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Marketing Mix Models – Concepts and Applications
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What is Marketing Mix ?
Marketing mix is a term which is often related to marketing. It was fabricated by Neil H. Borden while he was delivering a speech at the American Marketing Association. The concept of marketing mix is simple. It is comparable to a cake mix. There are various ingredients which help in making a cake. When you add excess sugar the cake becomes sweet. In the same way the marketing strategy can be improved by changing one or more components of marketing mix. For instance your product is a luxury commodity aimed at high profile customers, and then you will plan to promote it a lot without giving a lot of weightage to price.
The Four Ps of Marketing Mix
The marketing mix can be said to have four main elements. These are Product, Price, Promotion and Place. Product is a tangible or intangible entity which is kept for sale or being bought. Branding, features, styling, appearance, quality, functionality, safety are examples of product decisions which are to be made. Various pricing strategy can be used for pricing the commodity depending on what value it holds for the customers. The discounts that can be allowed, profit margins and reaction of competitors should be taken into account during pricing.
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