marketing mix involves decisions regarding products to the madeavailable, the price to be charged for the same, the incentives to beprovided to the consumers in the markets where products would bemade available for sale. These decision are taken keeping in viewthe influence of marketing forces outside the organisation.
Characteristics of Marketing Mix
(i) Marketing-mix is the crux of marketing process:
Marketing mix involves many crucial decisions relating to eachelement of the mix. The impact of the mix would be the best whenproper weightage is assigned to each element and they areintegrated so that the combined effect leads to the best results.
(ii) Marketing mix has to be reviewed constantly in order tomeetthe changing requirements :
The marketing manager is required to constantly review the mix andconditions of the market, and make necessary changes in themarketing mix according to changes in the conditions andcomplexion of the market.
(iii) Changes in external environment necessitatealterrations inthe mix:
Changes keep on taking place in the external environment. For manyindustries, customer is the most fluctuating variable of environment.Customers’ tastes and prefrances change very fast. Brand loyalty