Elements of Marketing of Mix

Elements of Marketing of Mix

Let us discuss these 4 elements of marketing mix in detail.

i. Product

Product is the main element of marketing. Without a product, there can be no marketing. “A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need’’, says Philip Kotler.

ii. Price

Price is the value of a product expressed in monetary terms. It is the amount charged for the product. According to Philip Kotler, “Price is the amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service”.

Factors affecting Price of product / service

a. Internal Factors:

1. Marketing Objectives

2. Marketing Mix Strategy

3. Organizational considerations

4. Costs

5. Organization Objectives

b. External Factors:

1. The market and demand

2. Competition

3. Customers

4. Suppliers

5. Legal factors

6. Regulatory factors

iii. Place (Physical Distribution)

An excellent quality product, with a competitive price structure, backed up by efficient promotional activities, will be a waste if it is not moved from the place of production to the place of consumption at an appropriate time. The fourth element of product mix, namely place or physical distribution facilitates the movement of products from the place of manufacture to the place of consumption at the right time.

iv. Promotion

An excellent product with competitive price cannot achieve a desired success and acceptance in market, unless and until its special features and benefits are conveyed effectively to the potential consumers.