Marketing Mix in Marketing Management
The concept of marketing mix is coined by James Culliton. Marketing mix consists of set of tools which the firm uses to pursue its marketing objectives. E. I. McCarthy classified four p’s of marketing.
i) PRODUCT:-it is one of the important elements of marketing mix. It has four dimensions.
a) Product width: refers to how many products company is offering. Like
soap, shampoo, powder etc.
b) Product length: refers to how many no. of items in each product line.
Like 5 kind of soap, 7 kind of powder etc.
c) Product depth: refers to different items in each product line. Like
Hindustan liver ltd. offering different kind of soap eg. Lux, santoor, hamam.
d) product consistency: refers to how closely related the various product
line in end use.
So product planning is very important to satisfy the consumer.
ii) PRICE :- It is also very important element of marketing mix. The management has to decide right price for their product along with appropriate pricing policies, strategies, credit time, discount, delivery terms and payment etc.
iii) PROMOTION :- Product is useless unless and until the consumer has the knowledge about the product. For this purpose the company should use various tactics for the promotion of the product like advertisement, personal selling, sales promotion, publicity, exhibition etc.
iv) PLACE OR PHYSICAL DISTRIBUTION :- It is the element of marketing mix under which the product moves from the manufacturer to the ultimate consumer. The movement of goods from one place to another is done through channels of distribution, transportation, warehousing etc.
I hope you have understood the concept of marketing.