Marketing Mix

Marketing mix comprises of the product, product pricing, and distribution channels and promotional activates. These elements of marketing mix constitute the core of the marketing system.

Elements of Marketing Mix

The elements of marketing mix are:

(a)    Product Planning and Development:

Product is the main competing instrument. It should be planned in accordance with the consumer’s preference, competitor’s products and then developed well with attractive packing and price offers which will attract more consumers to buy the product. It includes the size, color, design, etc. of the product. The distribution channels promotional activate to be employed should also be analyzed before developing the product.

(b)    Distribution Channels:

The combination of channels through which the product flows form the manufacture to the customers is called the distribution channels. It is composed of wholesalers, retailer and other marketing intermediaries.

(c)    Promotion:

Promotional activities aim at establishing an effective communication channel between a consumer and the organization. Advertising, personal selling and sales promotion are the main promotional activates. Advertising is the most widely used method of promotion. It customers, builds brand image and enhance  the sales personnel’s effectiveness. Personnel selling, helps the customer’s to clarify their doubts, increases sales and helps the in arraigning displays.

(d)    Pricing:

Pricing is a major determinate of sales volume and market share which affects the organizational revenue and fit. It is an instrument to compete and succeed the competitors in the market. Some of the factors that should be considered while determining the price of a product are:

•    Cost of  Production
•    Wholesaler’s and retailer margin
•    Cost of physical distribution
•    Selling expenses
•    Price of competitors products
•    Estimated demand and its alternative prices
•    Market share and sales volume
•    Organization policy regarding the product, distribution channels and promotion.

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