Meaning and Definition of Marketing Mix
Marketing mix can be defined as the combination of all the marketing tools that the firm uses for achieving its marketing objectives. It also focuses on satisfying the needs and wants of the customers so marketing mix is a dynamic concept. It is the mixture of the essential ingredients of marketing in order to push up.
According to Philip Kotler- 'Marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market.'
Jerome Mc Carthy have defined marketing mix as 'marketing mix is the controllable variable which the company put together to satisfy its target market.'
There are several component's of marketing mix. Generally marketing mix denotes 4ps and it addresses the following questions.
- What type of product need to be produced?
- How to determine price of the products?
- Which market or place to present the products.How the product is distributed to the customer?
- How to motivate or promote the potential customers to buy the product?
The term marketing mix was developed by Neil Borden who first started using the phrase in 1949.
The 4ps, in its modern form, was first purposed in 1960s, by E. Jerome McCarthy. Who presented them within a managerial approach that covered analysis, consumer behavior, market segmentation and planning.
Philip Kotler popularized this approach and helped spread the 4ps model.
We can say that marketing mix is the combination of product,price,place (distribution) and promotion which should be properly managed to satisfy the needs of the customers and achieve the goals of the organization. The 4ps/components plays vital role in marketing.
The 4ps are required but depending on the organization there may be more emphasis on one and less on another. But one thing remain the same, all 4ps are necessary to satisfy the market.
