Marketing Mix and Its Components Full Notes Class 11

           Unit 3        

 Marketing Mix and Its Components

Meaning and Definition Of Marketing Mix

The marketing mix is defined as the combination of various marketing tools that a firm uses to achieve its marketing objectives. The term marketing mix was first coined by Neil Borden. Today, it forms the core of all the marketing program.

Different experts have defined marketing mix in their own ways. Some of the widely reffered definitionsreferred are listed below: 

"Marketing mix is a set of controllable, tactical tools, product, price, place and promotions that the firm blends to produce the response it wants in the target market. The marketing mix contains of everyting the firm can do influence the demand for its products." 

Koitler and Armstorng-

"Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market"

Philip Kotler-

"Marketing Mix is a combination of four elements- Product, pricing, structure, distribution system and promotional activities used to satisfy the needs of an organization's target market(s) and at the same time, achive its marketing objectives."

W.j Station-

Elements or components of marketing mix

• Product mix
• Price mix
• Promotion mix
• Place mix
• Process mix
• People mix
• Physical evidence mix

Product Mix

products or services are termed as the most 

important components of the marketing mix.

 The product is an offering to the customer. 

In order words, things or materials that satisfy the human needs and wants are called products. They could be anything ranging from eatables, clothes, gadgets to cars, constructions, etc.

Iphone is one of the most loved product

Price Mix

Price is the actual amount a customer is expected to pay for a product. It is another major components in the marketing mix. Price is the primary means of exchanging. The price of any product or service should match with the quality of goods. It is the price of a product always affects the quality of sale.

Answering the following questions will help us understand and define the price elements of marketing mix.

• What is the value of the products or service to the buyer?
• Is the customer price sensitive?
• Will increase or decrease in price impact of the sales?
• How does the price of our product compare with that of the competitor?

Promotion Mix

Promotion refers to the communication of all other Ps namely product, price and place.
Product or services means nothing unless they are linked by consumers and bought. In the

regard, the benifits of products or servies should be communicated to the targeted customers so that they can be persuaded to buy. In this reference, the importance of promotion is immense in marketing.

Answering the following questions will help us understand and define the dynamics of the promotion mix.

• How and where can business firm get across its marketing messages to the target market.
• When is the best time to promote product or services?
• How do you promotional activities of competitors influence your promotional campaign?

Place Mix

The means by which products and services get from producer to consumer and where they can be assed by the consumer is termed as place. In other words, the entirity of different activities to supply products to the targeted customer is called the place. When there are number of place is to buy a certain product, and the process is easier. it is better for both the business and consumer. In this regard, like other Ps, Place also holds a great significance in marketing.

Place mix is also widely known as the distribution mix. Management needs to distribute products to the right place at the right time in the right way. Thus, when one considers place, the focus should be on optimization of product selling.

Answering the following questions will help us understand and define the place

• Where does the customer look for a product or service?
• How does it get those products or services to the customer?

Importance Of Marketing Mix

Marketing mix, in a way, is like preparing various types of food and beverage woth change in ingredients. Depending on preferance, you mix the ingredients. For example,

Similarly, through mixing different elements of each of the 4Ps, one can vary the type of message one instends to send about one's products and services. For example, if the products wants to be seen as a common product, make the price low with extensive market coverage.

A proper mix plays a key role in the success of organization. The major importance of a marketing mix are listed below:

1. Customers' satisfaction
2. Allocation of resources
3. Coordination between customer and business firm
4. Increase in sales
5. Achive organizational goal
6. Close interrelation
7. Competitive tool

Note of marketing mix