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What do you mean by Marketing mix? Explain briefly the elements of marketing mix?

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1. Marketing mix is described as the set of marketing tools that a firm uses to pursue its marketing objectives in a target market. 

2. This term ‘marketing mix’ is given by Neil H Borden. It refers to aggregate of strategies formulated to achieve various marketing objectives.

3. Marketing mix is the combination of four inputs that revolve around consumer satisfaction as the focal point. These four element are product, price, promotion and the place/ physical distribution. These elements are popularly known as 4 Ps of marketing.

Element of marketing mix: The marketing mix consists of various elements, which have been broadly classified into four categories popularly known as four Ps of marketing which are as follows.

1. Product mix : Product means ‘anything of value’ which is offered to the market for sale. Product is one of the main elements of marketing mix. In marketing terms, product refers to anything that satisfies the needs of the consumers. It may be a good, a service or an idea. The product mix has the following important 

Components: 

Brand, Style, colour, design, product line, Package, warranty, etc. 

The concept of product also include the extended product or what is offered to the customers by way of after-sale services, handling complaints, availability of spare parts, etc,

2. Price mix: Price represents the value of a product expressed in terms of money it is the amount of money customers have to pay to obtain the product. The price mix is concerned with fixing a reasonable price to the product or services that cover the cost and distribution expenses as well gets reasonable profits to the manufacturer.

The basic variables related to price mix include pricing strategy, pricing policy, credit – terms, discounts, allowances, etc,

3. Promotion mix: Promotion of product and services – include activities that communicate availability, features, merits, etc, of the products to the target customer and persuade them to buy it. The promotion mix includes personal selling, publicity, advertising, and sales promotion.

Most marketing organisations, undertake various promotional activities and spend money on the promotion of their goods using promotional tools such as advertising, personal selling etc, the success of a market offer will depend on how well these ingredients are mixed to create superior value for the customers and also achieve their sale and profit objective.

4. Place: Place or physical distribution include activities that make firm’s products available to the target customers. It is concerned with making available the goods and services at right time, at right place, in right quantity. It enables the smooth flow of goods and services from the producers to the customers.

It creates place, time and possession utilities. The place mix includes distribution channels like agents, wholesalers retailers, etc. and physical distribution which includes transport, warehousing, inventory, etc.

Conclusion: The process of marketing involves creating a market offering, to satisfy the needs and wants of the present and potential buyers. From a number of alternatives available a firm chooses a particular combination to develop a market offering the combination of variables chosen by a firm to prepare its market offering is called as marketing mix.

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