We have provided a simple definition of marketing mix with their meaning & examples. The marketing mix is the combination of the four marketing mix elements such as product, price, place, and promotion. In case of service, we can mention 3 extended p’s – Physical Evidence, Process, and People. Along with these 4 elements 4 C’s are also an important part – Customer solution, Cost to the customer, Convenience to customer and communication with the customer.
Marketing Mix Definition
“Marketing mix can be defined as the combination of the four inputs which constitute the core of a company’s marketing system – the product, the price structure, the promotional activities, and a distribution system.”
Marketing Mix Meaning with examples
Marketing mix focuses on four elements –
- The Product and related attributes such as brand name, look, design, etc. (for e.g. Soap)The price of the product and related strategies such as Penetration Pricing or Skimming Pricing strategy (E.g. Reliance mobile adopted penetration pricing to introduce GSM & CDMA sim cards and mobiles to the market.)
- The promotional activities – Advertising, Publicity, Sales Promotion etc.
- The Place (Distribution System)- focuses on the distribution of product to the market
Elements of the Marketing Mix
|Color||Price Discount||Warehousing||Personal Selling|
|Design||Cash Discount||Logistics||Public Relations|
|Variety||Quantity Discount||Material Handling||Direct Marketing|
|Packaging||Trade Discount||Channel of Distribution|
|Warranty||Mode of payment||Dealers|
|After Sales Service||Brokers|
4 P’s and 4 C’s of Marketing