Meaning and Definition of Marketing Mix
A marketing manager prepares the marketing program with the help of marketing mix so that the net profit of the firm increases and the customers get maximum satisfaction.
Marketing mix refers to the combination of such best decisions, which encourages sales profitably and leads to maximum satisfaction for the consumers. The combination of various sales strategies to achieve success in sales is called marketing mix.
(1) R. s. According to RS Davar, “The strategies used by the manufacturers to achieve success in the market form the marketing mix.”
(2) According to Philip Kotler, “The function of a firm is to find the best configuration for its marketing operations. This configuration is called the marketing mix.”
(3) William J. According to Stanton (William J. Stanton), “Marketing mix is a term used to describe the combination of the four components that make up a company’s marketing system—product, price structure, promotion activities, and distribution system.”
(4) K. Of. According to Gupta, “Marketing mix refers to the combination of all those actions, methods, strategies, strategies and tools which are used by the marketing organization to satisfy the needs of the customers and to fulfill their marketing objectives successfully. Goes.”
On the basis of the above definitions, it can be concluded that “Marketing mix is made up of various sales strategies, so that complete success in sales can be achieved. The marketing mix is considered a part of the marketing practices strategy.”
Characteristics of Marketing Mix
• Following are the salient features of marketing mix-
1. It is a mixture of various marketing activities, methods, policies, strategies and tools.
2. It has a mixture of four elements namely product, price, promotion and place.
3. It is a continuous process as it has to change according to the time and circumstances.
4. Determining the marketing mix is an important function of the marketing manager.
5. It is helpful in solving marketing problems.
6. The needs of the customers are satisfied through the marketing mix.
Elements of Marketing Mix
Mentioned four elements which are known as Four Ps of English Marketing Mix, these elements are as follows
1. Product 3. Place
2. Price 4. Promotion
The above four elements created by McCarthy are considered as the four pillars of the marketing mix. McCarthy himself has written in this regard that, “Marketing mix consists of a mixture of four mobile components, namely, product components, price components, promotion components and location components. The various elements of marketing mix can be explained as follows:
(1) Product Mix – The product mix is the first element of the marketing mix. Product mix refers to the sum total of decisions to be taken in relation to the product or group of products to be produced and sold by the business enterprise. If not, necessary changes should be made in the product mix to suit the needs of the market. In short, the product mix consists of a combination of several policies and elements related to the product. the product
The following are the ingredients of the mixture-
1. Product Design 3. Product Size
5. Product Brand 7. Product Lines
2. Product Type 4. Product Appearance
6. Product packaging 8. Number of products
9. Guarantee in relation to the products 10. After sales service of the product
(2) Price or Price Mix – relating to the value of the product
Various policies and strategies are included, which are as follows-
1. Quantitative Discounts 3. Trade Discounts
5. Tenure of the loan 7. Resale price
9. Profit Rate 11. Terms of Delivery
2. Cash Discount 4. Lending Terms
6. Allowances 10. Rate of Discount and Discount
12. Payment Term 8. Price Policies & Price List
(3) Place Mix-Space mix is also known as distribution component. It includes all those policies, procedures, strategies and systems with the help of which efficient management of intermediaries and products storage, transportation etc. is done. This allows the product to be made available to the customers in the right place or market in due course of time. Following are the characteristics to be included in the location mix
1. Distribution Area 2. Transportation System
3. Storage 5. Inventory Level
7. Nature of Intermediaries 9. Transport Facility and Availability
11. Remuneration of Arbitrators 4. Economic Order Quantity
6. Types of Intermediaries 8. Order Supply
10. Commission of Arbitrators 12. Relationship with Arbitrators
(4) Promotion or Promotion Mix The goods produced by a business enterprise, even though they are very good, cannot be sold, if they are not promoted to the right people. Promotional mix includes all those activities through which customers are informed about the product or service and they are motivated to buy the product. The activities involved in the Promotional Mixture Component are:
1. Advertisement 3. Public Relations
2. Promotion 4. Sales Promotion
5. Personal Selling 7. Direct Marketing
6. Sales Team 8. Internet Marketing or Online Marketing
Change in Marketing Mix
Once the marketing mix is determined, it should be changed according to the time and circumstances. This change is called change in marketing mix. These changes are made for the following reasons – 1. To face the situation of competition.
2. Changing consumer trends
3. Due to the law of the land.
4. The brand or trademark is changed.
5. Changes are made in values and policies.
6. Discount policy is followed.
7. The distribution routes are changed.
8. Guaranteed service is provided to the consumer.
Factors Affecting the Marketing Mix
For the convenience of study, the factors affecting the marketing mix have been divided into two parts, which are as follows: (a) Factors Related to Market
Under the market related factors, such factors are included over which the organization does not have control, but these factors influence the market activities of the organization. These components are as follows
(1) Changing nature of consumer- it is the major factor influencing the marketing mix. In the present time, there is a rapid change in the attitude of the consumers. Once the marketing mix has been decided and the consumer’s interest or habit or fashion changes, the marketing mix will have to change.
(2) State Control- At present, the government control over marketing related activities is increasing due to which the marketing mix is affected. Before determining the marketing mix, the marketing manager should study all the state policies.
(3) Competition- Marketing manager should study about the competition before determining the marketing mix, because marketing manager has no control over the competition but due to competition marketing mix is affected.
(4) Drafting of distribution system- Before preparing the marketing mix, marketing management should also study the format of distribution system, in which the nature of distribution system, nature of distributions and their behavior should be studied thoroughly. There is a direct contact between the distributor and the consumer. Therefore, their morale, behavior, attitude towards goods and their method of work have a direct effect on the consumer class. That is why the marketing manager should consider all the children.
(b) Factors Related to Marketing-
Apart from the market factors, there are also some marketing factors which play an important role in deciding the mix. These are such factors, having control over which the marketing manager can take decisions according to his discretion and intelligence. Its marketing components are nimb
(1) Advertising Policy – Advertising policy is used in the marketing sector to attract customers. Under the advertising policy, the marketing manager should make a complete study of the decisions related to the purpose, area, medium, forecast of advertising expenses and keeping control on advertising expenses.
(2) Brand Policy- In the present era, reputed companies provide a special brand or mark to their products, so that uniqueness can arise in their product. The brand name, trade mark and other things should be decided by the producer under the brand policy. The manager can also adopt alternative policy under this. It may determine the same brand in respect of several products or may specify different brands for different types of products.
(3) Packaging Policy- If the packing of the goods is attractive, then the customers buy the goods after getting influenced by it. Therefore, the manager should take important and thoughtful decisions regarding the packaging of the product.
(4) Production planning – Consumer uses any goods and services for his satisfaction, for which the producer also has to bring that quality in his goods so that the customer can be satisfied, for this he should adopt product planning.
(5) Personal Selling – Marketing manager can make marketing mix system better by making various arrangements regarding recruitment, training and organization of vendors using personal selling method.
(6) Distribution Medium- Marketing manager should choose the medium only after studying the nature of distribution, their need, morale and their attitude towards the commodity.
((7) Special policy – Marketing manager is required from time to time for special sales growth.
Programs should be organized so that the demand for the commodity can increase.
Conclusion – Based on the discussions of the above factors, it can be concluded that a proper marketing mix can be formed on the basis of the understanding and vision of the marketing manager. Therefore, for this it is necessary that on the basis of his intelligence, discretion and prior experience, he should include all the components in the marketing mix and use marketing research successfully.