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IMarketing mix can be defined as the combination of all the marketing tools that the firm uses for achieving its marketing objectives .It also focuses on satisfying the needs and wants of the customers so marketing mix is a dynamic concept.It is the mixture of the essential ingredients of marketing in order to push up.
Jerome MC Carthy and William Perrault have defined marketing mix as "marketing mix is the controllable variable which the company put together to satisfy its target market".
According to Philip Kotler, "Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market".
The components of marketing mix are as follows:
A product is the most important components of a marketing mix. Product means goods,materials,services and even ideas.In marketing the word "product" doesn't indicate only physical goods or materials. It also indicates quality, price, brand, color, packaging, seller's services, goodwill, guarantee and warranty of good with which the customers can get satisfaction. It includes product planning development,grading, branding, packaging. etc.
Another important component of the marketing mix is the place mix. This is also called distribution mix. This includes two components. Selection of a distribution channel and physical distribution of products. It focuses on delivering the product from place of production to the place of consumption. Thus, place mix includes proper selection of distribution channels, physical distribution activities.
Promotion includes the activities such as personal selling, advertising, sales, promotion, publicity ,public relations etc. The promotional activity becomes very important in attracting customer towards the products and creating demands by giving information and message about the products. Personal selling, Advertising, and sales promotion are the various forms of the promotion.
Price is a very sensitive component of a marketing mix. Decisions on selling price, discount, commission rate etc are taken under it. While taking a decision on price, a marketing reasonable return on the investment of the firm and customers services should be considered at a time. It includes selling price, discount,commission etc.
The importance of marketing mix are as follow:
Meeting Consumers Need
The marketing mix is consumer oriented. It helps to satisfy consumers needs by a regular supply of goods of their interest. Thus, it satisfies the existing and potential consumers and provides a sense of security, relief, and pleasure to them.
Integrated Approach to Marketing
Marketing mix represents an integrated approach to marketing. It attempts to maintain a balance between various components, viz, product, price, place and promotion which are interrelated and intervenient as well.
The marketing mix changes with change in the requirement of customers and other environmental forces. The proper relationship between the business firm and its marketing environment can be maintained through marketing mix decision.
Providing Employment opportunities
Marketing creates employment opportunities and helps to solve the unemployment problem of overpopulated countries. Various jobs are created to engage people in marketing services such as wholesale and retail trades, transportation, communication, insurance, finance, advertising, salesmanship etc.
Increasing education to consumers
General consumers are educated through advertising and sales promotion. They get information about new products, new uses, and other information about price, date of packing, expiry date etc.
Rise Standard of Living
Marketing mix being consumer oriented not only supplies required goods regularly but also introduces new products at low prices. This enables the consumers to use quality goods in more quantity at low prices and thus improves their standard of living.
Increase in National Income
Marketing mix stimulates production on a large scale and also encourage the promotion of variety of products. It increases the profit of the business enterprise. As a result, incomes of all individuals and business unit increase. Hence, national income of the country also increases.
Koirala, Dr. Kundan Dutta. Elementary Marketing. Kathmandu: Buddha Academic Publishers and Distributors Pvt. Ltd, 2014.
Thapa, Gopal, Dipendra K. Neupane and Dilli Raj Mishra. Introduction to Marketing. Kathmandu: Asmita Books Publishers and Distributors (P) Ltd., 2014.