Marketing mix or marketing strategy is the combination of stages and elements necessary to the planning and execution of the total marketing operation.
The term marketing mix was first used by prof. N.H. Borden later prof. Mc. Carthy introduced the 4P’s of traditional marketing mix:
- Price
- Place
- Product
- Promotion
- Product/ Product mix
The following term comprises product mix.
| a. Quality
b. Packaging c. Labelling d. Branding e. Size f. Design g. Color h. Positioning i. Segmentation j. Diversification k. Product life l. labels |
A product is anything which offers value to the customers by satisfying their needs one wants. The role of advertising is to highlight these features and benefits and to make person aware about product importance and innovations. The aim of advertisement is to convert product into a brand. |
- Price
It comprises:
| a. Pricing policies
b. Competition c. Importance d. Credit terms e. Factors pricing f. Delivery terms |
Price covers everything from the cost of manufacturing a product till it reaches to the customer including mark up over cost called profit. Price and quality are inter-related and it is used as a promotional tool as well. |
- Place/ distribution
| 1. Distinction/ image
2. Transportation 3. Positioning |
The movement of the products from the producer to the costumer using a marketing channel is called distribution. |
- Promotion/ Promotion Mix
| 1. Advertising
2. PR and Publicity 3. Personal selling 4. Sales promotion |
Promotion is a technique of communication which aim to increase the sell as well to make people aware about product. |