6/6/2015

MarketingMixDefinition|MarketingMixMeaningTheEconomicTimes
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Definitionof'MarketingMix'
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Youarehere: ETHome Definitions Marketing MarketingMix

Glossary

ETNOW

Themarketingmixreferstothesetofactions,ortactics,thatacompanyusestopromoteitsbrandor
productinthemarket.

Glossary
Economy
Insurance
Budget
MutualFund

Definition:Themarketingmixreferstothesetofactions,ortactics,thatacompanyusestopromote
itsbrandorproductinthemarket.The4PsmakeupatypicalmarketingmixPrice,Product,
PromotionandPlace.However,nowadays,themarketingmixincreasinglyincludesseveralotherPs
likePackaging,Positioning,PeopleandevenPoliticsasvitalmixelements.

Marketing

Description:Whatarethe4Psofmarketing?

RealEstate

Price:referstothevaluethatisputforaproduct.Itdependsoncostsofproduction,segmenttargeted,
abilityofthemarkettopay,supplydemandandahostofotherdirectandindirectfactors.Therecan
beseveraltypesofpricingstrategies,eachtiedinwithanoverallbusinessplan.Pricingcanalsobe
usedademarcation,todifferentiateandenhancetheimageofaproduct.

Commodity

Product:referstotheitemactuallybeingsold.Theproductmustdeliveraminimumlevelof
performanceotherwiseeventhebestworkontheotherelementsofthemarketingmixwon'tdoany
good.

Entertainment

Equity

HR
Shipping

Retail

Place:referstothepointofsale.Ineveryindustry,catchingtheeyeoftheconsumerandmakingit
easyforhertobuyitisthemainaimofagooddistributionor'place'strategy.Retailerspayapremium
fortherightlocation.Infact,themantraofasuccessfulretailbusinessis'location,location,location'.
Promotion:thisreferstoalltheactivitiesundertakentomaketheproductorserviceknowntotheuser
andtrade.Thiscanincludeadvertising,wordofmouth,pressreports,incentives,commissionsand
awardstothetrade.Itcanalsoincludeconsumerschemes,directmarketing,contestsandprizes.
Whatistheimportanceofthemarketingmix?
Alltheelementsofthemarketingmixinfluenceeachother.Theymakeupthebusinessplanfora
companyandhandledright,cangiveitgreatsuccess.Buthandledwrongandthebusinesscouldtake
yearstorecover.Themarketingmixneedsalotofunderstanding,marketresearchandconsultation
withseveralpeople,fromuserstotradetomanufacturingandseveralothers.
HowdoesMarketingMixhelpyourbusiness?Watchvideo...

http://economictimes.indiatimes.com/definition/marketingmix

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6/6/2015

MarketingMixDefinition|MarketingMixMeaningTheEconomicTimes

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