what is marketing mix? marketing mix definition

what is marketing mix

The marketing mix is the most intimate term. The marketing mix helps organizations make strategic decisions when launching new products or revising the existing product. In simple words, the marketing mix is the set of methods or actions that a company or business used to promote its product or brand or services in the market.

4 p's of marketing 

·     Product
·     Price
·     Place
·     Promotion

(the 4ps marketing strategy was first introduced in the 1960s by a marketing professor and author E-Jerome McCartney.)

7 p's of marketing,

 The services marketing mix is also called the 7ps and subsume the option of,-

·     People
·     Processes
·     Physical evidence

Definition by the expert:

          Definition by Philip Kotler - "Marketing Mix is the combination of four elements called the 4P's (product, Price, Promotion, and Place), that every company has the option of adding, subtracting or modifying to create the desired marketing strategy"

  As per Wikipedia "The marketing mix is a built-up model for organizations. The marketing mix has been characterized as the "set of marketing tools that the firm uses to pursue its marketing destinations in the objective market". Thus, the marketing mix refers to four broad levels of marketing decisions, namely: product, price, place, and promotion."

Describe,-

•      Product: The product is the most important item is the marketing mix. Product refers to an item that satisfies the consumer's needs and wants. Many of product is tangible(goods) or many of product is intangible.

•    Price: Price is also a very important component. Price is referring to the value that is put of a product. Price determines your company's profit and survival. Adjusting the price of the product has a big impact on the entire marketing strategy as well as extremely affecting the sales and demand of the product.

•     Place: place refers to the point of providing customer ingress. The place is also known as channel, distribution or intermediary. It is the component through which products or services are moved from the manufacturer or specialist organization to the client or consumer."
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•    Promotion: promotion is a very important part of the marketing mix. Promotion refers to marketing communications. Promoting is comprised of the various elements like,

                                                          Advertising.
                                                          Sales.
                                                          Promoting.
                                                          Personal selling and public relations.

•      People: people are the most important element of service orientated business. The people in the framework represent the employees, consultants, and freelancers who deliver the service to customers. At the point when a business discovers individuals who for the most part have confidence in the items or administrations that the specific business makes, all things considered, workers will perform they can.

•      Process: The process is the steps that are required to deliver the service to a customer. A process needs to be clearly defined for the service provider. This basic process should ensure the repeatedly deliver the same standard of service to every customer at any time and any day.

•     Physical evidence: physical evidence is a very important component of marketing as it can boost brand recognition. Physical evidence is the space where customer and service provider personal interact. In simple word physical evidence refers to everything customers see interacting with any business. Physical evidence the level of comfort and all activeness.