Elements of Marketing Mix

The marketing mix is the set of controllable marketing variables that help in promoting brand or product of an organisation in the market. The marketing mix consists of everything that the firm can do to attract the customers for their products or services.

It is the strategy of the organisation to establish the goodwill and expand business areas to lead the market.

Elements of Marketing Mix

The key marketing elements that determine future of the organisations are as follows:

Product

Products means the goods and services that an organisation offers to its customers. The organisation should analyse acceptance of its products or services in the market.

And accordingly, strategies are needed to manage existing products over time adding new ones and dropping failed products. Organisations wisely take strategic decisions regarding branding, packaging and other product features such as warranties. Organisations need an ongoing analysis of its products or services in order to achieve the organisation’s marketing goals and serve the customers as per their demands.

Price

It is the money paid by the customer to acquire his desired products or services. Price is a sensitive element of the marketing which is related directly to the customer.

In addition, the price of a product is a composite expression of its value and utility to the customer, its demand, quality, reliability, safety, the competition it faces, the desired profit and so on.

The price of a product is determined by the cost, quality, profit ratio, market price of the related products etc. So, an organisation has to frequently analyse these variables to provide the improved products or services.

If an organisation is trying to enter the market with new products, it should has the following basic objectives.

• Making the product acceptable to the customers.
• Producing a reasonable margin over cost.
• Achieving a market that helps in developing market share.

Place

It is the organisation’s activities where it make its product available to target consumers to ensure the supply of the products/services everywhere among the customers easily.

Organisations should manage the channel by which ownership of product is transferred from producers to customers. Strategies to manage the middleman such as wholesalers and retails must be designed. The distribution policies of a company are important key factors of marketing.

Promotion

It stands for activities that communicate the products to the customers and attract the consumers to buy it. Strategies are needed for the proper advertising, personal selling, and sales promotion into a coordinated campaign.

Recent marketing is highly promotional oriented. Every organisation strives to push their sales and market standing on a sustained basis and in a profitable manner over the competitors. It is simultaneously a communication, persuasion and conditioning process.

These 4Ps are the elements of marketing mix. The organisation should equally consider all of these elements while formulating the marketing strategies.

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