Published by: Mandira
Published date: 01 Feb 2022
Marketing Mix is the combination of the various components that comprise a company's marketing program. In other words Marketing mix can be defined as the combination of all the marketing tools that the firm uses for achieving its marketing objectives .It also focuses on satisfying the needs and wants of the customers so marketing mix is a dynamic concept.It is the mixture of the essential ingredients of marketing in order to push up.
According to Philip Kotler, "Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market".
The Components of Marketing Mix
There are seven components of marketing mix has been identified called as 7p's including four primary and three supportive components.
Primary components (4p's)
Product mix
A product is the most important components of a marketing mix. Management needs to plan and develop a right product to be marketed. A right product is one which can satisfy the needs and expectation of the target customers. Product means goods,materials,services and even ideas.In marketing the word "product" doesn't indicate only physical goods or materials. It also indicates quality, price, brand, color, packaging, seller's services, goodwill, guarantee and warranty of good with which the customers can get satisfaction. It includes product planning development,grading, branding, packaging. etc.
Place mix
Another important component of the marketing mix is the place mix. This is also called distribution mix.Management needs to distribute products to the right place at a right time in a right way by selecting and managing channels and by developing an efficient distribution system. A right place is one where maximum demand for its products exists and maximum products is consumed.This includes two components. Selection of a distribution channel and physical distribution of products. It focuses on delivering the product from place of production to the place of consumption. Thus, place mix includes proper selection of distribution channels, physical distribution activities.
Promotion:
Management needs to inform and presuade target customer through right promotional media regrading its products.Promotion includes the activities such as personal selling, advertising, sales, promotion, publicity ,public relations etc. The promotional activity becomes very important in attracting customer towards the products and creating demands by giving information and message about the products. Personal selling, Advertising, and sales promotion are the various forms of the promotion.
Price:
Price is a very sensitive component of a marketing mix. Management needs to determine a fair price for its products. A fair price is one, which is affodable and acceptable to the target customers.Decisions on selling price, discount, commission rate etc are taken under it. While taking a decision on price, a marketing reasonable return on the investment of the firm and customers services should be considered at a time. It includes selling price, discount,commission etc.
Supportive Components (3p's)
People mix
When we talk's of people component of the marketing mix we are talking about the two main groups namely:
Process mix
Service organizations are increasingly getting innovative tha operations management ideas are now an essential input to their control of cost's systems improvements and levels of customer service.
Physical evidence
Physical evidence mix is also becoming more and more important for all organizations. Physical evidence or atmosphere consists of office-room conditions, furnishings, layouts etc.
Meeting Consumers Need
The marketing mix is consumer oriented. It helps to satisfy consumers needs by a regular supply of goods of their interest. Thus, it satisfies the existing and potential consumers and provides a sense of security, relief, and pleasure to them.
Integrated Approach to Marketing
Marketing mix represents an integrated approach to marketing. It attempts to maintain a balance between various components, viz, product, price, place and promotion which are interrelated and intervenient as well.
Environment Consideration
The marketing mix changes with change in the requirement of customers and other environmental forces. The proper relationship between the business firm and its marketing environment can be maintained through marketing mix decision.
Providing Employment opportunities
Marketing creates employment opportunities and helps to solve the unemployment problem of overpopulated countries. Various jobs are created to engage people in marketing services such as wholesale and retail trades, transportation, communication, insurance, finance, advertising, salesmanship etc.