Marketing-Mix: Meaning, Components and Implications | gyankovandar

Rate this post
Marketing-Mix: Meaning, Components and Implications

Meaning of Marketing Mix

A marketing mix is a mixture of several ideas and plans followed by marketers to promote a particular product or brand, The marketing mix is the blend of marketing tools that the organizations use to achieve the marketing goal in a defined target market. Everything a business organization can do to influence the demand for its product in the target market is a marketing mix. The marketing mix is the activities that the business organization performs to attract customers towards the product.

Marketers reach their markets through various channels- communication, distribution, and selling. Marketers operate in a task environment and a broad environment. They face competition from actual and potential rival offerings and substitutes. The set of tools marketers use to elicit the desired responses from their target markets is called the marketing mix} Marketing management has to properly manage the marketing mix variables – product, price, place, and promotion. Marketing management must manage the marketing mix over the product life cycle stages, defend the product positions, activate and motivate the channel system, reduce distribution costs, increase brand and company awareness, conviction, and loyalty among the customers, manage the credit and payment cycle, manage competitors actions and reactions and so on.
Marketing mix refers to the total work that must be done to manage the market, customers competitors, and stakeholders, It is a term generally used to describe a particular combination Of marketing variables that are controllable by a marketer and which are used to appeal to a particular market segment.

Components and Implications

The mix of several activities that can be performed by a marketer to tempt customers is a marketing mix. Generally, marketers can work in four major components to attract customers; they are product, price, place, and promotion. So, these four components; simply known as 4ps are the components of the marketing mix. The views of McCarthy and Kotler are found the same about the marketing mix. They defined product, price, place, and promotion as the components of the marketing mix. However, in the case of the service marketing mix; physical evidence, process, and people are also included. The components of the marketing mix are described below:

Components of marketing mix
Components of the marketing mix

I. Product mix
The thing or material that satisfies the human wants is called a product. This is an important element of the marketing mix. In its absence, no activities of marketing can be done. The product mix includes the elements such as the design of the product, quality, variety, features, specialty, branding, packaging, service, warranty, etc. A firm or industry cannot satisfy the wants of the target market in the lack of product. So, product, plan and development, standardization, grading, etc. should seriously consider. Only attractiveness in looking does nothing, the product should also be of good quality. Otherwise, the product cannot compete in the market.
Similarly, brand. packaging and labeling of the product also play important role in the market. The name or brand of the product should be short, attractive, and easily memorable and packaging should reflect the features of the product. Besides, the packaging should be attractive and cost-effective. Labeling should give necessary information about the product and the firm should be fully responsible for the information. The warranty should also be given in order to increase the demand for the product in the market because the customers like to buy the products having a warranty rather than those with no warranty. The elements of the product mix are variety, quality, design, features, brand, packaging, service, warranties, and standardization.

2. Place mix

The other important element of the marketing mix is place. The entirety of different activities to supply products to the targeted market is place mix, Mainly the channel of distribution and the activities related to physical distribution is included in place mix. Distribution Channel includes agents, dealers, wholesalers, and retailers whereas order processing, warehousing, material handling, inventory management, and transportation are included in physical distribution. If the channel of distribution and physical distribution is not good, it affects adversely. So, physical distribution should be made according to the nature of the product through the proper channel. A considerable quantity of stock should be kept. If the products, in the quantity, to the place and at the time as wanted by customers are supplied, sale quantity can be increased. So, these things should also be wisely considered. The elements of place mix are: channel selection (Agents, wholesalers, retailers), channel motivation, and physical distribution (transportation, warehousing, inventory management, material handling, order processing)

3. Price mix

Price is the amount that is paid by customers for a particular product. Price is the measure of exchange. The price of any goods should agree with the quality of the goods. Price is the other important element of marketing. The price of goods directly affects the number of sales. If the price of goods is low, the sale becomes high, and if the price is high, the sale becomes low. In other words, the lower the price, the higher becomes the quantity of sale. So, the price of goods should be minimized by minimizing production costs as far as possible. As the customers pay price for the quality, the utility of the goods should be equal to the price. Otherwise, the goods cannot get popularity in markets and also cannot compete with the substitution goods. While determining the price of any product, all the elements affecting it should be analyzed. Price mix includes discount, terms, and conditions of sale, price list’ production cost, price of substitute goods, allowances, etc. The elements of the price mix are list price, discounts, allowances and commission, mode of payment, pricing objectives.

4. Promotion mix

All activities and efforts to be made in order to increase the flow of information as a whole are called promotion mix. This includes advertisement, publicity, personal selling, exhibition’ free sample, request, miking and public relation. The task sale promotion is creative as well as artistic. Success can be achieved in the competitive environment by increasing sale quantity through sale promotion activities. In this competitive age, an increase in sale quantity cannot be imagined without sale promotion activities. so, the customers should be persuaded to realize the need and be motivated to buy goods. Otherwise, goods of whatever the best quality, they cannot be taken out from the warehouse. It is also said that those who become active and dynamic can get success but those who are lazy can get nothing. Even if the goods are bad, promotional activities can create demands for them. But without any sale promotional program, even the best quality goods cannot be sold. The elements of the promotion mix are advertising, sales promotion, publicity, public relation, personal selling, etc.

5. Physical evidence

Physical evidence is related to the physical infrastructure that the service organization undertakes. Generally, people are not aware of the service of the organization until they experienced it. So, to lure customers to the organization, several physical evidence like outlets, buildings, furniture decorations, open spaces, parking, etc. are especially emphasized by the modern service organization. This infrastructure is experienced by eyes without purchasing the service. This evidence develops confidence among the customers toward service organizations. Nowadays colleges are promoting themselves by showing big buildings, well-managed playground, CCTV equipped classroom, etc.

6. People

Service is generated through people. So, for excellent service, people should be experienced, trained and skilled. The employees that execute the service should be reliable to influence more consumers. Therefore, marketers nowadays try to appoint employees with high profile and experience. Physically, mentally, socially and morally sound employees make the organization more reliable. The selection, training, and motivation are the important elements of a service organization to make the employee feel assured that they will be well served.

7. Process

Service is delivered through various processes. People are tempted by the service organization because of the way they deliver the service. So, an organization always makes several innovative processes in delivering service to the customers. They discover various systems or methods of service delivery. These processes bring convenience in utilizing the service. A process is a differentiation tool in the service marketing mix.

#. 5 Things Everyone Gets Wrong About Marketing Mix
#. 2The Ultimate Guide to Marketing Mix
#. 3The Most Hilarious Complaints We’ve Heard About Marketing Mix
#. 3 Common Reasons Why Your Marketing Mix Isn’t Working (And How To Fix It)
#. 10 Fundamentals About Marketing Mix You Didn’t Learn in School
#. 30 Inspirational Quotes About Marketing Mix
#. 5 Tools Everyone in the Marketing Mix Industry Should Be Using
#. 7 Trends You May Have Missed About Marketing Mix
#. Forget Marketing Mix: 3 Replacements You Need to Jump On
#. How to Win Big in the Marketing Mix Industry
#. The Simple Marketing Mix That Wins Customers
#. 6 Easy Steps To A Winning Marketing Mix Strategy
#. 6 Incredibly Useful Marketing Mix For Small Businesses
#. 6 Tips For Using Marketing Mix To Leave Your Competition In The Dust
#. 6 Ways Marketing Mix Will Help You Get More Business
#. 6 Ways You Can Eliminate Marketing Mix Out Of Your Business
#. Want A Thriving Business? Avoid Marketing Mix!
#. Want A Thriving Business? Focus On Marketing Mix!
#. Why Ignoring Marketing Mix Will Cost You Sales
#. Why Marketing Mix Is No Friend To Small Business
#. You Don’t Have To Be A Big Corporation To Have A Great Marketing Mix

This site is a free online educational website portal. It collects & shares educational as well as job related contents and Careers Offers.

Leave a Comment

error: Content is protected !!