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.
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.
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.