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    Marketing Mix: Meaning AND Its Elements

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    elysha08
    The marketing mix deals with how businesses use the four Ps - product, price, place, and promotion - to market and sell products. It was originally introduced in 1953 and consists of various concepts and plans combined to promote a brand. The four Ps refer to the product itself, its price, how it is placed or distributed, and how it is promoted to customers. More recently, three additional Ps were added: people, process, and physical evidence. The four Cs of marketing - commodity, cost, channel, and communication - also provide an alternative customer-oriented framework. An effective marketing mix meets customer needs, achieves marketing objectives, and creates a competitive advantage through a balanced approach across all elements.

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    Marketing Mix: Meaning AND Its Elements

    Uploaded by

    elysha08
    75 views14 pages
    The marketing mix deals with how businesses use the four Ps - product, price, place, and promotion - to market and sell products. It was originally introduced in 1953 and consists of various concepts and plans combined to promote a brand. The four Ps refer to the product itself, its price, how it is placed or distributed, and how it is promoted to customers. More recently, three additional Ps were added: people, process, and physical evidence. The four Cs of marketing - commodity, cost, channel, and communication - also provide an alternative customer-oriented framework. An effective marketing mix meets customer needs, achieves marketing objectives, and creates a competitive advantage through a balanced approach across all elements.

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    Marketing Mix

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    The marketing mix deals with how businesses use the four Ps - product, price, place, and promotion - to market and sell products. It was originally introduced in 1953 and consists of various concepts and plans combined to promote a brand. The four Ps refer to the product itself, its price, how it is placed or distributed, and how it is promoted to customers. More recently, three additional Ps were added: people, process, and physical evidence. The four Cs of marketing - commodity, cost, channel, and communication - also provide an alternative customer-oriented framework. An effective marketing mix meets customer needs, achieves marketing objectives, and creates a competitive advantage through a balanced approach across all elements.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    75 views14 pages

    Marketing Mix: Meaning AND Its Elements

    Uploaded by

    elysha08
    The marketing mix deals with how businesses use the four Ps - product, price, place, and promotion - to market and sell products. It was originally introduced in 1953 and consists of various concepts and plans combined to promote a brand. The four Ps refer to the product itself, its price, how it is placed or distributed, and how it is promoted to customers. More recently, three additional Ps were added: people, process, and physical evidence. The four Cs of marketing - commodity, cost, channel, and communication - also provide an alternative customer-oriented framework. An effective marketing mix meets customer needs, achieves marketing objectives, and creates a competitive advantage through a balanced approach across all elements.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 14

    MARKETING MIX

    MEANING
    AND
    ITS ELEMENTS
    The marketing mix deals with the way in which a business uses
    price, product, distribution and promotion to market and sell its
    product.
    INTRODUCTION

    Neil Borden in the year 1953 introduced the term Marketing mix, an
    extension of the work done by one of his associates James Culliton in
    1948.
    Marketing Mix - A mixture of several ideas and plans followed by a
    marketing representative to promote a particular product or brand is
    called marketing mix.
    Several concepts and ideas combined together to formulate final
    strategies helpful in making a brand popular amongst the masses
    form marketing mix.
    ELEMENTS OF MARKETING MIX
    THE ELEMENTS OF MARKETING MIX ARE OFTEN CALLED THE FOUR PS OF
    MARKETING.

    1.Product
    Goods manufactured by organizations for the end-users are called products.
    Products can be of two types - Tangible Product and Intangible Product
    (Services)
    An individual can see, touch and feel tangible products as compared to
    intangible products.
    A product in a market place is something which a seller sells to the buyers in
    exchange of money.
    PRICE

    The money which a buyer pays for a product is called as price of the
    product. The price of a product is indirectly proportional to its
    availability in the market. Lesser its availability, more would be its
    price and vice a versa.

    Retail stores which stock unique products (not available at any other
    store) quote a higher price from the buyers.
    PLACE

    Place refers to the location where the products are available and can
    be sold or purchased. Buyers can purchase products either from
    physical markets or from virtual markets. In a physical market, buyers
    and sellers can physically meet and interact with each other whereas
    in a virtual market buyers and sellers meet through internet.
    PROMOTION
    Promotion refers to the various strategies and ideas implemented by the
    marketers to make the end - users aware of their brand. Promotion
    includes various techniques employed to promote and make a brand
    popular amongst the masses.
    Promotion can be through any of the following ways:
    Advertising
    Word of mouth
    LATELY THREE MORE PS

    People - The individuals involved in the sale and purchase of


    products or services come under people.
    Process - Process includes the various mechanisms and procedures
    which help the product to finally reach its target market
    Physical Evidence - With the help of physical evidence, a marketer
    tries to communicate the USPs and benefits of a product to the end
    users
    FOUR CS OF MARKETING MIX

    Now a days, organizations treat their customers like kings. In the current scenario,
    the four Cs has thus replaced the four Ps of marketing making it a more customer
    oriented model. Koichi Shimizu in the year 1973 proposed a four Cs classification.
    Commodity - (Replaces Products)
    Cost - (Replaces Price) involves manufacturing cost, buying cost and selling cost
    Channel - The various channels which help the product reach the target market.
    Communication - (Replaces Promotion)
    Robert F. Lauterborn gave a modernized version of
    the four Cs model in the year 1993. According to
    him the four Cs of marketing are:

    Consumer
    Cost
    Convenience
    Communication
    KNOWN AS A "MIX"
    because each ingredient affects the other and the mix must overall be
    suitable to the target customer.
    For instance:
    High quality materials used in a product can mean that a higher price is
    obtainable
    An advertising campaign carried in one area of the country requires
    distribution of the product to be in place in advance of the campaign to
    ensure there are no disappointed customers
    Promotion is needed to emphasise the new features of a product
    The marketing mix is the way in which the marketing strategy is put into
    action - in other words, the actions arising from the marketing plan.
    The basic marketing mix is often referred
    to as the "Four P's" - since the most
    important elements of marketing are
    concerned with:

    Product - the product (or service) that the


    customer obtains

    Price - how much the customer pays for the


    product

    Place how the product is distributed to


    the customer

    Promotion - how the customer is found and


    persuaded to buy the product
    WHAT MAKES FOR AN EFFECTIVE MARKETING MIX?

    An effective marketing mix is one which:

    Meets customer needs


    Achieves marketing objectives
    Is balanced and consistent
    Creates a competitive advantage

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