What do you mean by marketing mix?The term marketing mix is referred to the amalgamation and use of the four P’s of marketing in a manner so as to attain the highest level of customer motivation to buy a particular product or services. Price, place, product and promotion are elements which constitute the four P’s of the marketing mix. Some commentators may increase the marketing mix to the Five P's, to include people. Others may increase the mix to Seven P's, to include physical evidence and process.
Explain its various components.PRODUCT
Product is the bases for all the marketing activities undertaken because all the marketing communications are aimed towards selling utmost quantities of the product .
Price plays an important role in the success of a product or service. Not only is it a major determining factor for the customer while buying a product but also plays a major part in determining the image of a product in the mind of the customer. The seller has to also keep in mind the profit element while deciding the price of a product. Thus a balance between all the aspects has to be achieved to determine a balanced pricing strategy.
To sell and buy a product or service a common place is required which is suitable for both the customers as well as the sellers. The selection of a particular marketplace suitable is very essential to match the product and brand image.
Promotion is basically aimed towards creating an awareness in the market and the customers mind about a particular product or service. Its cheaper than advertising and can definitely be more credible .It helps strengthen the brand image and can be extensively used for new product launch.