Introduction to Marketing Mix, 4 Ps of marketing

1. MARKETING MIX
UNIT-3
Lesson 14: Marketing Mix- Definition, and its elements overview
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VIPULKUMAR N M
Assistant Professor,
Department of Commerce,
Kristu Jayanti College, Bengaluru
PRINCIPLES OF MARKETING AND SERVICES

2. MARKETING MIX
The term ‘Marketing Mix’ refers to the set of actions, or
tactics, that a company uses to promote its brand or product
in the market.
The 4Ps make up a typical marketing mix - Price, Product,
Promotion and Place.
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3. Prof. N. H. Borden of the Harvard Business School introduced the
concept of Marketing Mix.
According to him, it refers to two things:
 A list of important elements or ingredients that make up the marketing
program
 A list of the forces that have a bearing on the marketing operations
 He argued that the marketing mix refers to the apportionment of effort,
the combination, the designing and the integration of the elements
MARKETING MIX 3

4. DEFINITION
According to Philip Kotler, “Marketing Mix is the set of controllable
variables and their levels that the firm uses to influence the target
market.” Marketing mix is a combination of various elements, namely,
• Product,
• Price,
• Place (replaced by Physical Distribution) and
• Promotion.
MARKETING MIX 4

5. ELEMENTS OF MARKETING MIX
 Marketing mix is a set of marketing tools that the firm uses to
pursue its marketing objectives in the target market.
 McCarthy has classified these tools into four broad groups,
which are known as the 4 P’s of marketing. They are as follows:
1. Product
2. Price
3. Place
4. Promotion
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8. The marketing variables covered under each P are shown below. Marketing Mix hence
includes:
I. . PRODUCT
a. Product variety
b. Quality
c. Design
d. Features
e. Brand name
f. Packaging
g. Sizing
h. Services
i. Warranties
j. Returns
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9. II . PRICE
a. List price
b. Discounts
c. Allowances
d. Payment period
e. Credit terms
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10. III. PROMOTION
1. Sales promotion
2. Advertising
3. Sales force
4. Public relations
5. Direct marketing
6. Telemarketing
7. Internet
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11. IV. PLACE
1. Channels
2. Coverage
3. Assortments
4. Location
5. Inventory
6. Transport
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12. 4Cs OF MARKETING
Robert Lauterborn introduced the 4C marketing model in 1990 after he
declared the traditional 4Ps obsolete. However, the 4Ps and 4Cs can be
considered as two sides of the same coin. One side shows the consumer’s
– the buyer’s – perspective. The other demonstrates how the marketing
mix should be coordinated from the perspective of the organisation – the
seller
1. Customer solution
2. Customer cost
3. Customer’s convenience
4. Customer communication
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13. 134P’s Vs 4C’s

14. SIGNIFICANCE OF MARKETING MIX
1. Emphasis on key elements
2. Guide for resource allocation
3. Allocation of the responsibilities
4. Analysis of cost and benefits
5. Facilitating communication process
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15. FACTORS AFFECTING MARKETING MIX 15

16. THE END
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