Marketing Mix

 

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The marketing strategies that are implemented to attain the expected aims of the business organization are called marketing mix and it can be presented in various perspectives.

The marketing mix can be divided into four components from the point of view of the marketer.

·        Product

·        Price

·        Place

·        Promotion

Following are the basic and sub variables of marketing mix.

Product

·        Product differentiation

·        Quality

·        Design

·        Features

·        Brand

·        Package

·        Quantity

·        After sale services

·        Warranty

·        Returns

·        Design

Price

·        Listed price

·        Discounts

·        Allowances

·        Payment period

·        Payment method

·        Credit condition

Place

·        Distribution channels

·        Coverage

·        Areas

·        Channel mix

·        Inventory

·        Transportation

·        Intermediate

Promotion

·        Advertising

·        Sales promotion

·        Public relations and publicity

·        Personal selling

·       Direct Marketing

Marketing mix for services also can be seen from the point of view of the businessman

That includes seven variables

·        Product

·        Price

·        Place

·        Promotion

·        People

·        Process

·        Physical Environment

 

 

Ø  Product

Anything presented to the market for sale to satisfy consumer needs and wants.

Ø  Price

The amount of money paid by the consumer to obtain a good or service.

Ø  Place

Distributing the product in the market in order to get them marketed successfully.

Ø  Promotion

The process used to communicate about the product to the interested, target and to potential customers.

Ø  People

The salesmen who are friendly, polite and specialized are important here.

Ø  Process

Operational system required to provide the service and the after sale service.

Ø  Physical Environment

Creating the surrounding and the environment of the business outlet in order to give a higher value to the customers.

The marketing mix for the goods From point of customer is 4C’s

·        Customer needs and wants

·        Cost

·        Convenience

·        Communication

Importance of marketing mix

·        The turnover can be increased by being able to present the product to the market in a way that satisfies consumer needs in optimum level.

·        Consumers can be attracted by pricing the product in a way that it can face competition.

·        By using various promotional strategies, consumers can be induced to purchase the product.

·        Distributing products in a way which makes consumer buy the product very easily from the closest place.

·        As a whole, all the variables in the marketing mix helps to fulfill the aims of the organization.