Mix

Definition: 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

The different marketing activities are categorised by McCarthy into marketing mix tools, of four
types, which are commonly known as ‘four Ps of marketing’:

 Product: Product refers to the goods and services, that are offered to the customers for sale
and are capable of satisfying their wants. A firm makes strategies to introduce products which
are high in demand and drop the ones which cause loss to the company. Strategic decisions
regarding the product variety, quality, design, features, brand name, packaging, size, returns,
after-sales services, etc., are to be made.
Products offered by the firm should be such that which creates an impact in the minds of the
customers that the products offered by them are different than those offered by the
competitors. So, differentiation is the key, that helps in creating brand value.

 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.
 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.
 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.
In addition to the 4P’s, when there is consumer-oriented or service marketing, 3P’s are added to
it, which are:

 People: It comprises of all the human beings that play an active role in offering the product or
service to the customer such as the employees. It also views customers as people not as
buyers, to understand their needs and fulfil them.
 Process: The complete procedure and the flow of activities through which the product reaches
the final consumer.
 Physical Environment: As the name suggests, it refers to the marketing environment wherein
the interaction between customer and firm takes place.
A powerful marketing mix brings together all the tools in such a way that creates demand for the
product by offering value to the customers and thus pursues its marketing objectives.

Marketing Mix
Definition: 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

The different marketing activities are categorised by McCarthy into marketing mix tools, of four
types, which are commonly known as ‘four Ps of marketing’:

 Product: Product refers to the goods and services, that are offered to the customers for sale
and are capable of satisfying their wants. A firm makes strategies to introduce products which
are high in demand and drop the ones which cause loss to the company. Strategic decisions
regarding the product variety, quality, design, features, brand name, packaging, size, returns,
after-sales services, etc., are to be made.
Products offered by the firm should be such that which creates an impact in the minds of the
customers that the products offered by them are different than those offered by the
competitors. So, differentiation is the key, that helps in creating brand value.

 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.
 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.
 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.
In addition to the 4P’s, when there is consumer-oriented or service marketing, 3P’s are added to
it, which are:
 People: It comprises of all the human beings that play an active role in offering the product or
service to the customer such as the employees. It also views customers as people not as
buyers, to understand their needs and fulfil them.
 Process: The complete procedure and the flow of activities through which the product reaches
the final consumer.
 Physical Environment: As the name suggests, it refers to the marketing environment wherein
the interaction between customer and firm takes place.
A powerful marketing mix brings together all the tools in such a way that creates demand for the
product by offering value to the customers and thus pursues its marketing objectives.