MARKETING MIX
Meaning of marketing Mix
Marketing
mix is the set of controllable variables and their levels that the firm uses to
influence it target market. In other words marketing mix is the nice blend of
all marketing efforts houring round the 4 variables namely product, price,
promotion and place. The basic task of marketing manager is the successful
management of the marketing mix. Mc Carthy popularized a four factor
classification of these tools called the four P's product price place and
promotion. Thus, marketing mix is the process of integrating of 4 P's [product
price place and promotion] with effective utilization of organizational
resources for customer satisfaction. Marketing mix is dynamic concept as it
keeps on changing with changes in market condition and environment.
Definition of marketing Mix
1. According
to R.S. Dravar “The policies adopted by manufacturer to attain success
in the market constitute the marketing mix.”
2. According
to Philip kotler “The firm's task is to find the best setting for its
marketing decision variables. The settings constitute its marketing mix.”
3. According
to professor N.N. borden “The term marketing mix was introduced.”
4. According
to Mc Carthy "marketing mix is the pack of four sets of variables
namely product variables price variables promotion variables and place
variables".
Components or elements of
marketing Mix
The concept of
marketing mix may be illustrated elaborately as follows-
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