MARKETING MIX

INTRODUCTION 

     The term Marketing Mix first came into existence in the year 1964 when Neil H. Borden published his article , "THE CONCEPT OF MARKETING MIX " according to him marketing mix comprises : product, planning, pricing , branding , distribution channels , personal selling, advertising, promotion, packaging , display, servicing, physical handling, fact finding and analysis. However , later E. Jerome Mc Carthy grouped these ingredients into four broad categories namely PRODUCT, PRICE , PLACE AND PROMOTION that today are popularly known as 4P's of Marketing.

CONCEPT OF MARKETING MIX 

      The main objective of marketing mix is to identify the needs of the consumers and provide them with the goods and services that can satisfy their need most effectively. For this purpose the business organisation needs to manufacture products as per the requirements of the consumer make these product available at a price that the consumers are willing to pay, make these product available to the consumers at the outlets convenient to them and inform the consumers about the product and their characteristics through various media channels that are available to the consumer. The business organization , thus need to concentrate on four major decisions namely Product ,Price, Place and Promotion to achieve their marketing objective. 

       All these elements are known as 4P's of Marketing.  All these elements are interrelated to one another as decision related to one element affect decision made in other areas.

DEFINITION : PHILIP KOTLER has defined Marketing Mix as , " A set of controllable variables that the firm can use to influence the buyer's response. "

COMPONENTS OF MARKETING MIX

    1. PRODUCT MIX : A product is a bundle of utilities or a cluster of tangibleand intangible attributes that provide physical and Psychological satisfaction to the buyer. Product mix also known as product assortment. Concerned with the planning , development and manufacturing of the right type of products and services that can satisfy the wants of the consumers and enable the firm to achieve high profit. It include decisions about the product line ( no. of related products the business organisation offers) , product width( no. of products line that the organisation offers) , product length ( total no. of product in q business organisation product mix ) , product depth( variation in each products in terms of size, flavour pr thee distinguishing characteristics ) and product consistency ( how closely related in terms of production , distribution and use of products line are ) .

     2.PRICE MIX :  Price is the exchange value of goods and services in term of money. It refers to the amount of money that is being charged by the seller of the product it offers from the buyer. Price mix consist of decision with regard to the unit price of products , the amount of discount to be allowed and rebates to be given, the credit policy of the business organisation , the profit margin the business organisation seeks to earn, the pricing policies and terms of delivery.

  3. PLACE MIX : Place mix consist of those activities that need to be performed to transfer ownership of goods to the customers. It also entails activities that are to be performed to make goods available at the right time and the right place. The business organisation needs to take decision about the distribution channels to be employed , the outlets at which the products would be available , the place at which the product should be displayed, the physical distribution system to be employed for handling and transforming to products to the trade channels.

4. PROMOTION MIX : Promotion is concerned with Informing and persuading the customers about the business organization products. It is medium through which busineses can communicate with their customers about how their product is superior in comparison to other competing brands.

        Promotion mix consist of FIVE DISTINCT ELEMENTS namely ADVERTISING, PUBLIC RELATIONS, PERSONAL SELLING , SALE PROMOTION AND DIRECT MARKETING. Under promotion mix , business organisation need to take decisions regarding the which advertising media to use, the advertising theme to be employed , the amount of advertising budget, conducting sale contests , deciding the role of salesman who will play in creating awareness about the product.