Neil Borden in the year 1953 introduced the term Marketing mix and has been defined as the “set of marketing tools that firms use to pursue its marketing objectives in the target”. The marketing mix refers to four broad levels of marketing decision, namely: product, price, promotion, and place. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price. Marketing mix is the combination of factors that can be controlled by a company to influence consumers to purchase its products.
Marketing Mix is a group of marketing variables that the firm combines and controls, to produce the desired response in the target market. It is an important marketing tool that comprises of all the elements which influence the demand for the products offered by the firm.
Components of Marketing Mix:There are four components of marketing mix which are commonly known as 4 p’s of marketing.
1.Product: Product refers to the goods and services, that are offered to the customers for sale and are capable of satisfying their wants. Strategic decisions regarding the product variety, quality, design, features, brand name, packaging , size, returns, after-sales services, etc., are to be made.
2.Price: Price is described as the amount which a customer pays to get the desired product or service. The pricing of the product should be done keeping in mind the list price, competitor’s price, terms of sale, customer location, discounts and so forth. While deciding the prices, the value and utility of the product to its customers are to be considered.
3.Place: Place refers to the easy availability of the product in the target market. It implies that a suitable marketing channel is to be chosen, to reach the customers, because the better the chain of distribution, the higher would be the coverage.
4.Promotion: Promotion implies marketing communication, as in publicizing the product to convey product features. It aims at grabbing the attention of customers and instigating them to buy it. Promotion mix implies the promotional tools used by the marketers to reach the target audience. It could be Advertising, Direct marketing, Sales Promotion, Personal Selling, etc.
Service Marketing Mix: In addition to the 4 P’s, when there is consumer-oriented or service marketing, 3P ’ s are added to it, which are:
Traditionally, marketing commences with identifying the consumer’s needs and ceases with the delivery and promotion of the final product or service.This form of marketing mix has translated into great success for many firms and is increasingly becoming a preferred method of marketing.