MARKETING// CHAPTER-4
TOPIC: FUNDAMENTALS OF MARKETING MIX
MEANING OF MARKETING MIX
Marketing mix is the combination of four elements
called the 4P’s-Product, Price, Promotion and
Place that every company has the option of adding,
subtracting or modifying in order to create a desired
marketing strategy
CHARACTERISTICS OF MARKETING MIX
Marketing mix is the core of marketing process
Marketing mix has to be reviewed constantly in order to meet the changing requirements
Changes in external environment facilitate alterations in the mix
Changes taking place within the firm also necessitate changes in marketing mix
Applicable to business and non-business organization
Helps to achieve organizational goals
Concentrates on customers
1. Marketing mix is the core of marketing process:
Marketing mix involves important decisions relating to each element of the
mix. The impact of the mix is best when proper weightage is allotted to
each element and they are combined for attaining best results.
2. Marketing mix has to be reviewed constantly in order to meet
the changing requirements:
The marketing manager has to constantly review the mix and the market
scenario and make necessary changes in the marketing mix according to
changes in the conditions and complexity of the market.
, 3. Changes in external environment facilitate alterations in the mix:
Changes keep on taking place in the external environment. For many
industries, the customer is the most fluctuating variable of environment.
Customers’ tastes and preferences change very fast. Brand loyalty and
purchasing power also change over a period. The marketing manager has to
carry out market analysis constantly to make necessary changes in the
marketing mix.
4. Changes taking place within the firm also necessitate changes in
marketing mix:
Changes within the firm may take place due to technology or product line or in
the size and scale of operation. All such changes call for corresponding
changes in the marketing mix.
5. Applicable to business and non-business organization:
Marketing mix is applicable not only to business organizations but also
to non-business organizations, such as clubs and educational institutions. For
example, an educational institution is expected to provide the right course
(product), charge the right fee (price), promote the institution and the
courses, and provide the course at the right place.
6. Helps to achieve organizational goals:
An application of an appropriate marketing mix helps to achieve
organizational goals like increased profits and market share.
7. Concentrates on customers:
A clear focus point of marketing mix is the customer, and the marketing
mix is expected to provide maximum customer satisfaction
FEATURES OF MARKETING MIX
Flexible Concept
Help Achieve Constant
Marketing Target Monitoring
Features of
Interdependent Customer as a
variables Marketing focal point
Mix
TOPIC: FUNDAMENTALS OF MARKETING MIX
MEANING OF MARKETING MIX
Marketing mix is the combination of four elements
called the 4P’s-Product, Price, Promotion and
Place that every company has the option of adding,
subtracting or modifying in order to create a desired
marketing strategy
CHARACTERISTICS OF MARKETING MIX
Marketing mix is the core of marketing process
Marketing mix has to be reviewed constantly in order to meet the changing requirements
Changes in external environment facilitate alterations in the mix
Changes taking place within the firm also necessitate changes in marketing mix
Applicable to business and non-business organization
Helps to achieve organizational goals
Concentrates on customers
1. Marketing mix is the core of marketing process:
Marketing mix involves important decisions relating to each element of the
mix. The impact of the mix is best when proper weightage is allotted to
each element and they are combined for attaining best results.
2. Marketing mix has to be reviewed constantly in order to meet
the changing requirements:
The marketing manager has to constantly review the mix and the market
scenario and make necessary changes in the marketing mix according to
changes in the conditions and complexity of the market.
, 3. Changes in external environment facilitate alterations in the mix:
Changes keep on taking place in the external environment. For many
industries, the customer is the most fluctuating variable of environment.
Customers’ tastes and preferences change very fast. Brand loyalty and
purchasing power also change over a period. The marketing manager has to
carry out market analysis constantly to make necessary changes in the
marketing mix.
4. Changes taking place within the firm also necessitate changes in
marketing mix:
Changes within the firm may take place due to technology or product line or in
the size and scale of operation. All such changes call for corresponding
changes in the marketing mix.
5. Applicable to business and non-business organization:
Marketing mix is applicable not only to business organizations but also
to non-business organizations, such as clubs and educational institutions. For
example, an educational institution is expected to provide the right course
(product), charge the right fee (price), promote the institution and the
courses, and provide the course at the right place.
6. Helps to achieve organizational goals:
An application of an appropriate marketing mix helps to achieve
organizational goals like increased profits and market share.
7. Concentrates on customers:
A clear focus point of marketing mix is the customer, and the marketing
mix is expected to provide maximum customer satisfaction
FEATURES OF MARKETING MIX
Flexible Concept
Help Achieve Constant
Marketing Target Monitoring
Features of
Interdependent Customer as a
variables Marketing focal point
Mix
