Marketing Mix is the combination of four inputs that revolve around the consumer satisfaction as the focal point. These.four elements are product, price, promotion and the place, known as 4 p’s of marketing mix.
Product Mix: Product is one of the main elements of the marketing mix. It occupies a dominant position. A 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 elements-
- Brand.
- Colour,
- Product line.
- Warranty.
Price Mix: Price represents the value of a product expressed in terms of money. The actual profits accrue to the producer/seller only through the price. The price mix is concerned with fixing a reasonable price to the product/service that covers the cost and distribution expenses as well gets reasonable profits to the manufacturer.
The elements of Price Mix are-
- Pricing strategy
- Pricing policy
- Credit terms.
- Discounts
- Allowances.
Promotion Mix: The promotion mix mainly deals with informing about company’s products or services to the potential consumers and stimulating them to purchase the same.
The promotion mix includes the following elements:
- Personal selling.
- Advertising.
- Publicity.
- Sales promotion.
Place Mix: Place or physical distribution mix is concerned with making available of the goods and services at right time, at right place and in right quantity. It enables for the smooth flow of goods & services from the producers to consumers. It creates place, time and possession utilities.
The place mix includes the following elements:
- Distribution channels (Agents, Wholesalers, Retailers),
- Physical Distribution (Transport, Warehousing, Inventory)
