Marketing Mix is a method or device of the combination of various elements which constitute marketing management such as Product, Price, Promotion and Place. In other words Marketing Mix is the mix of 4 P’s of marketing that enables and reach the demands of target market.
I.
Product
Product
is a bundle of all kinds of satisfaction that offer in the form of economic
utilities to satisfying the group of consumers. The product may be in the
form:
•
Goods such as any visible object like Pen,
Book, Raw Material etc
•
Ideas such as Fast-food, Traffic
solutions, Medical Transcription etc
•
Services such as Transportation, Tourism,
Medical, Legal, etc
•
Organizations such as Service and Economic
organizations
•
Persons such as Musicians, Recreations,
Agents and middlemen’s etc.
•
Places such as Tourist spots, Pilgrim
centers.
II.
Price
Price
is an amount or value required to purchase a definite goods or services.
Pricing
is a process of determining consideration given in exchange for transfer of
ownership of the products. It can be influence by various Internal and External
factors.
III.
Physical Distribution or Channels of
Distribution
Distribution channels is a set of independent organizations involved in a process of making a product or service available for consumption. It facilitates the flow of goods from Producer to consumers in right time and right place.
Need, Role and Importance of Distribution Channels
•
Serves as a connecting link between
Producer and Consumer
•
Creating time and place benefits or
utilities
•
Increase the efficiency of marketing
process
•
Facilitate the consumers in the buying
process
•
It converts Potential buyers to Actual
buyers
•
Help for reducing the cost
transactions
IV.
Promotion
Is
a set of activities designed to inform and persuade consumers about the
products or services offered for sale by the marketer. It includes various tools like Advertising,
Personal Selling, Sales Promotion and Publicity etc.
The
promotion is represented by the elements such as Advertising, Personal Selling,
Sales
Promotion and Publicity etc. It is also called as “Promotion Mix”
