A Marketing Mix is the combination of product offering used to reach market for the organization. The marketing mix comprises the product (what the actual offering comprises), Price (the value exchanged for the offering), promotion (the means of communicating that offering to the target audience, promotional mix) and distribution (also known as place, the means of having the offering available to the target audience). The Marketing mix is also known as the four Ps and which are as follows: Product: Product means goods- and –services combination the company offers to the target market. Price: Price is only one of the marketing mix tools a company uses to achieve its marketing objectives. Price is the amount of money changed for a product or services, so the sum of the values that customers exchange for the benefit having or using the product or service. Place: It includes company activities that make the product available to target consumers. Promotion: Promotion means activities that communicate the merits of the product and persuade target customers to buy it. Promotional Mix:
A company’s total marketing communication mix also called is promotional mix, which consists of the specific blend of adverting, public relations and direct marketing tools that the company uses to pursue its adverting and marketing objectives. Advertising: Making known; calling public attention to a product, service, or company by means of paid announcements so as to affect perception or arouse consumer desire to make a purchase or take a particular action. Or, we can say that advertising is any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor. Advertising objectives can be Informative, Persuasive or Reminder. Marketing management must make four important decisions when developing an advertising programs; setting adverting objectives, setting the adverting budget, developing adverting strategy(message decision and...
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