Marketing Mix

Marketing Mix

Marketing mix is a blend of variables through which a firm carries out its marketing strategy. Effective marketing is based on the right balance of marketing elements and processes depending on the nature of the product, service or idea being marketed.  ‘Marketing Mix’ refers to the primary elements that must be taken care of in order to properly market a product or service. Marketing mix is the combination of four elements: Product, Place, Price and Promotion. Hence, it is a term that describes the key elements used by an organization to help meet its marketing objectives. So, by altering the elements within a marketing mix, the offer you make to your customer can be altered. So, for a high profile brand, the focus on promotion is increased and whereas the weightage laid on price is decreased.

The definition of marketing mix is:

'The marketing process responsible for identifying , anticipating and satisfying customer requirements profitably'. Hence, it is the process of assessing the needs and wants of the customer and accordingly designing the product or service. So, the organizations need to find out what the customer wants and create product, services that match those requirements.

In the Four Cs model, the place part of the Four Ps model is replaced by the convenience function. Place is no longer as relevant as before due to the rise of internet and hybrid models of purchasing. Convenience takes into account the ease to buy a product, find a product, find information about a product, and several other considerations.

The concept of ‘marketing mix’ was first introduced by Jerome McCarthy in 1960.

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What you will learn

• Explain what is Marketing Mix
• Explain the 4 Ps and 4 Cs of Marketing Mix
• Explain what is Viral Marketing

Rating: 4.4375

Level: Beginner Level

Duration: 34 mins

Instructor: Management Study Guide