2.2.1 Introduction
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself”. – Peter Drucker
In the previous chapter we have seen how event marketing helps the company to promote their products and also increase brand value. However, with growing demands of customers, increased competitors and technology,an emerging technique called Marketing Mix has been coming into vogue. This term was first coined by Neil Borden in the year 1953 as an extension of the work created by one of his associates James Culliton in the year 1948.
What is Marketing Mix?
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.
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In terms of services there are three Ps: People, Process and Physical Evidence.
In recent years, a fifth P which means packaging has been considered as an important feature to increase the brand value.
2.2.2 Importance of Marketing Mix:
While there are many marketing strategies currently present in the market, Marketing Mix has gained the maximum popularity and most used strategy by many companies which are product and service based. One of the inherent advantages of Marketing Mix is that; it takes less time to implement and maximises return of investments and profits for the same. In this case,it is a win-win situation for the company.
But why is Marketing Mix so important? How does it impact a business and its strategies?
1. It helps in Mix Creation: Marketing Mix needs proportionate presence of each of the Ps depending on product or service. While making Marketing Mix, the chain of bonds get stronger. It also helps process become easier while making a new product, or a new line up of products for a
Marketing mix is a business term that refers to the tool used in marketing. Utilizing marketing mix when determining a product or brand goes hand-in-hand with the 4P 's price, product, promotion, and place. Marketing mix is required for organizations when planning or implementing new marketing strategies. When planning an effective market strategy it is essential to utilize these elements to develop an effective plan..
The marketing mix is the general phrase used to describe the different kinds of choices organisations have to make in the whole process of bringing a product or service to the market...
The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that
The marketing mix is a desirable place to begin when you are thoroughly considering creating a new product or service, and it offers you some
The marketing mix is a business tool used in marketing and by marketers. The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four P's: price, product, promotion, and
Marketing mix is the set of controllable tactical marketing tools which that the firm blends to produce the response it wants in the target market.
The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.
And also claimed that: (Kotler and Armstrong “…the set of tactical marketing tools that the firm blends to produce the response it wants in the target market”. And also, Singh (2012) likewise concurred that the marketing mix is a set of controllable variables that the company can use to influence the buyers’. At the end of the day, marketing mix helps the organizations experiencing an assortment of snags in the market to settle on appropriate choices in impacting client's requests for the company's
Setting the right marketing mix for the product or service means that it including all of the important bases in marketing strategy. The marketing mix is generally established as the use and requirement of the 4P’s which is describing the strategic position of a product in the marketplace. One version of the beginning of the marketing mix starts in 1948 when James Culliton said that a marketing decision should be a result of something related to a methods and he described the marketing manager as a “mixer of ingredients”.
The marketing mix is primarily made up of four variables, and they are product, place, price, and promotion. These variables are often referred to as the four P's. Many sources often describe the marketing mix as a recipe used in developing a viable marketing strategy, with each ingredient being used different ways and at different times based on the product or service one is trying to market. This paper will utilize three sources to describe the elements of the marketing mix. It will also describe how each one of the four elements of the marketing mix impacts the development of an organization's marketing strategy and tactics.
Marketing mix is also called 4P’s of marketing .It can also be used to find existing market strategy. 4P of marketing represents:
Marketing mix is nothing but a critical mix of right amount of efforts and mechanism that is made up of the product that an organisation offers, market segmentation and the marketing strategy, selling the product at the right price and to the right customers through right people.
Marketing mix refers to the enterprise for their target market needs, control various marketing factors (product, price, place and promotion) to optimize the combination and comprehensive utilization, in order to accomplish better economic and social benefits (Chai, 2009, p.4). Place and product will be attached more importance in this section.
Marketing mix is one of the basic and the very important part of marketing plan. It includes all the elements that are important for an organization from manufacturing to sale of the product. It can be considered as the set of marketing tools that blends together to generate a marketing response in the market. Every organization uses this tool to make its marketing plan. Primarily it consists of 4P’s, but now it is extended to 7P’s of marketing. (Jain, 2013)