THE PRODUCT ‘P’ IS ALWAYS THE SINGLE MOST IMPORTANT ELEMENT IN THE MARKETING MIX
Definition of Marketing Mix
According to Philip Kotler - "Marketing Mix is the combination of four elements, called the 4P's (product, Price, Promotion, and Place), that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy"
Marketing Mix was first coined by Neil Bordon, the President of the American Marketing Association in 1953 and is referred to as the set of actions, used by a company or organisation to promote its product or service in the market. A typical Marketing Mix is made up of 4Ps – Product, Price, Promotion and Place. These 4 Ps were introduced by the marketer E. Jerome McCarthy…show more content… On basis of price, positioning is done. And on the basis of positioning further affect the place and promotion decisions are made. Thus all the 4 Ps of marketing mix go hand in hand.
For example, Coca Cola is the one of the leading providers of soft drinks in the world. Coca Cola has maintained affordable prices due to its rivalry with Pepsi. It is available at all leading stores, and promotion is done on the television, newspapers and in stores etc. So all the elements have to be kept in mind by the marketer to market his product.
At the end, we conclude that the product ‘P’ is not the only important element in the marketing mix. No single element in the marketing mix carries more importance than the other. Each and every element ideally supports the other elements. There is no single element of marketing mix that works alone for any business. To create the right marketing mix, a marketer has to consider a product with right features, with the right price, make sure that the goods are at their right place on right time and promoted successfully. All the variables of the marketing mix are influenced with each other. They are used in constructing the business plan for a company and if all elements are placed rightly then success is achieved. In case if a single element goes wrong then it can lead to disasters. These 4 components are a part of marketing mix strategy because these elements are to be