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Marketing Mix
Marketing Mix is a combination of marketing tools that a company uses to satisfy their target
customers and achieving organizational goals
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4 P’s pertain more to physical products than services
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The important thing to note is that all these four P’s (variable) are controllable, subject to
internal and external constraints of marketing environment
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So, a customer
may call marketing mix “the offering”
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Product may be tangible (goods) or intangible (services)
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How much customer
should pay for a product? Pricing strategy not only related to the profit margins but also helps in
finding target customers
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Price
decisions include:
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Pricing Strategy (Penetration, Skim, etc)
List Price
payment period
Discounts
Financing
Credit terms
Using price as a weapon for rivals is as old as mankind
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Consumers are often
sensitive for price, discounts and additional offers
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Place (Placement)
It not only includes the place where the product is placed, all those activities performed by the
company to ensure the availability of the product tot he targeted customers
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Placement decisions include:
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
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Placement
Distribution channels
Logistics
Inventory
Order processing
Market coverage
selection of channel members

Promotion
Promotion includes all communication and selling activities to pursuade future prospects to buy
the product
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It helps in determining whether the new customers are
worth of promotion cost or not
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You
should not depend on one mix always try new mixes
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Don’t confuse your customers by just
changing one variable and keeping the rest same
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Today, with latest marketing concepts, marketing
environment has become more intergrated
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But the
foundation of Marketing Mix still stands on the basic 4P’s

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