The marketing mix is a strategy adopted by companies to lure consumers to buy their brand or product. The strategy is actually a pack of four set of variables as explained below.
- The Product Mix: – A product is derived by mixing physical and psychological expectation of the customers to meet a set level of satisfaction. The Product Mix, involves decision making on aspects such as product line, product design, brand, labeling, after sale services and more. Product line helps in making a list of products which can satisfy the consumer needs. Product design includes the utility, attractiveness, ease, and safety of the product. Brand and labeling includes the marking or stamping the product with a particular logo or name. After sales services mean to provide services after the product is sold. It helps in building the relationship of the brand with the consumer.
- The Price Mix: – It means to evaluate the product in monetary terms. It consists of various decisions such as price policy, discounts, terms of credits etc. Price policy is set by the management administrators to fix the price of a product matching the market rate while providing maximum utility to the consumers. Discount is related to a rebate given on products to allow consumer to pay less for the same product. Terms of credit define the credit policy which is set by the company authorities for retailers and wholesalers. Setting up the price for a product is such a difficult task as the company has to give the best quality at a lesser price from its competitor’s to increase its number of customers.
- The Promotion Mix: – This step is taken by the marketers of the company to make their product popular. It includes Direct Selling, Advertisements, and Exhibitions etc. Direct selling means when selling products door to door. He may give a presentation to the customer or just distribute the pamphlets consisting the product’s information. The advertisement is a vital factor in Promotion Mix. If the scale of promotion is big for the product, the administrators generally go with television ads. It gives them bigger publicity. Therefore, many celebrities have been seen in various ads to promote various products to attract a number of audiences which might convert into the consumers of that particular product. Exhibitions are held where companies come together with their product to get the investment from investors or making tie-ups with other complementary companies.
- The Place Mix: – It is the vital component of Marketing Mix. Deciding location is a critical decision for anyone. The place where a company is set up should be connected to good roads to have the smooth supply chain. Transportation needs to be properly chained to deliver the quantity of the products to various wholesalers and retailers.
Conclusion: – The marketing Mix helps the company in various ways: –
- It gives a guidance for allocation of resources.
- It helps to allocate the duties.
- It makes the communication easier.
- It helps the company to analyze cost benefit elasticity.