MARKETING MIX
Marketing
mix is combination of Product, Price, Promotion and Place strategies designed
to produce satisfying exchanges with predefined consumers. The components of
marketing mix can be controlled by marketers to influence consumers to purchase
its products.
Meaning
and Definition
Marketing
Mix is a method or device of the combination of various elements which
constitute marketing program 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.
According
to Philip Kotler “A Marketing Mix is the mixture of controllable marketing
variables that the rim used to pursue the sought level of sales in the target
market.”
The
marketing mix refers to the four elements of a marketing strategy: product,
price, place, and promotion. These are the four key elements that a company
must consider in order to create a successful marketing strategy. The product
refers to the goods or services offered by a company, the price refers to how
much the product is sold for, the place refers to where the product is sold,
and promotion refers to how the product is marketed and advertised to
consumers. The goal of the marketing mix is to find the right balance between
these four elements in order to reach the target market effectively.
The
Marketing Mix refers to the set of actions, or tactics, that a company uses to
promote its brand or product in the market. It is often referred to as the
"Four Ps": Product, Price, Place, and Promotion. These four elements
are used to define a company's unique approach to marketing and are used to
target specific customer segments and achieve business goals. The marketing mix
can be adjusted and refined as a company strives to find the best approach for
reaching its target market and achieving its marketing objectives.
The concept of the marketing mix was first introduced by E. Jerome McCarthy in 1960. McCarthy was an American marketing professor who proposed the concept of the Four Ps (Product, Price, Place, and Promotion) as the basic components of a marketing mix. This framework became widely adopted in marketing theory and practice and remains a widely used framework for marketing management today. The marketing mix concept has since been expanded and refined, but the original Four Ps remain the core elements of a company's marketing strategy.
THE
IMPORTANCE OF MARKETING MIX IN BUSINESS STRATEGY
The
marketing mix is important in a business because it helps a company effectively
allocate its resources and create a cohesive marketing strategy. By considering
the four elements of the marketing mix, a company can make informed decisions
about how to promote its products or services and reach its target market. Some
of the specific reasons why the marketing mix is important in a business
include:
Targeting
the right market: By considering the elements of the
marketing mix, a company can tailor its approach to effectively reach its
target market and meet their needs.
Maximizing
resources: The marketing mix helps a company allocate its
resources effectively, ensuring that its efforts are focused on the most
effective channels and promotions.
Differentiating
from competitors: The marketing mix can help a company
differentiate its products or services from those of its competitors, allowing
it to stand out in the market and attract more customers.
Measuring
success: The marketing mix provides a framework for measuring
the success of a company's marketing efforts and making adjustments as needed.
Overall,
the marketing mix is a critical tool for businesses as it helps them create a
cohesive marketing strategy, reach their target market, and achieve their
marketing objectives.
RECENT RESEARCH ON MARKETING MIX
Recent research on marketing mix has focused on various aspects of the concept, including:
The evolution of the marketing mix concept: Researchers have expanded on the original four Ps of the marketing mix by adding new elements or modifying existing ones, reflecting changes in marketing theory and practice.
Customer-centric approach: Many researchers have emphasized the importance of a customer-centric approach to marketing mix, where the focus is on understanding and meeting customer needs and preferences.
Digital marketing: The rise of digital technology has led to a growing body of research on digital marketing and how it fits into the marketing mix. This includes research on the use of social media, search engine optimization, and other digital marketing channels.
Measuring the impact of the marketing mix: Researchers have also focused on developing methods for measuring the impact of the marketing mix on business performance, such as return on investment, customer satisfaction, and brand recognition.
Integration of the marketing mix: Researchers have also explored how the various elements of the marketing mix can be integrated and aligned to create a cohesive and effective marketing strategy.
Overall, recent research on marketing mix has emphasized the need for a customer-centric approach, the importance of digital marketing, and the need to measure and integrate the various elements of the marketing mix.
Topics covered in this Module:
- Market Segmentation, Targeting and Positioning.
- Fundamentals of Marketing Mix
- Product Mix
- Price Mix
- Place Mix / Physical Distribution Mix
- Promotion Mix
- Product Life Cycle
- New Product Development
- Brand and Branding Strategies
- Difference Between Packing and Packaging
- Policies of Pricing
- Types of Distribution Channel
- Methods of Advertising
- Techniques of Sales
- Types of Public Relations
