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Marketing Mix

Marketing Mix

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Published by: khuranabhawna on Jul 20, 2010
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08/29/2014

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“Marketing Mix”
Marketing Mix
Introduction
 The basic task of marketing is the delivery of product(s) toconsumers so that their needs are fulfilled and organisationalobjectives are also achieved. This involves several importantdecisions, e.g. deciding about the product or products which shouldbe offered for sale, price of the product, markets where productsmay sell and the means of communication with the consumer for thesale of the product. All these decisions form part of marketing-mix. The concept of marketing mix, its components and the relationshipamong various components of marketing mix is important inmarketing.
Concept and Characteristics of Marketing Mix
 
 The process of marketing or distribution of goods require particularattention of management of business because production has norelevance unless products are sold. Marketing mix, simply stated, isthe processof designing and integrating various elements of marketing in such a way as to ensure the achievement of enterpriseobjectives. The elements of marketing mix have been classifiedunder four heads - product, price, place and promotion. That is whymarketing mix is said to be a combination of 4 P’s. Decisions relatingto the product include product designing, packaging and labellingand varieties of the product. Decision on ‘Price’ is very importantbecause sales depend to a large extent on product pricing. Whetheruniform price will be charged or different prices will be charged forthe same product in different markets are examples of decisionpertaining to the price of the product. The third important element is‘place’, which refers to decision regarding the market whereproducts will be offered for sale. ‘Promotion’ involves decisionsbearing on the ways and means of increasing sales. Different tools ormethods may be adopted for this purpose. The relative importanceto be attached to the various methods is decided whileconcentrating on the element of ‘promotion’ in marketing mix.,Lastly, the marketing manager has to take into account the impactof external factors like consumer behaviour, competitors’ strategy,and Government policy on each element of marketing mix. In short,
 
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

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