MARKETING MIX

       WE HAVE BEEN TREATING MARKETING AS A PROCESS OF VALUE DELIVERY. ONE NEEDS A MECHANISM/VEHICLE, FOR CARRYING OUT THIS PROCESS. THE MARKETING MIX IS THE MECHANISM/VEHICLE, A MARKETER USES HERE. IT IS A BUSINESS TOOL USED IN MARKETING AND BY MARKETING PROFESSIONALS. THE TERM MARKETING MIX WAS COINED IN AN ARTICLE WRITTEN BY NEIL BORDEN CALLED 'THE CONCEPT OF MARKETING MIX' IN 1953. IT IS STILL USED TODAY TO MAKE IMPORTANT DECISIONS THAT LEAD TO THE EXECUTION OF A MARKETING PLAN. IT REFERS TO THE SET OF ACTIONS  OR TACTICS, THAT A COMPANY USES TO PROMOTE ITS BRAND OR PRODUCT IN THE MARKET. IT DELIVERS VALUE THROUGH EACH OF THE 4Ps. IT IS A COMBINATION OF 4Ps.

1. PRODUCT:- A PRODUCT IS SEEN AS AN ITEM THAT SATISFIES WHAT A CONSUMER DEMANDS. IT IS A TANGIBLE GOOD OR INTANGIBLE SERVICE.

• PRODUCT DESIGN, FEATURES,BRAND NAME, MODELS, STYLE, APPEARANCE
• PRODUCT QUALITY
• WARRANTY
• PACKAGE, MATERIAL, SIZE, LABELING
• PRE-SALE, AFTER-SALE, SERVICE STANDARDS, SERVICE CHARGES

2.PRICE:- THE AMOUNT A CUSTOMER PAYS FOR THE PRODUCT. IT IS VERY IMPORTANT AS IT DETERMINES THE COMPANY'S PROFIT AND SURVIVAL. 

• PRICING POLICIES, MARGINS, DISCOUNTS AND REBATES
• TERMS OF DELIVERY, PAYMENT TERMS, CREDIT TERMS AND INSTALLMENTS
• PURCHASE FACILITIES, RESALE PRICE MAINTENANCE

3.PLACE:- REFERS TO PROVIDING THE PRODUCT AT A PLACE WHICH IS CONVENIENT FOR CONSUMERS TO ACCESS. REFERS TI THE POINT OF SALE. IN EVERY  INDUSTRY, CATCHING THE EYE OF CONSUMERS AND MAKING IT EASY FOR THEM TO BUY IT IS THE MAIN AIM OF A GOOD DISTRIBUTION OR PLACE STRATEGY.  

•   CHANNELS OF DISTRIBUTION, CHANNEL DESIGN, TYPES OF INTERMEDIARIES
• LOCATION OF OUTLETS
• TRANSPORTATION, WAREHOUSING, INVENTORY LEVEL, ORDER PROCESSING

4. PROMOTION:- THIS REFERS TO ALL THE ACTIVITIES UNDERTAKEN TO MAKE THE PRODUCT AND SERVICE KNOWN TO THE USER AND TRADE.  ALL OF THE METHODS OF COMMUNICATION THAT A MARKETER MAY USE TO PROVIDE INFORMATION TO DIFFERENT PARTIES ABOUT THE PRODUCT.

• SELLING EXPERTISE, SIZE  AND QUALITY OF SALES FORCE
• MEDIA MIX, VEHICLE, PROGRAMMES
• GIFT, PRICE OFF, COUPONS, CONTESTS, PRIZES, PUBLICITY.