Friday, November 29, 2019

Marketing mix and its components

Marketing mixes have a number of facets and are important to devise strategies in order to manage the dynamic environmental effects of the market. Marketing mixes are inter-related, interdependent, and also a combination of many factors. Marketing mix means the product, distribution, promotion and pricing strategies to produce and carryout exchanges and achieve the target markets.

"Marketing mix -a set of relevant factors and solutions that enable customers to meet the (national) needs and achieve the goals set by the company. According to Philip Kotler “Marketing mix is the set of controllable variables that the firm can use to influence the buyer’s response”.

Product refers to the goods and services offered by the organization. It includes half of the material goods, such as furniture, clothing and grocery items and intangible products, such as services, which users buy. Product’s appearance, function, and support make up what the customer is actually buying. Successful managers pay close attention to the needs their product bundles address for customers.

Price is one of the most important marketing mix items and many scientists consider the price as one of the most important elements of the market, which increases not only profits, but also market share. It is the second most important element in the marketing mix. Many factors like demand for a product, cost involved consumer’s ability to pay, prices charged by competitors for similar products, government restrictions etc. have to be kept in mind while fixing the price.

Another very important element of marketing is a place that is also called the distribution, which is defined as the process and methods by which products or services reach customer. The distribution channel is defined as an integral part of the service, which involves the service provider, intermediaries (agents) and the same service user (in most cases). Products must be made available to the consumers at a place where they can conveniently make purchase.

The last 4P marketing complex element of the promotion, which helps to increase consumer awareness in terms of their products, leads to higher sales and helps to build brand loyalty. It is the communication process between the customer and the product or service, it is what the promotions try to tell target customer about the product, and it’s the way to make customer aware about the product.

Customer research is a key element in building an effective marketing mix. Knowledge of the target market and competitors will allow the company to offer a product that will appeal to customers and avoid costly mistakes.
Marketing mix and its components
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