Marketing mix and what every marketing manager needs to know
Ask any business management teacher to define marketing and he would say it is putting the right product at the right price, at the right place and time. It seems so easy, right? You design a product that people would buy and put it at a place where people would be able to see it and you set the right price and also make it available at the time when people would buy it.
Now, ask any marketing manager how to achieve this and he would talk about marketing mix and 4Ps of marketing. Well, do not feel stumped as we are here to explain all these terms to you.
What is marketing mix?
Marketing mix is the set of tactics that a company adopts to promote its product. If we refer to the above discussion we can find four factors that determine the marketing strategies of a firm. These are product, price, place and promotion. Together they form the 4Ps of marketing.
Generally a marketing manager adopts his strategies keeping the target market in mind. His decisions are greatly influenced by the four Ps that we mentioned above. So, the 4Ps theory is the most suitable way to define marketing mix.
The 4Ps theory – features and importance
The 4Ps theory talks about product, price, promotion and place or distribution. A marketing manager has to first decide on the product he is going to offer and its features. He has to consider the needs the product is going to satisfy and how the customers can use it.
Pricing is another issue as profitability and branding depends a lot on it. Unless the product is rightly priced and marketed well it is not going to be accepted by the customers.
The place or the distribution is a major decisive factor as it is related to the availability and visibility of the item. Successful distribution network can make a brand easily popular.
Promotion is perhaps the most dynamic and complex job in today’s context. The marketing team has to decide how to promote it and through which channel. We are spoilt with choices like newspaper, radio, TV commercials and also internet marketing. By choosing the right media a brand can gain huge leverage in the market.
MK Business School is concerned with providing quality education and hence stresses on teaching marketing and its various aspects to its students. Marketing mix, its theories and practical examples are taught in details at MK Business School. We give our students latest information and knowledge so that they remain ahead of others. You can get all the information about our courses at http://busiver.com/.