Q. 23.6( 5 Votes )

What is marketing mix? What are its main elements? Explain.

Answer :

Marketing mix is the combination of four important constituents of marketing system. It is a system which comprises the following subsystems of marketing

Price


Product


Promotion and


Place


So we call it 4 P's of marketing.


A) Product: It involves planning, designing and developing right type of product to satisfy the customers need. It involves following decisions –


Product design – features, quality


Product assortment – product range, product mix, product lines


Branding


Packaging and labelling


Services (complimentary service, after-sales service, service level)


Guarantees and warranties


Returns


Managing products through the life-cycle


B) Price: It involves decision regarding price, pricing policy, discount and credit. It involves taking decisions regarding the following –


Price strategy


Price tactics


Price-setting


Allowances – e.g. rebates for distributors


Discounts – for customers


Payment terms – credit, payment methods


C) Place: It refers to the location where products can be made available for sale and purchase. It involves decisions regarding type of middlemen, means of transport, storage system, etc. It involves taking decisions regarding –


Distribution Strategies


Franchising


Market coverage


Channel member selection and channel member relationships


Assortment


Location decisions


Inventory


Transport, warehousing and logistics


D) Promotion: It is concerned with informing and persuading the customers about the product. It involves taking decision regarding –


Promotional mix - appropriate balance of advertising, PR, direct marketing and sales promotion


Message strategy - what is to be communicated?


Channel/ media strategy - how to reach the target audience


Message Frequency - how often to communicate


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