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The concept of marketing mix
A company runs successfully because of not only its skilled employees but also with its powerful marketing strategy. The marketing mix is the combination of four powerful marketing plans or 4 pâ€™s that is Price, Place, Product and promotion. All these four elements are very important along with many other options. The main purpose of marketing mix is to capture the target market from its competitors.
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Origin of the term â€œmarketing mixâ€�
The importance of marketing mix gained popularity in 1964 with the publication of an article by Neil Bordan, but it was further classified into four elements by E Jerome McCarty. Myhomeworkhelponline.com will help you to gain all the essential information about marketing mix with Marketing mix process assignment help.
The main purpose behind marketing mix
Every company keeps on developing these four elements to target their customers with their innovations in their product and make every possible effort to retain their customers in their product.
The Four Pâ€™s of marketing mix
Marketing mix stand on these four basic pillars which are as follows:
1)Â Â Â Product
2)Â Â Â Price
3)Â Â Â Promotion
4)Â Â Â Place
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Important features of marketing mix
1)Â Â Â Achieve marketing targets
The independent variables of marketing mix help the company to achieve its targets such as customer satisfaction and retention, profit, sales etc.
2)Â Â Â Self-reliant variables
The four variables work independently to achieve the common goal that is profit of the company.
3)Â Â Â Customer is king
Although the four elements of the marketing mix are independent of each other but they focus on one common point that is to satisfy and retain the customers.
4)Â Â Â Close watch
The variable keeps a constant watch on the requirements and the changing trend of the market to implement the innovations.
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