Marketing mix refers to the elements or components that are mixed by the marketers in order to interact with the customers in a much better way. These are basically the tactics used to promote the products. It provides broad guidelines for putting the right products in the right place, at the right time and price. Hence marketing mix plays a very important role for achieving the objectives . Majorly it is divided into the following elements:
Product is something that is actually offered to the customers for satisfying their needs and wants. Marketers need to clearly look out the conditions in the market before launching a product because customer is the king in today’s market scenario and if the product is not satisfactory for them they will switch over to some other brand as there is stiff competition in the market. There can be two situations the product can be known to the market or it can be the newly launched. More efforts will be required in new one because there will be the need of attracting the new customers and making them aware about that product along with the requirement of that product to the market. Product can be tangible that can be seen and touched or intangible which can’t be seen nor touched.
Price is the cost charged for a product. It is the most important element of marketing mix as it plays a very crucial role in attracting customers . Price must be set up in such a manner that it must be beneficial on behalf of both the customers and the sellers. Some products involve huge prices that gives them luxury while for some of the necessity products the prices offered are comparatively low.Marketers must link the price to the product’s real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors’ prices.
It refers to the ultimate place where the product is being offered. Mostly the product is produced in one part and demanded in various parts so various distribution channels are used to make that product available to the customers who are more likely to buy it. Also product can be sold virtually the main difference in that case will be that there will be no personal touch between the buyer and the seller.
It involves adopting all those strategies that are responsible for making the customers aware about a particular product to increase the sale. These strategies leads to the huge changes in the profit potential of a business by helping the business to achieve its goals. It can be done through:
- Public relations or publicity.
- Sales promotion.
- Direct marketing.
- Personal selling.