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Why is Marketing Mix Important?from: Internet Exposed Files
Marketing Mix is one of the major pillar stone in the field of Marketing. The four P’s of Marketing namely Place; Promotion, Price and Product are the major aspect that in a major way define the success of a product or service in the market. Although there are many variables that operate in the day to day dynamics of operations of a Marketing Manager, but when it comes to the major contributors, these four classified aspects have a direct impact on the perceived value of service or product in the eyes of potential customer, therefore the study of Marketing Mix gains paramount importance in the eyes of a marketing manager.
The tools of marketing mix assist a manager in formulating and devising an effective marketing strategy .The manager uses the four controllable variables of the Marketing Mix in such a way that the product or service gains a unique selling proposition in the minds of prospective customer. In order to generate optimal response, a manager does careful blending of all these factors, carefully assessing the pros and cons of adjusting each factor. These factors can be further tinkered a bit to match the ever changing needs of market.
Through the first P of marketing mix , namely the Product a manager can control the attributes of physical product itself like its physical appearance ,its functionality ,its brand , service conditions etc .These aspects actually control in major way and can contribute a lot in the positing of the product in the market . A manager can carefully review these parameters to increase the popularity of product in masses.
The second P of Marketing Mix, which is the Price, is the most potent of all the four ingredients. A manager through careful variation of price can garner a very competitive positioning of the product in the market. He can further increase the volume sale of the product by packaging the product with attractive offers like discounts and freebies.
Through the third ingredient of Marketing Mix, namely Place, a manager can decide the distribution link of the product .He can control the Logistic, Channel coverage and other Service level agreements so that advantages of careful positioning can be utilized.
Similarly through fourth P of Marketing Mix namely Promotion , a manager can give his product the momentum necessary so that product gains healthy visibility in the minds of mass medium .For this end a manager uses media and other advertising and public relation tools to increase the reach of product in the market.
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