adamjer
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Definition
Marketing mix is a set of controllable tactical marketing tools – products, price, place and promotion – that the firm uses to pursue its marketing objectives in the target market.
(Philip Kotler)
The four elements of marketing mix product, price, place and promotion are the essential toolkit of any marketing strategy. These elements represent the marketing variables, which are directly controlled by the organization. It is by developing an appropriate balance between these elements that the organization can tailor its product offerings in order to meet needs of its target markets and achieve its own specified objectives. In a sense, the concept of marketing mix provides a bridge between marketing strategy and marketing tactics. The aim of marketing strategy in any organization is to establish the organizations differential advantage and identify a product position, which reflects this differential advantage. Marketing tactics by contrast are concerned with actually creating and maintaining the chosen product position.
Elements of Marketing Mix (The four Ps with four Cs)
1. Product; (customer needs and wants) is not just the physical item presented for sale, it also deals with the image that is created for the product through branding and the level of customer service that accompanies it.
2. Price; (Cost to the customers) is more than simply the amount of money that the customer pays when making the purchase. It also encompasses credit or finance deals, any discounts, special offers, additional delivery charges etc.
3. Place; (Convenience) is not just about physical movement of products from manufacturers to customers. It is also about the ease of access to products, the way they are displayed and the environment in which they are presented.
4. Promotion; (Communication) is not limited only to advertising, it covers all aspects of the way in which the organization communicates with its customers and other interested groups, including its own employees. Furthermore, as well as considering product, price, promotion and place in their broadest terms, it is also important to remember that the elements of the marketing mix must be consistent with one and other. Each element in that mix is ultimately contributing to the way in which the customer perceives the product and in order to convey the desired image effectively, each element must communicate the same message. |
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cohenmichali
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The classic marketing mix is: Price, Product, Promotion and Place. But in the last 10 years due to the power of the service industry the mix includes also: People, Process and Physical evidence. |
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robert m
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As people mention, using the the 4P's (or 7 P's for service industry) for delivering right product/service at right time in right place to the right people for a suitable profit (or benefit if non profit) |
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Hitler
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The basic marketing mix components r:place,price,promotion,quantity |
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mangal
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Marketing tactics used to achieve marketing objectives of profit management. It is a continuous process of monitoring market through market research vis-a-vis total market, market share, competition and opportunity, and adjusting product, price, promotion and place using people. |
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Becker
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the 4 p's:
product
price
place
promotion |
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karnesh
|
Definition
Marketing mix is a set of controllable
tactical marketing tools – products,
price, place and promotion – that
the firm uses to pursue its
marketing objectives in the target
market.
(Philip Kotler)
The four elements of marketing mix
product, price, place and promotion
are the essential toolkit of any
marketing strategy. These elements
represent the marketing variables,
which are directly controlled by the
organization. It is by developing an
appropriate balance between these
elements that the organization can
tailor its product offerings in order
to meet needs of its target markets
and achieve its own specified
objectives. In a sense, the concept
of marketing mix provides a bridge
between marketing strategy and
marketing tactics. The aim of
marketing strategy in any
organization is to establish the
organizations differential advantage
and identify a product position,
which reflects this differential
advantage. Marketing tactics by
contrast are concerned with actually
creating and maintaining the chosen
product position.
Elements of Marketing Mix (The four
Ps with four Cs)
1. Product; (customer needs and
wants) is not just the physical item
presented for sale, it also deals with
the image that is created for the
product through branding and the
level of customer service that
accompanies it.
2. Price; (Cost to the customers) is
more than simply the amount of
money that the customer pays
when making the purchase. It also
encompasses credit or finance
deals, any discounts, special offers,
additional delivery charges etc.
3. Place; (Convenience) is not just
about physical movement of
products from manufacturers to
customers. It is also about the ease
of access to products, the way they
are displayed and the environment
in which they are presented.
4. Promotion; (Communication) is
not limited only to advertising, it
covers all aspects of the way in
which the organization
communicates with its customers
and other interested groups,
including its own employees.
Furthermore, as well as considering
product, price, promotion and place
in their broadest terms, it is also
important to remember that the
elements of the marketing mix must
be consistent with one and other.
Each element in that mix is
ultimately contributing to the way in
which the customer perceives the
product and in order to convey the
desired image effectively, each
element must communicate the
same message.
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