Question & Answer: select an article that deals with one of the following topics: marketing concept, marketing orientation,…

Expert Answer

Marketing Mix is very important concept of marketing ,it is also called four P’s of marketing product, price, promotion, and place but now there are 7 P’s i.e process, people, physical environment,there are the tools used for attaining the marketing objectives in the target market.The four P’s are-

a-Product-It includes Product design its features, quality,Branding,and Packaging and labeling etc. it satisfies customer needs and wants.

b-Price-it includes price tactics,Discounts ,payment terms etc. it is amount a customer pays for a product.

c-Promotion-it includes advertising,sales promotion,message and media strategy etc.It helps in promoting the product and it is one of the ways of communicating.

d-Place-it is a distribution strategy i.e intensive distribution, selective distribution, Location and inventory decision.it helps in providing access to customers.

The last three P’s i.e process, people, physical environment are equally important as people are driving force of sales,the type of process is used will help in ensuring the quality of a product and physical environment is neccessary for effective manufacturing of a product.

The purpose of “Marketing mix ” to help managers in decision making process,in increasing the sales andproductivity,efficiently managing the whole manufacturing process.It helps in making the long term as well as shor term strategies.Marketing mix differ from product to product and its proportion can be altered accordingly.The main reasons the marketing mix is a important concept is that It makes marketing functions easy to handle, in delegation of marketing tasks to specialists and the alteration in components of the marketing mix can change a firm’s competitive position and can provide a compititive advantage as well