Question & Answer: What are the four elements of the marketing mix? In what sense are they controllable?…..

Marketing mix refers to the options or different methodologies to be adopted to captivate the marketing process. It basically function on 4 P’s of marketing.

• Product ( or services)
• Place
• Price
• Promotion

Product /Services refers to what kind of product is supposed to place in the market, what should be the characteristics and unique features to give an upper hand, How it is branded, its size color, material quality ,how and where will the customer use it etc has to be decided on this.

Place : It is the market place to keep the product .Thus basically depends on segmentation of location based on demography, spending nature of customers , need of customers etc. Selection of right distribution channels, sales force etc decided on the place.

Price: It is a very important factor that determines the market positioning and profit maximisation in a business. It refers to the value of product or services to the customer. It has to be aligned with current market rend ( competitors price)

Promotion: Reach your target audience through mass media communication, direct reaching other campaign modes etc. Promotion is required to enhance the product availability in market and to create awareness of brand.

All 4 P’s are controllable to an extent . it depends on

• Market situations
• Economic conditions
• Customer needs and demands
• Competitiors strategies
• Product availability/Raw material availability.