We will share knowledge of the Marketing Mix? Component of Marketing Mix?
Meaning:
A marketing mix is a set of controllable variables designed and offered by sellers to buyers. It indicates the composition of activities related to (4Ps) product, price, place, and promotion in advance. It is a bundle of activities and benefits developed and created by marketers to offer in the market.
Similarly, the Plan schedule of the marketing manager, decision by the marketing department/ manager for reducing uncertainties related to the following components. Moreover, it is the core of the marketing program.
Core/Components of Marketing Mix
Following are the components of Marketing Mix
1. Product Mix:
Product is anything offered ( goods, services) to the buyer that gives satisfaction to the customer. – Product mix refers system of managing product activities, attributes, and practices. It is a marketing decision about branding, packaging, size, grade, color, taste, smell, warranty, functions, features, etc. It also defines either consumer or industrial products, perishable or durable products either day to day basic items or luxury, etc
2. Price Mix:
Price is the economic value of a product at which the buyer is ready to buy and the seller is ready to sell. It focuses amount paid by the buyer to the seller for gaining product. Price mix is related to decisions for designing the final price and completing exchange relations. It is making decisions about terms and conditions related to sales, cash or credit sales, discount schemes, installment system, etc. It also decides the price penetration system (Charging a low price at first) and price skimming low price ( Charging a higher price at first).
3. Place Mix
The place is concerned with the distribution of products from one point to another point. – Place mix is making a distribution from point of origin to point of consumption. It is a system of making products accessible in the market and available to customers based on the following decisions.
a. Channel Structure: It is managing authorized distributors, wholesalers, and retailers for making products available to customers.
b. Physical distribution: It is managing order processing, warehousing, material handling, inventory mgmt, and transportation, for making products accessible in the market.
4. Promotion Mix:
Promotion means persuasive communication from the seller to the buyer for stimulating product demand. – Promotion mix is a system of developing desires, awareness, and interest of buyers about products through tools and techniques.
It is making decisions about:
- Advertising (a paid form of non-personal communication through any media )
- Personal Selling (Personal and face to face communication between buyer and seller )
- Publicity ( Press release, press conference, article issue, and another unpaid form)
- Sales promotions ( Short-term incentives, benefits, and schemes for buyers)
- Public relations ( donation, charity, sponsor, tec )
An expanded marketing mix:
Nowadays, 4 Ps has expanded to 7 ps by adding people, process, and physical evidence, especially for service marketing.
- Process Mix
- People Mix
- Physical Mix
Other Important Links:
Meaning of Marketing: CLICK HERE
Importance of Marketing: CLICK HERE
Job Vacancy in Nepal: CLICK HERE
