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Define Marketing Mix.

In: Business and Management

Submitted By shims79
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Define Marketing Mix.

Marketing is a process that depends on customer needs and demands. Marketing concept proposes that an organization requires focusing on customer needs and wants, coordinating its efforts and endeavoring to accomplish organizational goals.

Marketing can be best defined as: “A process of identifying, satisfying and retaining customer’s profitability”.

The American Marketing Association defines market as:
“Marketing is an organizational function and set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.”

The marketing mix is a business tool used in marketing and by marketers. It is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. Traditionally the marketing mix consisted of just 4 Ps, getting the mix of these elements right enables the organization to meet its marketing objectives and to satisfy the requirements of customers.

The marketing mix is often crucial when determining a product or brand's offer, and is often associated with the four P's. When marketing their products firms need to create a successful mix of these four P’s:

• Product
• Price
• Place
• Promotion.

These four P’s are the parameters that help the marketing managers in controlling, subject to the internal or external constraints of the market environment. The aim is to make decisions that centre the four P’s on the customers in the target market in order to create perceived value and generate a positive response.

To create the right marketing mix, businesses have to meet the following conditions:
• The product has to have the right features - for example, it must look good and work well.
• The price must be right. Consumer will need to buy in large...

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