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Elements of Marketing Mix

Study material notes on price as an element of the marketing mix. Understand the concept of the marketing mix, elements of the marketing mix, and other related topics in detail.

The marketing mix is a seamless combination of several elements part of the marketing mix strategy. Earlier, the marketing element had only four Ps; however, with the changing times, it revamped to 7Ps. Product-based companies introduce several intuitive strategies for selling their products, and the introduction marketing mix was part of it. 

This article describes the elements of the marketing mix. You will find detailed information on the marketing mix, the 4 and 7Ps of the marketing mix, along with its importance. So, let’s start by describing the elements of the marketing mix in the business study material.

What is the Marketing Mix? 

In simple terms, the marketing mix can be described as a set of marketing tactics or tools used to promote the goods and services in the market. The marketing mix is mainly concerned with rightly positioning your products and services between the right people at the right time and the right price. 

As per the promotion and marketing strategy, selling the product increases. There are four significant components of marketing, also termed as 4Ps, which are price, product, place, and promotion. Any businessman or entrepreneur considers these four 4Ps once the product is developed and ready for launch. 

Explain 4Ps of marketing 

Let’s understand the 4 Ps of the marketing mix in detail. 

  • Product in the marketing mix 

A product can be described as a commodity designed and developed especially for satisfying the emerging needs of the customers or a group of people. This can either be tangible, touched and seen, or intangible, which cannot be touched or seen. 

Since product development goes through a fluctuating life cycle, conducting thorough research before getting deep into the product development process is essential. The product’s life cycle includes several phases, such as the growth phase, the maturity phase, and the sales decline phase. Once the product reaches the last stage, developers need to reinvent the product to meet the growing demands. 

  • Price in the marketing mix 

When it comes to the marketing mix, pricing a product or giving value to a commodity is one of the crucial factors. It is the amount that a customer pays to avail of the particular product or service. Since it decides the profit and loss factor, pricing is the most crucial aspect. 

Changing the product price even for a bit can bring the demand upside down. As a result, several important factors such as competitors’ prices, customer’s location, terms of sale, and discounts should be kept in mind. 

  • Place in the marketing mix 

Another important factor of the marketing mix is distribution or placement. The product should be sold at a place where potential buyers or customers can easily access it. 

  • Promotion in the marketing mix 

Today, the promotion of a product has become a crucial factor for the sale of a product. It is the most expensive but essential component of the marketing mix that helps attain the consumer’s attention and triggers them to make a purchase. 

Explain the 7Ps Model of Marketing 

After 4Ps comes the 7 P marketing mix. With the change in time and technological advancements, 3 more Ps have been added to the marketing mix. 

  • People in the marketing mix 

One of the most critical components of the marketing mix is the company’s employees, as they design, develop, and deliver goods and services to their customers. As a result, it is vital to hire and train educated professionals who can provide superior services. 

  • Process in the marketing mix

In order to minimise mistakes and costs, it is essentially important to ensure that the structure of the business is regularly verified. 

  • Physical evidence in the marketing mix 

There should be appropriate evidence that the services were rightly delivered when it comes to the service industry. Brading comes under this. 

Products of the Marketing Mix 

The marketing mix products are mainly classified into three major categories. These include- 

  • Tangible products – Tangible products are described as items that have a certain physical presence, or that can be touched and seen. The most common examples of tangible products are cars, pencils, pens, electronic devices, etc. 
  • Intangible products – Intangible products are described as items that do not have any physical presence; however, these can be felt. The most common example of tangible products is insurance policies. 
  • Services – Although services come under the category of intangible products, they occur due to any economic activity that does not have any ownership. 

Importance of Marketing Mix 

For curating the right marketing strategy, a marketing mix is an essential tool that attracts growth. Note all the marketing mix elements, which includes the 4Ps along with the extended 7Ps, are closely related to one another. 

Conclusion 

With this, we come to the end of our study material on describing the elements of the marketing mix. The marketing mix is mainly concerned with rightly positioning your products and services between the right people at the right time and the right price. The marketing element had only four Ps; however, it revamped to 7Ps with the changing times. 

In this article on describing the elements of the marketing mix, we studied the concept of the marketing mix in length. We covered several other topics such as the 4Ps of the marketing mix, 7Ps of marketing mix, marketing mix products, and other related topics. 

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Frequently asked questions

Get answers to the most common queries related to the CBSE Class 12 Examination Preparation.

Q1. Give one benefit of building your personal brand.

Answer: One benefit of building your personal brand is that customers can easily identify your products. ...Read full

Q2. Write three components of the product mix.

Answer: The three components of the product mix are branding, labelling, and packaging. 

Q3. Mention 4Ps of marketing.

Answer: The 4Ps of marketing mix are product, price, place, and promoti...Read full

Q4. What are the 7Ps of marketing

Answer: Along with the 4Ps, people, process, and physical evidence together make up the 7Ps. 

Q5. What are the products of the marketing mix?

Answer: There are three marketing mix products. These include tangible products, intangible products, and services.Â...Read full