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A to Z Full Forms and Acronyms

What is Marketing Mix and what are the element of Marketing Mix?

May 25, 2021 Marketing Mix, 6100 Views
what is marketing mix? what are the elements of marketing mix

What is marketing mix and what are the element of marketing mix?

What is Marketing Mix?

Marketing mix refers to set of tools which are used by the marketer to promote its products and service. It is about creating a brand image of your product in the mind of customers and deciding it to sell in the right place, at the right price and right time.

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What are the Elements Of Marketing Mix

The seven ps make up a typical marketing mix:

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

Product:

Product refers to a good or service that is offered by the marketer to customers.Product can be tangible or intangible attributes which are produced or built by the marketer to satisfy the needs of individual or a group. Tangible product are those product which can be seen or touched, tangible products includes furniture, garment, grocery item etc. Intangible product are those product which cannot been seen or touched for Example insurance, repair consultancy, education etc are the services which are render by the marketer and purchased by the consumer.

Price:

Pricing is the most important elements of marketing mix. Price is the amount of money which the customer need to pay to own a product. Developing a pricing strategy is a critical task for any organization as the marketer has to analyse the amount spent by him for producing the product and also they need to analyse the pricing range of their competitors.

Place:

It is the another important element of marketing mix. In marketing mix, the process of moving products from the marketer to the consumers is called place in other words place is about the distribution center of the products and the process used in distributing it to the consumers.

Promotion:

Promotion is the tactic used by the marketers to gain the attention of the customers to their product. Marketers promote their brand to divulge to consumers why they need it and why they should pay a certain price for it. Promotion include advertising, word of mouth, sales promotion, customer service, public relation, press reports.

Process:

Process is most relevant for service industries. Process refers to the set of action which help marketers to deliver their product or service to customers. Process includes managing of distribution channels, and after-sale care, sales funnel etc. Marketer can use process map to map process steps and analyse them to identify where they need to make improvements.

People:

People are the most important segment of any service or experience. They are the person who are directly or indirectly involved in business. This includes sales person and staffs.

Physical evidence:

It is a device needed to support the appearance of product, thus showing the quality of product and service provided to consumer. Physical evidence prevail how a business and its products are perceived in the market place.

Importance of marketing mix:

  • Marketing mix helps to understand what your product or service can offer to customers
  • Marketing mix helps in planning, developing and executing effective marketing strategies
  • Marketing mix help in determining whether your product or service is suitable for customers
  • Marketing mix give strengths to the business and avoid unnecessary costs
  • Marketing mix helps to identify and understand the requirements of customers
  • Marketing mix helps to learn when and how to promote product or service to customers
A to Z Full Forms and Acronyms

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