ELEMENTS OF MARKETING MIX
A mixture of some ideas and strategy followed by a marketing representative to promote a particular product or brand is called marketing mix. The marketing mix consists of different variables, which have generally been classified into four categories, commonly known as four Ps of marketing. These are:
(i) Product, (ii) Price, (iii) Place, and (iv) Promotion,
Product: Product means goods or services or ‘anything of value’, which is offered to the market for exchange. For example, UniLever company offers number of customer products like toiletries (Close-Up Toothpaste, Lifebuoy Soap, etc.), detergent powder (Surf, Wheel) etc. Tata offers Tata Steel, Trucks, Salt and a large number of other products; LG Electronics Offers Televisions, Refrigerators, Colour Monitors for Computers, etc.
The significant product decisions include deciding about the features, eminence, packaging, labeling and branding of the products.
Price: Price is the amount of money consumers have to pay to attain the product. In case of most of the products, level of price affects the level of their demand. The marketers have not only to settle on about the objectives of price setting but to evaluate the factors decisive the price and secure a price for the firm’s products.
Place: Place or Physical Distribution includes activities that make firm’s products obtainable to the target consumers. Place refers to the position where the products are obtainable and can be sold or purchased. Buyers can purchase products either from physical markets or from virtual markets.
Promotion: Promotion of products and services include activities that communicate accessibility, features, qualities, etc. of the products to the target consumers and persuade them to buy it. Promotion includes diverse techniques in use to promote and make a brand admired amongst the masses.