Marketing management is a complex process that requires a deep understanding of the four key elements: product, price, place and promotion. These four elements, also known as the “marketing mix”, are the tools and methodologies used by marketers to achieve their marketing objectives. The marketing mix is the combination of factors that a company can take advantage of to get consumers to buy its products. It is the basis of marketing of any kind and the very purpose of marketing is to make your promising customers aware of your products.
The role of the marketing executive is to prepare the right combination to bring out the excellent synergy between the product and the target audience. The marketing mix generally refers to the set of the 4 P's, namely product, price, place and promotion. But in theory, the marketing mix is a much broader term. Often, three additional P's are also added: process, people and physical evidence, and they're called the 7 P's of marketing. The purpose of the marketing mix is to synthesize the visible and invisible qualities of a product with the aspirations of the target customers.
The marketing mix of a manufactured product will be different from that of a product as a service. It was Neil Borden who first popularized the idea of the marketing mix in the 1950s. Borden defined a marketing executive as someone who merges ingredients to create the right recipe to market a product. Later, it was E. Jerome McCarthy who sublimated the concept of the 4 P's of marketing based on Borden's ideas about a marketing mix.
McCarthy had pointed out that the 4 P's, namely product, price, promotion and location are the initial control elements that are available to shape a marketing plan. He also articulated the change in the balances of these variables from a long-term perspective, with the product being the most difficult to change. Any company that wants to find the right proposal for its product must consider a number of factors before starting to do so. Because the approach focuses on customer needs and customer satisfaction, the product earns consumer loyalty and self-esteem. Product features, prices and location strive to take into account customer expectations.
Promotional aspects give customers what their company intends to offer and therefore better position products. Therefore, a link is being forged between consumers and organizations. Designing the 4 P's requires critical thinking and insight. If they merge correctly, your product will find a unique space in customers' minds. The result of all efforts is greater customer satisfaction and greater market share which is compounded by an increase in product sales.
ProductProduct is at heart of any marketing mix.
All marketing activities start with it. The product is not just a physical entity; it captures all tangible and intangible aspects such as services, personality, organization and ideas. Without a product we have nothing to fix, promote or place. Therefore, out of all 4 P's Product is most basic P.It's essential to understand term Product Mix in relation to Marketing.
Product Mix is entire range of products that company offers its customers. Let's say for example Apple an authority on electronic brands inspired by loyalty as pioneer in mobile technology & electronic devices decides to expand its product line with new Apple Sports Shoe. Therefore Product Range of Apple Inc will cover Mobile Phones, Tablets, iPods, Watches & new one in line Apple Shoes.