The Marketing Mix

To be successful, a company need to take competitive marketing strategy for compute. Making competitive marketing strategy, selecting target customer and market positioning a company need to take proper planning of product, price, place and promotion etc.

Marketing mix means the combination of major marketing tools like product, price, place and promotion and people.

Philip Kotler and Gray Armstrong define, the set of controllable and tactical marketing tools product, price, place and promotion that the firm blind to produce the response it wants in the target market.

The marketing mix, many possibilities can be collected into four group if variables known as the four or five P`s:

• Product
• Price
• Place
• Promotion
• people

It is interesting to ask how to make the 5Ps more customer centric. This leads to a redefining of the 5Ps to the 5Cs as follows:

• Product—Customer solution
• Price—Customer cost
• Place—Convenience
• Promotion—Communication
• people- competition

Product:
Product means anything’s which capable of rendering service – satisfying a want or needs. According to Sigmund and D`Amico, product is a good, service or idea that offers a bundle of tangible or intangible attribute to satisfy customers.
Example: tangible product like TV, Refrigerator, toys etc. and intangible product like idea, service etc.

Price:
When evaluation your product you need to apprehend four things: your value, what the competition is charging, the quality markup or ratio in your trade, and also the worth to the client. raise yourself this key question: “What can it value the client to not have what I’m offering?”
Price is the amount of money charged for a product or service. It is the sum of all the values that consumers give up in order to gain the benefits of having or using a product or service. By Philip Kotler and Gray Armstrong.
For example, if a person want to purchase a pen from a shop, he or she must paid something against the pen. Paid something is price.

Place:
For native businesses, place matters. typically store-front businesses get hold of prime locations so that they will have the required traffic. doing all your analysis is vital. you wish to be placed on a extremely desired passageway, in an exceedingly location that gives you easy accessibility to the target client.
It means the company’s activities which makes a product or services available for target customers.  Place may be channels, coverage, assortments, location, inventory, transportation, logistics etc.

Promotion:
Promotion means some activities which influence target customers to purchase specific products or services.These area unit the promotional activities you utilize to create your customers attentive to your merchandise and services, together with advertising, sales ways, promotions and marketing. It communicate to potential customers and helps to make a strong relationship to target consumers. There are 5 tools of promotion those are-

• Advertising
• Public
• Relations,
• Personal selling
• Direct-marketing

People:
What ar the folks that frame organization like? What ar the individuals like that i'll encounter once I return to the organization to expertise the service or once I attend the shop that sells the product? however am I treated? however do I feel when associate interaction with the organization’s or the store’s staff?
For example, if you are thinking of increasing your business on-line, you will need to have faith in however your customers use the net, if they'd feel snug getting your product on-line and if they'd be willing to pay shipping prices for your product.