MARKETING MIX

The marketing mix is a business tool used in marketing and by marketing professionals. The marketing

mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in
the market.
Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to
promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price,
Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes
several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.

A planned mix of the controllable elements of a product's marketing plan commonly termed as
4Ps: product, price, place, and promotion.
These four elements are adjusted until the right combination is found that serves the needs of the
product's customers, while generating optimum income. Sometimes the first P (Product) is
substituted by presentation.

Marketing Mix consists of the 4Ps:

Product
Price
Place
Promotion
PRODUCT MIX
It deals with what and how the product will be. Products that are marketed include physical goods,
services, experiences, events, persons, places, properties, organizations, information and ideas. The main
aim is to produce products that could aptly satisfy the demands of the target. It has 5 concepts, namely:
Product Concept
Production Concept
Selling Concept

Marketing Concept
Marketing with Social concern
PRICE MIX
Price is the marketing-mix element that produces revenue; the others produce costs.
Price operates as the major determinant of buyers choice, so appropriate pricing is a major step for
successful marketing. Pricing is done in two ways:
Premium pricing
Penetrative pricing
PROMOTION MIX
Having a great product is not enough. People must be aware of its existence. is the basic principle of
promotion mix. Promotion is communication used by marketers to inform, remind, or persuade potential
buyers. The four main subsets of promotion are personal selling, advertising, publicity (as part of a public
relations effort), and sales promotion. Promotion is carried out in three ways:
Mass media
Personal Media
Interactive Electronic Media
PLACE MIX
Place mix deals with taking the product from the producer to the consumer, it is also called distribution
channel management. A channel of distribution is defined as the route from producer to consumer. Both
producer and consumer are always members of a channel of distribution. However, there may be several
market intermediaries developed to facilitate the flow of the physical product or the transfer of ownership
(title) of the product from the producer to the consumer, specializing in distribution rather than
production. When these intermediaries join with a manufacturer in a loose coalition aimed at exploiting
joint opportunities, a channel of distribution is formed.

There are mainly two levels of channels of distribution:

Single Level - Producer to consumer
Multi Level Producer to distributor/wholeseller/retailer to consumer

New Product Development

Most new offerings go through similar stages in their development process. Although the size of a
company will affect how the different stages of their new product development process are conducted
and whether products are test marketed before being introduced, the steps are generally the same.
Figure 7.2, The New Offering Development Process summarizes these steps.