Definition of Marketing Mix
This can be defined as “set off controllable, tactical marketing tools by which a company blends to produce the desired response in targeted market.
After deciding objectives and goals of company then companies makes its marketing strategy. At this stage company needs to do detail planning for marketing mix strategy. Its is one of the major and more important concepts in modern marketing. McCarthy who originally developed the 4Ps, he stated it “It is combination of controllable factors at a marketer’s command to satisfy a target market”. With the help of 4ps of marketing mix a particular company can easily influence the demand and price of its products and services.
The old marketing concept was based on “sold products or services what your company made or produced but the modern marketing concept is based on “a company must produce and sell what the customer wants”.
4Ps of Marketing Mix
Product refers to goods and services or combination of these two which a company offers to sale in a targeted market. Services or convenience also included in a product as these are the part of offering. Product decisions include the followings:
- Brand name and quality
- Design and appearance of product
- Function and features of products
- Repairs and support
- Packaging and other services
- Warranty and guaranty
Price refers to the amount of money which a company charges against its particular product or services or the amount of money which customer have to pay to obtain a particular product. Price decisions include:
- Pricing strategy (skimming or penetration)
- Profit margin
- Pricing response of competitors
- Retail price
- Seasonal pricing
- Wholesale price
- Volume Discounts