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Marketing Mix Definition & Meaning

Marketing mix is the combination of the four marketing mix elements such as product, price, place and promotion. In case of services we can mention 3 extended p’s – Physical Evidence, Process and People. Along with these 4 or 7 elements 4 C’s are also an important part – Customer solution, Cost to customer, Convenience to customer and communication with the customer.

Marketing Mix Definition

“Marketing mix is the term used to describe the combination of the four inputs which constitute the core of a company’s marketing system – the product, the price structure, the promotional activities  and a distribution system.”

Marketing Mix Meaning

Marketing mix focuses on four elements –

1. The Product and related attributes such as brand name, look, design, etc. (for e.g. Soap)

2. The price of product and related strategies such as Penetration Pricing or Skimming Pricing strategy (E.g. Reliance mobile adopted penetration pricing to introduce GSM & CDMA sim cards and mobiles to the market.)

3. The promotional activities – Advertising, Publicity, Sales Promotion etc.

4. The Place (Distribution system)-  focuses on distribution of product to the market

Elements of Marketing mix

Product Price Place Promotion
Qualty List Price Area  Sales
Size MRP Coverage Advertising
Shape Pricing Policy Location Promotion
Brand Pricing Strategy Transportation Publicity
Color Price Discount Warehousing Personal Selling
Design Cash Discount Logistics Public Relations
Variety Quantity Discount Material Handling Direct Marketing
Packaging Trade Discount Channel of Disribution
Range Credit terms Distributors
Warranty Mode of payment Dealers
Guarantee Penalty installments Wholesalers
Image Retailers
Accessories Agents
After Sales Service Brokers

4 P’s and 4 C’s of Marketing

4 P’s 4 C’s
Product Customer Solution
Price Cost to customer
Place Convenience to customer
Promotion Communication with the customer

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