What is the marketing mix?
Four Ps of marketing defines the success of any product. For the success of any product, we need some pre-planned promotion. Four Ps of selling also known as the marketing mix. This marketing mix helps a product to reach the glory of success. The promotion also needs a plan to reach its objective. Company profit depends on the selling of products but before selling that products went through some phases that phases come in the marketing mix.
According to Neil H. Borden ‘ The marketing mix is the set of promotion tools the firm uses to pursue its selling objectives in the target market.’
The product is the starting point for selling. A Product is anything that you can be offered to a customer to satisfy his or her need or want. whether it is a television or insurance policy, the product offers a total bundle of benefits to the customers. Typically in selling, the term product is used for any good or service or any other entities which can be marketed. A needs to have some product to sell.
If the company is new; then it should develop a product to sell in the market. In the case of products, which are already there in the market, the company needs to differentiate its market offering.
According to Philip Kotler, ten entities can be marketed:
Goods, Services, Experiences, Events, Person, Places, Properties, organizations, Information, and ideas.
Under the product factors, we consider are:
Form, Performance Quality, Conformance Quality, Durability, Reliability, Repairability, Style, Design, Product Variety, Quality, Features, Brand Name, Packaging, Size, Service, Warranty, Return, Company Reputation, Pre Sale Information, Post Sale Technical Support, Repair Service, Service Distinction, Ordering Ease, Delivery, Installation, Customer Training, Consulting, Maintenance and Repair.
It has got great relevance in business. Price is the only element in selling, Which produces revenue for the business organization. It is also the easiest element in the marketing mix, which can be adjusted in the short term. Price is also important as it communicates the value proposition. In the era of competition pricing is the easiest way to react in the market.
According to David J. Schwartz ‘Price is the money; you pay for any product or service.’
Price may be different, It would be Airfare, Tuition fee, College fee, Hotel Tariff, Insurance Premium, Interest Charges, Rent, Lease Rental, Retainer Fee, Consultancy Fee, salary, Commission, Wage, Toll or Honorarium.
The place is very critical for the success of the business. Place means a marketing channel or, a trade channel or, a distribution channel, to reach out to the customers.
According to Robert J. Dolan ‘The selling, channel helps to generate the demand for the company. The company then fulfills the demand and also provides after-sales service through them. It also helps in giving the information and feedback to the company from the customers.’
According to Louis Stern and Adel Ansary ‘Promotion channels are sets of interdependent organizations involved in the process of making a product or service available for use or consumption.’
Promotion includes Advertising, Sales Promotion, Public Relations, Direct Selling, Personal Selling, Digital Marketing. It is also called integrated marketing communication, where a company tries to integrate all its communication efforts to get the maximum result on their promotional expenditure. Customer will not ask about your product if he or she is not aware of your product.
Today customers are communicated through various communication channels like Print Advertisement, TV commercials, Posters, leaflets, Point of purchase(POP), Hoardings, Video Films, Directories, Sales Meeting, Fairs and Trade shows, Online Shopping, Telemarketing, Catalogue Promotion, Contests, Seminars.