IN ORDER FOR AN ORGANISATION TO PERFORM ITS MARKETING FUNCTION PROPERLY, IT MUST CONSIDER AND DEVELOP A GOOD MARKETING MIX. EXPLAIN THE NATURE AND PURPOSE OF THE MARKETING MIX
Marketing is said to be the back bone of any business and marketing mix is the life blood. Great business icons have achieved their goals by properly implementing the most apt marketing mix according to their business. Marketing mix actually a self explanatory structure of the business upon which the entire operations, investment and management is scheduled. The marketing mix refers to the apportionment of effort, then combination, the designing and the integration of the elements of marketing into a programme or mix which on the basis of an appraisal of the market force will best achieve the objectives of an enterprise at a given time. Marketing Mix denotes a blend of various elements which in their totality constitute a firm’s marketing system. In order to sustain in today’s highly competitive business environment is very much essential to have a uniquely designed marketing mix. The marketing mix is generally denoted in two ways – either 4P’s or 7P’s. The former is the updated or more customised version of the later. Usually 4P’s are used in case of product marketing organisations and 7P’s are used for the service industry. The additional 3P’s are People, positioning and physical evidence. Marketing Mix is one of the tools used for fulfilling the purpose of marketing. This term was coined by Neil H. Borden in his article The Concept of the Marketing Mix in 1965. Let’s discuss about the basic 4P’s. The preference of each P, the ratio of each P, the importance of each P, etc differs according to company to company. For example in the case a News paper people is more important than the other 3P’s, because the purchase spectrum is defined by the people of the geographic area, the education, language used, race, political situation etc.
There are many attributes of a product...
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