Marketing Mix is a set of marketing tools that the firm uses to pursue its marketing objectives in the target market. Marketing mix is also known as 4 Ps based on four broad levels of marketing decision, namely: product, price, promotion, and place.
Product: It is an offer that meets a need of market.
Price: It is an amount consumer must spend to aquire the product
Promotion: It is an activity to increase sales or public awareness
Place: It is the channel, or the route, through which goods move from the source to the final user. Place could be the intermediaries, distributors, wholesalers and retailers.
Physical evidence: It is physical cues for customers to evaluate the product or service before they buy.
Process: Its referred to a series of actions or steps taken in order to achieve a businss goal.
People: People are the target audience as well as stakeholders.
For service marketing this is extended to 7 Ps, that is made up of the original 4 Ps extended by process, people, and physical evidence. Sometimes, service marketers use 8 Ps adding Promotion.
Since it invention of 4Ps model of marketing mix in 1960, many things have been changed. However, the essence of business, the profit-making is unchanged.
Businesses now a days use analytical tools to track their performances and makes themselves more resilient to recover from difficult conditions.
With technological development especially internet and its worldwide accessibility changed the way of marketing. This has one way made easier for marketers to reach their consumers and other way it has increased competitiveness.
No one will buy untill you tell something specific about your product that is relevant to market demand.
- Kotler, P., Marketing Management, (Millennium Edition), Custom Edition for University of Pheonix, Prentice Hall, 2000, p. 9