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ADITI AGRAWAL- Question #1 (If you are not ADITI AGRAWAL,please decline this question under 'Insufficient Subject Knowle...


ADITI AGRAWAL- Question #1 (If you are not ADITI AGRAWAL,please decline this question under 'Insufficient Subject Knowledge' and don't reroute to any other subject). What is Marketing mix? Explain in detail.
Transcribed: ADITI AGRAWAL- Question #1 (If you are not ADITI AGRAWAL,please decline this question under 'Insufficient Subject Knowledge' and don't reroute to any other subject). What is Marketing mix? Explain in detail.

Answer

In traditional times, the selling was done by the business organizations. However, with the change in time and the changing attitudes and behavior of the customers (consumers), the marketing concept was introduced. Marketing actually did not end after selling the products, services, and commodities in an organization. Marketing includes activities like after-sale services, advertising, etc.

There is a marketing mix which is also introduced by the philosophers and preachers of marketing and it consists of various elements. The product is tangible and can be acquired and consumed at the same time or after a little time later, however, services are intangible and they need to be consumed early as they are perishable like services from teachers, doctors, food from restaurants, etc.

James Culliton in the year 1948 and Neil Borden in the year 1953, introduced and broadened the work in the areas of marketing mix respectively. The marketing mix is actually the ideas, plans, and elements that the marketing team of the organization applies to the products and services of their organization. there are actually sevens P's of marketing. The first four below were basically introduced in the early years when the concept of marketing was introduced while the last three were introduced a few years back only and are the latest in the concept of marketing mix:

1. PRODUCT OR A SERVICE- First thing an employee from the marketing organization, a marketing representative, or a member from the marketing department would require a product or a service that needs to be sold. Products can be touched, seen, and consumed, while the services mostly can be observed and felt, and consumed by the customers (consumers).

2. PRICE- The price of the product or service is decided by the marketing organization. The price of the product or the service should be directly proportional to the benefits attached to the products or services. Also, if the prices are high, then only the esteemed people would be able to buy it. 

3. PLACE- A place means a location where the products and the services can be purchased and sold like the marketplace. These days, there is a trend of online buying hence products can be purchased online through virtual marketing, also service like salon services, food, etc. can be ordered virtually. Covid-19 has bought even more excess to online shopping.

4. PROMOTION- Promotion means to create an image of the product or services in the eyes of the customers, also promotion means to tell the customers about the product or the services along with the other details of benefits, prices, offers, etc. Promotions can be done through advertisements, hoardings, campaigns, virtual ads, and so on.

5. PEOPLE- The people that are involved in buying, selling, distributing, providing after-sale services or any such human being involved in the process of marketing comes under the people who are providing products and services to the customers (consumers).

6. PROCESS- The various methods and procedures through which the products are produced and are finally made to reach their customers and the consumers are known as the process.

7. PHYSICAL EVIDENCE- There should be a location where the customers are buying the product or the service, for example, an individual can buy a watch from the store, a customer can eat food in a restaurant, the customers can avail products and services online.

CONCLUSION- Hence, these were the above seven elements of the marketing mix which have been widely used by marketing organizations these days.

 

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