MSG Team's other articles

9103 Electronic Relationship

Introduction The rise of the internet and electronic commerce has changed the way in which customer and company interact with each other. The electronic commerce brings together more consumer and supplier, but it eliminates any form of direct and face to face interactions. For this specific reason electronic relationship are considered a formidable challenge for […]

9992 International Retailing Branding Strategies

Over the years, the retailers have adopted several unique strategies and ways of dealing with the challenges. We shall briefly discuss the two major strategies adapted by the international retailers in their areas of global operations. Differentiation by Unique Customer Experience Some of the features that highlight the international retailer product is the standardization in […]

10761 Understanding and Managing Product Life Cycle

It is crucial to understand the complete product life cycle before introducing a new product or service in the market. One needs to understand that every product goes through certain stages starting from inception to its manufacturing, marketing, branding and finally losing popularity in the market. It is essential for the organizations to manage the […]

12920 Corporate Governance and Financial Crisis

The ongoing financial crisis has proved that Corporate America and the Corporates in other countries around the world have exhibited behavior that can be described as mismanagement and not keeping in tenets of good corporate governance. In this respect, some of the criticism that has been directed at corporate leaders and the bankers in particular […]

12987 Customer Relationship Management (CRM) and Marketing

CRM leverages and amplifies customer base of an organization through efficacious and efficient marketing. In fact CRM has brought up new dimensions in the field of marketing by significantly improving marketing functioning and execution. Intuitive CRM associated marketing strategies like direct marketing, web marketing, e-mail marketing etc. have been matured during the recent past. These […]

Search with tags

  • No tags available.

Neil Borden in the year 1953 introduced the term Marketing mix, an extension of the work done by one of his associates James Culliton in 1948.

Marketing Mix - 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.

Elements of Marketing Mix

The elements of marketing mix are often called the four P’s of marketing.

  1. Product

    Goods manufactured by organizations for the end-users are called products.

    Products can be of two types - Tangible Product and Intangible Product (Services)

    An individual can see, touch and feel tangible products as compared to intangible products.

    A product in a market place is something which a seller sells to the buyers in exchange of money.

  2. Price

    The money which a buyer pays for a product is called as price of the product. The price of a product is indirectly proportional to its availability in the market. Lesser its availability, more would be its price and vice a versa.

    Retail stores which stock unique products (not available at any other store) quote a higher price from the buyers.

  3. Place

    Place refers to the location where the products are available and can be sold or purchased. Buyers can purchase products either from physical markets or from virtual markets. In a physical market, buyers and sellers can physically meet and interact with each other whereas in a virtual market buyers and sellers meet through internet.

  4. Promotion

    Promotion refers to the various strategies and ideas implemented by the marketers to make the end - users aware of their brand. Promotion includes various techniques employed to promote and make a brand popular amongst the masses.

    Promotion can be through any of the following ways:

    • Advertising

      Print media, Television, radio are effective ways to entice customers and make them aware of the brand’s existence.

      Billboards, hoardings, banners installed intelligently at strategic locations like heavy traffic areas, crossings, railway stations, bus stands attract the passing individuals towards a particular brand.

      Taglines also increase the recall value of the brand amongst the customers.

    • Word of mouth

      One satisfied customer brings ten more customers along with him whereas one dis-satisfied customer takes away ten more customers. That’s the importance of word of mouth. Positive word of mouth goes a long way in promoting brands amongst the customers.

Lately three more P’s have been added to the marketing mix. They are as follows:

  • People - The individuals involved in the sale and purchase of products or services come under people.

  • Process - Process includes the various mechanisms and procedures which help the product to finally reach its target market

  • Physical Evidence - With the help of physical evidence, a marketer tries to communicate the USP’s and benefits of a product to the end users

Four C’s of Marketing Mix

Now a days, organizations treat their customers like kings. In the current scenario, the four C’s has thus replaced the four P’s of marketing making it a more customer oriented model. Koichi Shimizu in the year 1973 proposed a four C’s classification.

  • Commodity - (Replaces Products)

  • Cost - (Replaces Price) involves manufacturing cost, buying cost and selling cost

  • Channel - The various channels which help the product reach the target market.

  • Communication - (Replaces Promotion)

Robert F. Lauterborn gave a modernized version of the four C’s model in the year 1993. According to him the four C’s of marketing are:

  • Consumer
  • Cost
  • Convenience
  • Communication

Article Written by

MSG Team

An insightful writer passionate about sharing expertise, trends, and tips, dedicated to inspiring and informing readers through engaging and thoughtful content.

Leave a reply

Your email address will not be published. Required fields are marked *

Related Articles

Marketing Mix Analysis for Entry of a Microwave Maker

MSG Team

Target Market Selection

MSG Team

Target Marketing – Meaning, Basis and its Need

MSG Team