The marketing mix is the most important tool used for marketing the products with the consumers. The marketing mix is the only one parameter for a company to distinguish its product from the other same kind of products of different companies. The marketing mix is generally known by the four Parameters or the four P’s. These four P’s are: 1) Product
In the past few years the marketing mix was known by seven P’s. The other three parameters or P’s were 1) Process
2) Physical evidence
Now days these three parameters are eliminated from the marketing mix. Only the product, price, promotion and place are considered under the marketing mix. The marketing mix and its four P’s are considered as synonyms to each other but they are not mean the same thing because the marketing mix is used the different kinds of choices organization which have organize the whole product into the market while the four P’s are the best way to define the marketing mix. In simple words we can say that the four P’s are the elements of marketing and together they constitute the marketing mix. PRODUCT: - Product referred to the goods and services provided by the organization. The product includes a lot of things or queries such as what the customer exactly needs, how we can satisfy the customer needs, what we should have to add in our product so that it can challenge the customer needs. There are some very basic things which also come under the product like the size of the product, the shape of the product, the color of the product and size of the product. Product is the most important element of the marketing mix. The product decision has to be taken very carefully. Product decisions include aspects like function, appearance, packaging, service and warranty. PRICE: - The price includes the value of the product or service. In the price, the price of the same product from other companies have to be taken under...
References: 1) http://en.wikipedia.org/wiki/Marketing_mix#Four_.27P.27s .
2) http://www.nios.ac.in/srsec319new/319EL20.pdf .
3) http://www.mindtools.com/pages/article/newSTR_94.htm .
4) http://www.quickmba.com/marketing/mix/ .
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