EORUPA ACADEMY

Q. No. 23: Define marketing? What are the functions of marketing?

M A R K E T I N G

M I X

INTRODUCTION Marketing mix is the set of control tactical marketing tools that the firm blends to produce in response to wants in the targeted market. MEANING Marketing mix means orderly arrangements of all steps involved in the selling of goods and services at a profit to the satisfaction of the customer. DEFINION: WILLIAM-J-STYATON A combination of the four elementsproduct, pricing structure, distributions system, promotional activities-that constitute the core of an organizations marketing system. PHILIP KOTLER The set of controllable tactical marketing tools product, price, place and promotion that firm blends to produce the response it wants in the target market The concept of marketing mix is very important in the market literature, marketing mix is a combination of number of marketing elements according to a market situation, If a business enterprise relationally blends the elements of marketing into a program or mix, it then competes, stays and earns profit in the market. In case, the integration of the various elements of marketing is defective, the firm cannot fight out in the market and ultimate suffers losses. ELEMENTS OF MARMETING MIX The various elements of marketing mix are: Product Promotion Price Place 1. PRODUCT It is a combination of goods and service the company offers to the targeted market. Product planning in an important element of the marketing mix. It includes management decision about the shape, design, labeling, guarantees and the utility of the product. The product should be developed after careful examination of the needs of the customer, 2. PLACE: Place involves companys activities that makes the product available to target consumers. the place element of marketing mix involves the decision regarding outlets for sale, channels for distribution, location and lay out of stores etc. the

Prepared By: H. ABDUL REHMAN

0321-6485593

EORUPA ACADEMY
success of a business greatly depends on the selection of appropriation channel of distribution of goods from the point of production to the place of consumption. 3. PRICE Price should be set at a point, which yields profit to an enterprise and is justifiable to the consumers also. 4. PROMOTION: Promotion means activities that communicate the merits of the product and persuade customers to buy it, they are to be introduction to the consumers through various methods of communication such as personal selling, social contacts, advertising and publicity etc. all the four elements, which have been discussed above are not of equal weight, the importance of each element varies with specific condition of a business. The marketing mix should be tailored according to situation faced by the business. CUSTOMERS FOUR CS The four Ps mentioned above represent sellers view of marketing tools for influencing buyers. If we look at the customers benefit, there are four Cs of a customer. If the business is able to meet the needs of customer economically and conveniently and with effective communication, the business will expend and earn profit FOUR PS FOUR Cs Product Customers needs & wants Price Cost to the customer Place Convenience Promotion Communication CONCLUSION: The four Ps of marking mix if fulfilled completely will lead to the success of an organization however the four marketing mix tools are to compared with the Cs of customer and then implemented to get desired results.

Prepared By: H. ABDUL REHMAN

0321-6485593