Meaning of Marketing Mix
For achieving success in the market, whatever combination of the various policies of sales is adopted or undertaken, is known as the ‘marketing mix’, In marketing mix are included the commodity or product, its brand, trade mark, packing, price, distribution method, publicity, sales promo-
tion, marketing research, etc.
Every organisation or undertaking undertakes the combination or mix-up of all these factors in such a way that within a certain specific period, and within some particular conditions, the maximum of the profits could be earned. A marketing manager, with the help of marketing mix, draws out the marketing programme, so that the net profit of the firm could increase and the customers could get the maximum of satisfaction.
Following are some of the views of scholars regarding the concept of marketing mix:
In the opinion of Rustom S. Davar, for achieving success in the market, by the manufacturers (producers), the policies used or adopted form the market mix.
In the view of Kelly and Lazor, market mix is composed of those components which are used for the objective of encouraging the customers for purchasing some specific or particular product.
In the opinion of Stanton, market mix is that term which is used for describing the four elements forming the essential portion of marketing of any company, viz., the product, the distribution system, the price-structure and the developmental functions of the product.
Elements or Classification of Marketing Mix
Following are the main elements of marketing mix:
(1) Product. There arises the need of appropriate or suitable product and its development in any market. Different products attract the customers from various areas. For making the product impressive and influential, there is the need of marketing.
According to McCarthy, for different markets and customers, first of all the product-planning is undertaken.According to the taste and temperament of the customers, the form, colour and design, etc., are determined. The product is packed in various sizes and quantities and as per need, it is assigned a “brand”. For making the product popular, its standardisation is undertaken; and to keep the customers satisfied, base of service is planned and provided.
(2) Place. In marketing mix, the place element occupies special significance. It is very much necessary that the thing required or demanded by the customers be made available to them at the proper time and place. Without it, the production of goods and services is insignificant. In the opinion of McCarthy, the media of distribution has to be selected and decided for supplying the goods from producers to the consumers.
(3) Promotion. The sales promotion of the production is necessary. It is very necessary for the reason that once the product is introduced to the customer, it becomes necessary to keep the customer continued and encouraged for the purchase of it. McCarthy has felt that for sales promotion, help is sought of the personal contacts, publicity and advertisements and the prospective customers are converted into the full-fledged customers.
(4) Price. We see that different products are supplied to the customers at a certain specific price. Determination of the price is undertaken by the organisation itself. While determining price, various matters have to be borne into mind and considered, for instance, the competing items, the qualities (merits) of the product, demand, utility, price, etc. Price determination is an important element of creating demand for the commodity and increasing or pushing up of the demand. When determining price, it is also essential to consider about the facts or matters like commission or discount permissible to the customer, conditions of purchase by the customer, the procedure or method of payment of price, etc.
Changes in the Marketing Mix
As per the time and circumstances (conditions), changes have to be effected in the marketing mix. There happen to occur, from day to day, various changes in the demands by the consumers, their taste and likings, fashions, traditions, and conventions, etc, Moreover, the customers’ requirements and demands, their purchasing power, standard of living, education, and social and economic policies continue to change and vary from time to time. Due to such variations, some change has also to be effected in the marketing mix. For a producer, to maintain the regularity of the customers, it is necessary to effect the changes in the marketing mix. In the marketing mix, changes could be incorporated according to the price, packing, brand, colour, form, shape, design, and the qualities or characteristics of the product.