INTRODUCTION OF MARKETING MIX The term "marketing mix" became popular after Neil H.

Borden published his article The Concepts of the Marketing Mix in 1964. In this article Borden explains how he first began using this term in the late 1940's after James Culliton described the marketing manager as a "mix of ingredients". These ingredients in Borden's teachings included product, planning, price, branding, distribution channels, personal selling, advertising, promotions, packaging, display, servicing, physical handling, and fact finding analysis. These ingredients were later grouped by E. Jerome McCarthy into four categories which we now refer to as the four p's of marketing. The four p's of marketing make up the marketing mix which probably the most is well known of all the marketing terms. "Its elements are the basic, tactical components of a marketing plan. The four p's, of the marketing mix elements are product, place, promotion and price" (Marketing teacher 2009). These four elements create the marketing mix which impacts the development of any organization's marketing strategies and tactics. MEANING OF MARKETING MIX Marketing mix is one of the most fundamental concept in marketing management. For attracting consumer and for sales promotions, every manufacture has to concentrate on four basic elements or components .these are: product, price, promotion and place. A fair combination of these marketing elements is called as marketing mix. It is the blending of four Ps which core of marketing system. The four components of marketing mix are also called marketing mix variables or controllable as they emanate from within the enterprise and marketing manger can use them freely as per his desire or need of the situation.

DEFINITION OF MARKETING MIX According to William Stanton, Marketing mix is the term used to describe the combination of the four inputs which constitute the core of the companys marketing system: the product, the price, the promotional activates, and the distribution system. According to Philip kotler ,Marketing mix is the mixture of controllable marketing variables that the firm uses to pursue the sought level of sales in the target market . FEATURES OF MARKETING MIX Marketing mix is the combination of four basic marketing variables namely, product, price, promotion, place. Marketing mix aims at achieving marketing target in terms of sales, profit and consumer satisfaction. Marketing mix is the marketing mangers instrument for attainment of marketing objectives. Marketing mix is a flexible combination of variables. So, it is necessary to adjust the variables in the marketing mix from time to time per the changes in the marketing environment. A marketing manager has to function as mixer of marketing ingredient and has to achieve desired result through skillful combination of four Ps. He needs maturity, imagination and intelligence for appropriate blending of the variables. The main focus of marketing mix is the consumer. His satisfaction and support are important. Marketing mix variables are interrelated. Decisions in one area affect the action in the other areas. An integrated approach is needed while making changes in the marketing variables. The concept of marketing mix is applicable to business as well as to nonprofit making organizations such as clubs and associations.

 Marketing mix is a consumer oriented activity as its purpose is the satisfaction and pleasure of consumers.

7PS OF MARKETING MIX PRODUCT A product is seen as an item that satisfies what a consumer demand. It is a tangible good or an intangible service. For example good will for intangible. Tangible products are those that have an independent physical existence. Typical examples of mass-produced, tangible objects are the motor car and the disposable razor. A less obvious but ubiquitous mass-produced service is a computer operating system. Every product is subject to a life-cycle including a growth phase followed by a maturity phase and finally an eventual period of decline as sales falls. Marketers must do careful research on how long the life cycle of the product they are marketing is likely to be and focus their attention on different challenges that arise as the product move. The marketer must also consider the product mix. Marketers can expand the current product mix by increasing a certain product line's depth or by increasing the number of product lines. Marketers should consider how to position the product, how to exploit the brand, how to exploit the company's resources and how to configure the product mix so that each product complements the other. The marketer must also consider product development strategies. PRICE The amount a customer pays for the product. The price is very important as it determines the company's profit and hence, survival. Adjusting the price has a profound impact on the marketing strategy, and depending on the price elasticity of the product, often it will affect the demand and sales as well. The marketer should set a price that complements the other elements of the marketing mix. When setting a price, the marketer must be aware of the customer perceived value for the product. Three basic pricing strategies are: market skimming pricing, market penetration pricing and neutral pricing. The 'reference value' (where the consumer refers to the prices of competing products) and the 'differential value' (the consumer's view of this product's attributes versus the attributes of other products) must be taken into account.

PROMOTION Promotion mix includes advertising, publicity, sales promotion, word of mouth promotion, personal selling and telemarketing. Each of these services needs to be applied in different degree. Advertising covers any communication that is paid for, from cinema commercials, radio and Internet advertisements through print media and billboards. Public relations is where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word-of-mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum. Sales staff often plays an important role in word of mouth and public relations (see 'product' above). PLACE The place where your product or service is actually sold. Develop the habit of reviewing and reflecting upon the exact location where the customer meets the salesperson. Sometimes a change in place can lead to a rapid increase in sales. You can sell your product in many different places. Some companies use direct selling, sending their salespeople out to personally meet and talk with the prospect. Some sell by telemarketing. Some sell through catalogs or mail order. Some sell at trade shows or in retail establishments. Some sell in joint ventures with other similar products or services. Some companies use manufacturers' representatives or distributors. Many companies use a combination of one or more of these methods. In each case, the entrepreneur must make the right choice about the very best location or place for the customer to receive essential buying information on the product or service needed to make a buying decision. What is yours? In what way should you change it? Where else could you offer your products or services?

PROCESS Flow of activities: all the major activities of banks follow RBI guidelines. There has to be adherence to certain rules and principles in the banking operations.. Standardization: banks have got standardized procedures got typical transactions. In fact not only all the branches of a single-bank, but all the banks have some standardization in them. This is because of the rules they are subject to. Besides this, each of the banks has its standard forms, documentations etc. Standardization saves a lot of time. Customization: There are specialty counters at each branch to deal with c customers of a particular scheme. Besides this the customers can select their deposit period. Simplicity: in banks various functions are segregated. Separate counters exist with clear indication. Thus a customer wanting to deposit money goes to deposits counter and does not mingle elsewhere. This makes procedures not only simple but consume less time. Customer involvement: ATM does not involve any bank employees. Besides, during usual bank transactions, there is definite customer involvement at some or the other place because of the money matters and signature requires. PHYSICAL EVIDENCE The physical evidences include signage, reports, punch lines, other tangibles, employees dress code etc. The companys financial reports are issued to the customers to emphasis or credibility. Even some of the banks follow a dress code for their internal customers. This helps the customers to feel the ease and comfort Signage(sign or logo): each and every bank has its logo by which a person can identify the company. Thus such signages are significant for creating visualization and corporate identity. Tangibles: banks give pens, writing pads to the internal customers. Even the passbooks, chequebooks, etc reduce the inherent intangibility of services. Punch lines: punch lines or the corporate statement depict the philosophy and attitude of the bank. Banks have influential punch lines to attract the customers. Banking marketing consists of identifying the most profitable markets now and in future, assessing the present and future needs of customers, setting business development goals, making plans-all in the context of changing environment

PEOPLE The final P of the marketing mix is people. Develop the habit of thinking in terms of the people inside and outside of your business who are responsible for every element of your sales and marketing strategy and activities. It's amazing how many entrepreneurs and businesspeople will work extremely hard to think through every element of the marketing strategy and the marketing mix, and then pay little attention to the fact that every single decision and policy has to be carried out by a specific person, in a specific way. Your ability to select, recruit, hire and retain the proper people, with the skills and abilities to do the job you need to have done, is more important than everything else put together. In his best-selling book, Good to Great, Jim Collins discovered the most important factor applied by the best companies was that they first of all "got the right people on the bus, and the wrong people off the bus." Once these companies had hired the right people, the second step was to "get the right people in the right seats on the bus." To be successful in business, you must develop the habit of thinking in terms of exactly who is going to carry out each task and responsibility. In many cases, it's not possible to move forward until you can attract and put the right person into the right position. Many of the best business plans ever developed sit on shelves today because the [people who created them] could not find the key people who could execute those plans.