A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. Several concepts and ideas combined together to formulate final strategies helpful in making a brand popular amongst the masses form marketing mix.
According to Philip Kotler, “a marketing mix is the mixture of controllable marketing variables that the firm uses to pursue the sought level of sales in the target market!”
The Four P Components of the Marketing Mix:
- Product
- Product variety
- Quality
- Design
- Features
- Brand name
- Packaging
- Sizes
- Services
- Warranties
- Returns
- Price
- List price
- Discounts
- Allowances
- Payment period
- Credit term
Target market:
- Place
- Channels
- Coverage
- Assortments
- Locations
- Inventory
- Transport
- promotion
- Sales promotion
- Advertising
- Salesforce
- Public relations
- Direct marketing
