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The marketing mix is the combination of the four controllable variables–product, place, promotion, and price (the four Ps). To ensure that the marketing mix is managed, it is essential to develop a marketing strategy (a broad plan for using an organization’s resources to meet its marketing objectives) which is formalized in a Marketing Plan.
In addition to the four Ps and contingencies for the uncontrollables, The Marketing Plan lays out both the strategic and tactical plans along with a detailed budget. Marketers use different tools in order to get the desired response from the customers or best satisfy their needs. Marketing Mix is a combination of marketing tools that a company uses to satisfy their target customers and achieving organizational goals. These four elements are the basic components of a marketing plan and are collectively called 4 P’s of marketing. The important thing to note is that all these four P’s (variable) are controllable, subject to internal and external constraints of marketing environment.
Product is the actual offering by the company to its targeted customers which also includes value added stuff. It not only includes the place where the product is placed,  all those activities performed by the company to ensure the availability of the product tot he targeted customers. Promotion includes all communication and selling activities to pursuade future prospects to buy the product. As these costs are huge as compared to product price, So it’s good to perform a break-even analysis before allocating the budget. My spouse and I stumbled over here by a different web address and thought I might check things out. Itz a very essential fundamental marketing concept in brief.I got some clear ideas about 4ps of marketing.
The Marketing Mix model, or marketing strategy (also known as the 4 P’s) is widely used by marketers as a tool to assist in implementing the marketing strategy. 4P’s of marketing (McCarthy, 1960): combination of product, price, place (distribution) and promotion. Booms and Bitner (1980) add 3 Ps (participants, physical evidence and process) to the original 4 Ps to apply the marketing mix concept to service. All other trademarks, logos and registered trademarks are properties of their respective owners. Chanimals blend these variables to create a mix that satisfies the needs of the target market. The product refers to the service or tangible good that satisfies the target customer’s wants–it is obviously first essential that a real target market is identified, quantified and justified. The place refers to placement (usually managed by sales or OEM), such as having the product available where and when targeted customers want to buy it. Promotion includes Advertising, PR, Event Marketing, Online Marketing, Direct Marketing, Personal Selling, Channel Marketing, and Alliances.

Price consist of the policies regarding competitive upgrades, reseller pricing, discounts, list price, distributor and street price (the actual selling price). The Marketing Plan covers the controllables (the 4 Ps) while also suggesting contingencies for the uncontrollables such as social cultural, ethical, technological, competitive, political-legal, and economic variables. Marketers, using different blends of these variables, can target different group of customers having different needs. Availability of the product at the right place, at the right time and in the right quantity is crucial in placement decisions.
The diagrams consist of colored circular shapes for each ‘P’ (central idea being the ‘Marketing Mix’ name). Managers use this conceptual framework to attempt to generate the optimal response in the target market by blending 4 (to 7) variables in an optimal way. You will notice that, although all areas of the marketing mix are covered, some portions are more detailed, while others are meager. Pricing strategy not only related to the profit margins but also helps in finding target customers. While designing the mix, make changes to all mixes in such a way that all conveys the same message.
So, in order to extend the usefulness of marketing mix, some authors introduced a fifth P and then seven P’s (People, Packaging, Process). My last blog (wordpress) was hacked and I ended up losing a few months of hard work due to no back up.
This marketing mix is mainly used in case of Tangible goods.2) Service marketing mix –  The service marketing mix has three further variables included which are people, physical evidence and process.
This is because each plan is, and should be, tailored to the particular needs of the specific organization at the time.
Don’t confuse your customers by just changing one variable and keeping the rest same. They are discussed in detail in the article on service marketing mix.The term marketing mix was first coined by Neil H Borden back in 1964 in his article “The concept of marketing mix”. Several strategic analysts over the years believe that the marketing mix can make or break the firm.
Over time the concept of marketing mix has provided a steady platform for the launch of a new product or business.As mentioned before, the marketing mix is characterized by four different but equally important variables.
However, a change in one of the variables may cause a change in all the other variables as well.
The variables are as follows1) Product –  The first thing you need, if you want to start a business, is a product.
Product decisions are the first decisions you need to take before making any marketing plan. A product can be divided into three parts. Thus as long as you dont know your product, you cannot decide any other variable of the marketing mix.

However, if the product features are not fitting in the marketing mix, you can alter the product such that it finds a place for itself in the marketing mix.2) Pricing – Pricing of a product depends on a lot of different variables and hence it is constantly updated. Major consideration in pricing is the costing of the product, the advertising and marketing expenses, any price fluctuations in the market, distribution costs etc. Thus the pricing has to be such that it can bear the brunt of changes for a certain period of time.
However, if all these variables change, then the pricing of a product has to be increased and decreased accordingly.Along with the above factors, there are also other things which have to be taken in consideration when deciding on a pricing strategy.
On the other hand, if the product is a Premium consumer product, it will be available only in select stores. Similarly, if the product is a business product, you need a team who interacts with businesses and makes the product available to them. Thus the place where the product is distributed, depends on the product and pricing decisions, as well as any STP decisions taken by a firm.Distribution has a huge affect on the profitability of a product.
An increase in petrol rates by 10 rs will in fact bring about drastic changes in the profitability of the company. Thus supply chain and logistics decisions are considered as very important costing decisions of the firm. The firm needs to have a full proof logistics and supply chain plan for its distribution.4) Promotions –  Promotions in the marketing mix includes the complete integrated marketing communications which in turn includes ATL and BTL advertising as well as sales promotions.
The right kind of promotions affect all the other three variables –  the product, price and place. If the promotions are effective, you might have to increase distribution points, you might get to increase the price because of the rising brand equity of the product, and the profitability might support you in launching even more products.
Promotions is considered as marketing expenses and the same needs to be taken in consideration while deciding the costing of the product.Thus as we see from the above diagram, all the four variables of marketing mix are inter related and affect each other.
By increasing the pricing of the product, demand of the product might lessen, and lesser distribution points might be needed. On the other hand, the product USP can be such that maximum concentration is on creating brand awareness, thereby increasing need of better pricing and more promotions.
This is because, your marketing mix decision will also affect segmentation, targeting and positioning decisions.
If your product is a service then there are 3 further P’s taken into consideration namely –  people, physical evidence and process. In order to post comments, please make sure JavaScript and Cookies are enabled, and reload the page.

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