4 P's of Marketing Mix - Elements of Marketing Mix - Definition

What is Marketing Mix?

What is Marketing Mix? are given in the diagram below.

Image credits © Manoj Patil.

What is 4 P's of Marketing Mix? are follows:

Marketing mix is an important concept of marketing management. The main aim of every business organization is to earn and maximize its profits. For doing so, they concentrate on 4 factors, i.e. Product, Place, Promotion and Price, known as a marketing mix. They are also known as four 'Ps' of the marketing mix.

Marketing mix is an important element of marketing management. Production takes place in prediction of demand. Customer's needs and requirements are the priority of every organization. In order to increase sales of a product and satisfy the wants of customers, marketing mix of an organization is divided into 4 elements such as four P's.

Four Elements of Marketing Mix are given in the diagram below.

Image credits © Manoj Patil.

Marketing Mix Modeling, Strategy are given below.

• Product Mix
• Place of Physical Distribution Mix
• Promotion Mix
• Price Mix.

Definition of Marketing Mix

Definition of Marketing Mix by Philip Kotler are given in the diagram below.

Image credits © Manoj Patil.

Marketing Mix Definition are given below.

According to Philip Kotler Marketing mix defined as:

“a set of controllable variables and their levels that the firm uses to influence the target market.”

4 P's of Marketing Mix - Elements of Marketing Mix

Features, Functions of marketing mix are given in the diagram below.

Image credits © Manoj Patil.

Various, Basic, Theory, Components, Key elements of Marketing Mix 4 p's are given below.

1. Product
2. Price
3. Promotion
4. Place Distribution

Importance of 4 p's of marketing mix are follows:

1. Product

4 P's of marketing mix, product is the key element of the marketing mix because without the product, there is no marketing. A product has many utilities and many features supplementing it. A product satisfies the consumers wants or needs. A product which provides satisfaction is always purchased by a customer. So the appropriate product is produced, marketed and consumed.

2. Price

4 P's of marketing mix, pricing also is an important element of marketing mix. Price fixation of a product is a difficult task. Price is the measure of material value and gives effect to demand.

Price brings an equilibrium between supply and demand of a product in the market. Pricing decisions are the more significant decision because they are the very basis of survival and growth of organization.

3. Promotion

4 P's of marketing mix, promotion is the main element of marketing mix. It is an important activity in marketing to lubricate the marketing efforts. It is immensely specialized marketing function. Promotion includes advertising, sales, production, publicity, personal marketing, public relations, etc.

4. Place Distribution

4 P's of marketing mix, place distribution is the element of marketing mix. Marketing or distribution of goods or products to the ultimate user is the main object of the process of marketing. When a product is being made, the producer has to determine the methods and routes to distribute the product to the user.

Distribution creates place, time and ownership utilities to the product. The decision of selecting proper marketing channels is the important process in the marketing, as it affects other decisions of marketing.

Some Important Articles on Marketing are given below.

What is Marketing? Definition, Meaning of Marketing - Diagram

Importance of Marketing - Role, Significance of Marketing

Functions of Marketing - Nature and Scope of Marketing