Definition of Marketing Mix: -
The marketing mix is a popular business tool, mainly used by marketing for promoting their brands or services. It is highly effective, while calculating and planning the prices or offers of a brand and is intimately connected with the four Ps; product, price, place and promotion.
However, in case of service marketing, the four Ps are often expanded into seven or even eight P’s, (physical evidence, people process, etc. ) in order to acknowledge the varying aspects of the services. In 1990, a customer driven replacement of the four P’s was introduced, as, consumer, communication cost and convenience or even cost, commodity, channel and communication. Thereafter, this was further modified as processes, program, people and performance, in 2012.
Textbooks on Marketing Mix: -
Some of the textbooks on marketing mix are:
- Marketing mix standardisation in international marketing, Richtar Tobias, 2012.
- The effective marketing mix, Frey Albert Wesley, 1956.
Examples of Marketing Mix:-
Example 1: Product or Commodity
Product tends to address, the needs of the consumer. A company will sell only whatever a consumer needs or wants to use. Thus, it is vital for the marketers to study the market and analyze the needs of the consumer, in order to appeal to them for purchasing the products or services.
Example 2: Price or Cost:
Price or cost tends to imply only a section of the entire cost, to meet with the requirements while the total price would include the cost of time (for ensuring a commodity or service), convenience costs, and a lot more. In a nutshell, it mirrors the total ownership cost.
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