Marketing mix prefers to one of the major concept in modern marketing according Philip Kotler “marketing mix is a set of controllable marketing variables that the firm blends to produce the response it wants in the target market”. It is the combination of four controllable variables which constitutes the company’s marketing system.
The four controllable variables are:
Product
Price
Promotion
Place
These elements are inter related and inter dependent since decisions in one area usually actions in other area.
4 P’s of Marketing Mix:
1) Product mix: Product is the starting point of all marketing activities.
The product mix has the following dimensions:
a) Product innovation and invention.
b) Product features i.e., shape, size, weight, design, color, quality, standard etc.
c) Product planning and development.
d) Product range and mix etc.
2) Price mix: Price in decision is important from the point of view of the producer, consumer and seller.
The product mix has the following dimension:
a) Pricing policies.
b) Cost of production and profit margin.
c) Determination of per unit price.
d) Discount, rebates and level of margins etc.
3) Promotion mix: Promotion means communication with customers to stimulate them to buy goods. The nature of promotion mix is determined by the marketing environment.
There are various dimensions of promotion mix are:
a) Advertising and publicity.
b) Personal selling techniques.
c) Sales promotion measures.
d) Public relation techniques etc.
4) Place mix: place mix is also known as distribution mix. It is concerned with making the goods available to the customers at the places through a chain of marketing channels such as whole sellers, retailer’s middlemen and agents.
The place mix has the following directions:
a) Type of intermediaries.
b) Different marketing channels.
c) Physical distribution system etc.
