. Advertising-through various media like the press, radio, TV, films, outdoor advertising, point of purchase-advertising etc. Personal selling or salesmanship through various types of salesmen 3. methods other than advertising and salesmanship) like- coupons, reduction sales, distribution of free samples, trading stamps, bonus offers, prize- contests and a host of other devices. The concept of marketing mix could, we’ll be illustrated, by means of the following circular diagram: Note: Letter ‘C’ in the inner circle of the diagram indicates the term ‘Consumer’.In today’s advertising industry, marketers use the marketing mix as a tool to satisfy their target consumers.Furthermore, the marketing mix contains controllable variables that are carefully managed by the business to meet the needs of a targeted audience.