What is marketing mix? What are its main elements? Explain.
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What is meant by marketing mix? Explain its elements in brief.
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Explain the elements of marketing mix.
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Explain four important components of marketing mix.
Marketing mix is a combination of four elements- product, price, promotion and place. Marketing mix refers to the tools or ingredients, which the marketer mixes in order to interact with a .particular market.
The marketing mix consists of various elements, which are classified into four categories, also known as ‘4 Ps of marketing’.
They are:
1.Product
Product means goods or services or ‘anything of value’ which is offered to the market for sale. It is a mixture of tangible and intangible attributes, which are capable of being exchanged for a value.
From the customer’s point of view, a product is a bundle of utility as it provides three types of benefits to the consumers, viz:
{i) Functional benefits.
{it) Psychological benefits.
{Hi) Social benefits. ’
It also includes the extended product or what is offered to the customer as after sales services, handling complaints, credit services, etc.
The product mix refers to important decisions related to the product such as quality of product, design of product, packaging, etc.
2. Price ’
Price of a product refers to the amount of money that the customer has to pay in the market to obtain the product. The marketers have to take a number of decisions regarding price level, pricing strategy, pricing objectives, discounts, etc, together known as price mix.
3. Place
Place or physical distribution covers all the activities required to physically move the goods from manufacturers to customers.
The two major decision areas under this function are:
(i) Decision regarding channels of distribution.
{ii) Physical movement of goods from the place where it is produced to the place of consumption. Thus, place mix involves a number of decisions relating to inventory control, intermediaries, negotiation, storage, warehousing, transportation, etc.
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