Marketing Mix

Topics: Marketing, Marketing mix, Bank Pages: 4 (1456 words) Published: August 27, 2007
Marketing mix is a mix of options and variables that a marketer has to design his proposition. The four Ps, as they are known, of the marketing mix are Product, Price, Place and Promotion. Marketers mix these ingredients and variables in different proportions for their products in order to meet their requirements within their given constraints and boundaries. Marketing mix covers the four major elements and variables that a marketer has and can manipulate in order to design his offering according to its customers and target market. The marketing mix model of marketing was proposed by Neil Bordon in 1965. Marketing mix is designed separately for each product offering and different market segments for a company. Different proportions are allocated to different mix elements to design an effective marketing mix which meets the objectives of the marketer as well as the consumer. The four Ps are the critical factors to consider when marketing any product. Product can either be a good or a service designed for corporate/commercial customers or end users. The Place Variable: To satisfy consumers (i.e. their needs and wants), products must be available at the right time and in a convenient location. In dealing with the place aspect, a marketing manager seeks to make products available in the quantities desired to as many consumers as possible. The Product Variable: This aspect of the marketing mix deals with researching consumers' product wants and designing a product with the desired characteristics. This is a very important element of the marketing mix because it directly involves creating products and services that satisfy consumers' needs and wants. The Price Variable: This aspect of the marketing mix relates to the activities associated with establishing pricing policies and determining product prices. Price is a critical component of the marketing mix because consumers are concerned about the value obtained in an exchange. Price is the money the customers pay for...

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