MARKETING MIX

MEANING
AND
ITS ELEMENTS
 Themarketing mixdeals with the way in which a business
uses price, product, distribution and promotion to market and
sell its product.
INTRODUCTION

Neil Borden in the year 1953 introduced the term Marketing mix, an
extension of the work done by one of his associates James Culliton
in 1948.
Marketing Mix - A mixture of several ideas and plans followed by a
marketing representative to promote a particular product or brand
is called marketing mix.
Several concepts and ideas combined together to formulate final
strategies helpful in making a brand popular amongst the masses
form marketing mix.
ELEMENTS OF MARKETING MIX
THE ELEMENTS OF MARKETING MIX ARE OFTEN CALLED THE FOUR PS OF
MARKETING.

1.Product
Goods manufactured by organizations for the end-users are called products.
Products can be of two types - Tangible Product and Intangible Product
(Services)
An individual can see, touch and feel tangible products as compared to
intangible products.
A product in a market place is something which a seller sells to the buyers in
exchange of money.
PRICE

The money which a buyer pays for a product is called as price of

the product. The price of a product is indirectly proportional to its
availability in the market. Lesser its availability, more would be its
price and vice a versa.

Retail stores which stock unique products (not available at any

other store) quote a higher price from the buyers.
PLACE

Place refers to the location where the products are available and
can be sold or purchased. Buyers can purchase products either
from physical markets or from virtual markets. In a physical
market, buyers and sellers can physically meet and interact with
each other whereas in a virtual market buyers and sellers meet
through internet.
 PROMOTION
Promotion refers to the various strategies and ideas implemented by
the marketers to make the end - users aware of their brand.
Promotion includes various techniques employed to promote and
make a brand popular amongst the masses.
Promotion can be through any of the following ways:
Advertising
Word of mouth
LATELY THREE MORE PS

People -The individuals involved in the sale and purchase of

products or services come under people.
Process -Process includes the various mechanisms and
procedures which help the product to finally reach its target
market
Physical Evidence -With the help of physical evidence, a marketer
tries to communicate the USPs and benefits of a product to the
end users
FOUR CS OF MARKETING MIX

Now a days, organizations treat their customers like kings. In the current
scenario, the four Cs has thus replaced the four Ps of marketing making it a
more customer oriented model. Koichi Shimizu in the year 1973 proposed a four
Cs classification.
Commodity -(Replaces Products)
Cost -(Replaces Price) involves manufacturing cost, buying cost and selling cost
Channel -The various channels which help the product reach the target market.
Communication -(Replaces Promotion)
Robert F. Lauterborn gave a modernized version
of the four Cs model in the year 1993.
According to him the four Cs of marketing are:

Consumer
Cost
Convenience
Communication
 KNOWN AS A "MIX"
because each ingredient affects the other and the mix must overall be
suitable to the target customer.
For instance:
High quality materials used in a product can mean that a higher
price is obtainable
An advertising campaign carried in one area of the country requires
distribution of the product to be in place in advance of the campaign to
ensure there are no disappointed customers
Promotion is needed to emphasise the new features of a product
The marketing mix is the way in which the marketing strategy is put
into action - in other words, the actions arising from the marketing plan.
 The basic marketing mix is often
referred to as the "Four P's" - since the
most important elements of marketing
are concerned with:

Product - the product (or service) that

the customer obtains

Price - how much the customer pays for

the product

Place how the product is distributed

to the customer

Promotion - how the customer is found

and persuaded to buy the product
WHAT MAKES FOR AN EFFECTIVE
MARKETING MIX?

An effective marketing mix is one which:

Meets customer needs

Achieves marketing objectives
Is balanced and consistent
Creates a competitive advantage