Hello, How to identify and understand the marketing mix. This marketing is a process of identifying, anticipating, and satisfying customer needs with the aim of earning profits. And this process involves marketing managers and representatives.
Which makes various marketing decisions to make the operations profitable. And they need to identify an appropriate combination of marketing policies and procedures. So that business and consumers behave at minimum cost to adopt and bring what is desired.
They have to decide how to combine elements of advertising, marketing, personal selling, packaging, pricing, channels, warehousing, etc. to make marketing profitable. More specifically, what they must decide a marketing mix for – a decision-making method with respect to the product, promotion, price, and distribution.
Marketing Mix Neil H. The term Borden introduced in his article was – “The Concept of Marketing Mix”. And in this study, he described the business executive as “the decider,” an “artist” – a “mixer of ingredients”, and who occasionally followed a recipe made by others.
Or prepare your own recipe, or adopt a recipe for immediately available ingredients, and never experiment with ingredients or do anything else.
What are Definitions of Marketing Mix?
According to Philip Kotler, “The marketing mix is a combination of four elements. Called 4P – Product, Price, Promotion, and Place, which each company has the option to add and subtract or modify to create the desired marketing strategy. “.
According to Kotler and Armstrong, “the marketing mix is a set of strategic marketing tools. What the firm wants to produce in response to the target market”.
W. J. According to Stanton, “The marketing mix is used to describe the combination of four inputs that constitute the core of a company’s marketing system: products, price structure, promotional activities, and distribution systems”.
Features of the Marketing Mix
What is meant by the marketing mix and its features? To understand the marketing mix of the future, the following five concepts are given below, so that it can be used.
1. Customer as to the centre point:
The customer is the focal point of all marketing activities. The value of the product is determined by customer perception and the goal is to achieve a satisfied and loyal customer.
2. Constant monitoring:
In order to keep the marketing trend elements relevant and useful, it is necessary to continuously monitor the changing trends and requirements within the company as well as in the market.
3. Flexible Concept
The marketing mix is a dynamic concept and the focus on a single variable can be either increased or decreased depending on current marketing conditions and customer needs.
4. Help achieve marketing goals
The company aims to achieve its marketing goals such as sales, profits, customer retention, and satisfaction through the use of these variables.
5. Interdependent Variables
The marketing mix is made up of four unique variable products, price, place, and promotion. These four variables are interdependent and need to be aligned.
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Business management expert and Leadership Consultant and Business Coach, who writes her blog, business Trends, focused on helping small business owners understand trends in Business management. Other posts by Ibusinessmotivation Team» Follow Now Instagram Page.