Marketing mix, 4 p's of marketing

1. Marketing Mix
Kulbir Singh

2. Meaning
Marketing mix is the process of designing and
integrating various elements of marketing is
such a way to ensure the achievement of
enterprise objectives.
It refers to the set of actions or tactics that a
company uses to promote its brand or product
in the market.

3. Definition
Marketing is the pack of four sets of variables
namely-product, price, promotion and place
variables. Jerome McCarthy
A mixture of several ideas and plans followed by
a marketing representative to promote a
particular product or brand is called marketing
mix.

4. Elements of marketing mix
• Product
• Price
• Promotion
• place

5. Product Mix
The most basic marketing mix tool is product,
which stands for the firm’s tangible offer to the
market including the product quality, design,
variety features, branding, packaging, services,
warranties etc.

6. Price Mix
A critical marketing mix tool is price, namely, the
amount of money that customers have to pay
for the product. It includes deciding on
wholesale and retail prices, discounts,
allowances, and credit terms. Price should be
commensurate with the perceived value of the
offer, or else buyer will turn to competitors in
choosing their products.

7. Place Mix
This marketing mix tool refers to distribution. It
stands for various activities the company
undertakes to make the product easily available
and accessible to target customers. It includes
deciding on identify, recruit, and link various
middlemen and marketing facilitators so that
products are efficiently supplied to the target
market.

8. Promotion Mix
The fourth marketing mix tool, stands for the
various activities the company undertakes to
communicate its products’ merits and to
persuade target customers to buy them. It
includes deciding on hire, train and motivate
salespeople to promote its products to
middlemen and other buyers. It also includes
setting up communication and promotion
programs consisting of advertising, personal
selling, sales promotion, and public relations.

9. Marketing mix or 4 Ps of marketing is the combination
of a product, its price, distribution and promotion. It
must be designed by marketers in such a manner that
these four elements together must satisfy the needs
of the organization's target market, and at the same
time, achieve its marketing objectives.

10. People
These involves all those concerned with the
service-either directly or indirectly. In services,
the production and consumption of the service
happen together and are inseparable. Therefore,
the consumer experience is directly proportional
to the effectiveness of the contact employees
providing it.

11. Physical evidence
It refers to the whole environment in which the
service is delivered and sold to the consumers. It
includes all the tangibles that create perceptions
about the service and the firm offering it.

12. Process
This involves the operational aspects of the
service such as the procedures, time duration
and sequence of activities leading to the
consumer experience of the service. Creating an
effective service process is essential for the
success of a service firm.