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Marketing-MixM

arketing-MixAccording to Stanton marketing mixAccording to Stanton marketing mixis a combination of four elementsis a combination of four elements

(4Ps)Product, Pricing structure,(4Ps)Product, Pricing structure,

Physical distribution system, andPhysical distribution system, and

Promotional activities used to satisfyPromotional activities used to satisfy

the needs of an organizations targetthe needs of an organizations target

market (s)and, at the same time,market (s)and, at the same time,

achieve its marketing objectivesachieve its marketing objectives

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Marketing-MixMarketin

g-Mix

The basic purpose is to satisfy theThe basic purpose is to satisfy the

needs and wants of the customers inneeds and wants of the customers inthe most effective manner.the most effective manner.

As the needs of customers and theAs the needs of customers and the

environmental factors change, theenvironmental factors change, the

marketing-mix is also changed. Thus,marketing-mix is also changed. Thus,

marketing-mix is a dynamic concept.marketing-mix is a dynamic concept.It concentrates on how to satisfy theIt concentrates on how to satisfy the

needs of the customersneeds of the customers

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Marketing-MixMarket

ing-Mix

4Ps4Ps

ProductProduct

PricePrice

PromotionPromotion

Physical distributionPhysical distribution

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NatureNature

Marketing-mix is the marketing manager'sinstrument for the attainment of marketinggoals. It is composed of four ingredients:

(i) product, (ii) pricing

(iii) promotional activities,

(iv) physical distribution.

These elements constitute the core of themarketing system of a firm. A marketingmanager implements his marketing strategiesand policies through these instruments.

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Importance

Importance

(i) Marketing-mix serves as the link between

the business firm and its customers

(ii) takes care of the needs of the customers

(iii) gives consideration to the variouselements of the marketing system . For

instance, the price of a product depends

upon its features and branding, packaging,

etc

(iv) satisfy customers requirements

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PRODUCTPRODUCT

Product Design

Prod.Development

Prod.Range

Quality

Features

Packaging

Branding Service

Warranty

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PricePrice

Competitive price

Competitive price Credit

Discounts

Allowance

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PROMOTIONPROMOTION

Sales Promotion

Publicity

Public Relations

Direct Marketing

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Place(Physical Distribution)Place(Physical Distribution)

Channel selection

Channel coverage

Storage/Warehousing

Distribution logistics Transport

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The Fifth PThe Fifth P

Packaging

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The expand marketing-mixThe expand marketing-mix

People.

Physical Evidence

Process.

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CONCLUSIONCONCLUSION

The purpose of determining the marketing-

mix is to satisfy the needs of the customersin the most effective and efficient manner.

Since the needs of the customers change,the marketing-mix also changes. Thus

marketing-mix does not remain Static. According to Philip Kotler, marketing-mix

represents the setting of the firm's marketingdecision variables at a particular point of

time. Determining the optimal marketing-mix is not

an easy exercise. It requires a lot ofinformation, imagination and judgment.