Definition Of The Marketing Mix And Its Importance

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Definition Of The Marketing Mix : The marketing mix, also known as the four ps, is a business tool that is used to create an effective marketing strategy. The marketing mix refers to the combination of product, price, place and promotion. The marketing mix has been expanded over the years to include other variables such as public relations and personal selling; however, some people use a narrower definition for the term. Marketing mixes are created in order to help marketers create a common plan across their organization for all of their products or services so that each one reaches its full potential.

Product:

The first element of the marketing mix is the product. The product is a representation of the company, its products, or services. It is the main product offered to consumers and it can have many different forms such as the tangible, intangible, digital and physical.

Price:

Price refers to the cost associated with purchasing the product from retailers or distributors along with money paid in order to buy goods that are used in selling products. The pricing of all merchandise has changed over time with electric goods being more expensive than items designed primarily for human use. Also, people were often charged more if they wanted to upgrade their vehicles due to competition over industries that consumed large amounts of oil. 

Place:

Place refers to the location where the product is sold. Although it does not refer to the physical location of a business, it is a vital element in presenting an image of a product for consumers to get them interested in a particular brand.  There are many different places that products can be sold and there can be more than one place where all products will be sold similar to supermarkets, department stores, and even on websites such as eBay. It is important in knowing whether or not to have different places because customers do have different preferences and having separate locations allows companies to compete with better value through differentiation. 

Promotion:

The fourth element of the marketing mix is promotion. Promotion refers to the amount of effort put in by a company in order to keep consumers interested enough to purchase their products. This can be done through various methods such as advertising, public relations, and personal selling. Oftentimes, companies will also use other methods such as discounts or coupons which give consumers an additional incentive for buying their product. 

Public Relations:

Form of communication that is attached with the purpose of building a positive image between an organization and its publics. Public relations consists of various methods, including advertising, personal selling, and publicity to inform about the company’s operations and activities to create a good relationship with all audiences. (Kotler)

Personal Selling:

Personal selling is a form of promotion that involves direct contact between a seller, who may be a manufacturer’s representative or a store employee, and a buyer in order to persuade the buyer to purchase the product. The seller communicates information about the product to the buyer through face-to-face, in-person contact. Personal selling can be done in person, over the phone, or via any other method of communication such as mailings and e-mail. This process is often used to introduce new products and services to customers.

Public Relations includes advertising.

The main forms of public relations are advertising, personal selling, and publicity. Advertising is a form of communication that explains the benefits of products or services to consumers with the goal being to generate interest in a product.  This type of message usually contains attractive images which can attract prospective customers to purchase the product at a more expensive price since they want to make sure that they do not miss out on something good. A marketing campaign also uses advertising to influence the customers purchasing decisions in order to increase brand awareness, improve image and create loyalty.

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