Defining Marketing Mix

Jun 21st, 2015
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Marketing Mix is the blend of marketing elements that satisfies the demands of the market segment.

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MARKETINGIt defines marketing management as the process of planning & executing the conception of pricing, promotion, distribution of goods, services, ideas to create exchanges that satisfy individual and organizational goals.AMA- AMERICAN MARKETING ASSOCIATION.CORE CONCEPTS OF MARKETINGFigure No.: 5Marketing Management is a social and managerial process by which individuals or firms obtain what they need or want through creating, offering, exchanging products of value with each other.1. NEED/ WANT/ DEMAND:Need: It is state of deprivation of some basic satisfaction.Eg. - Food, clothing, safety, shelter.Want: Desire for specific satisfier of need.Eg. - Indians needs food wants paneer tikka/ tandoori chicken.Americans needs food- wants hamburger/ French fries.Demand: Want for a specific product backed up by ability and willingnessto buy. Eg. - Need transportation.Want Car (say, Mercedes)but able to buy only Maruti.Therefore, demand is for Maruti.Marketers cannot create needs. Needs preexists. Marketers can influence wants. This is done in combination with societal influencers.Demand influenced by making product:APPROPRIATEATTRACTIVEAPPROACHABLE/ AFFORDABLEAVAILABLE EASILYTo target consumers (4 Ps) Product/ Promotion/ Price/ Place2. PRODUCTS- GOODS/ SERVICES/ PLACE.Product is anything that can satisfy need/ want.Product component:Physical Good.Service.Idea.Eg. Fast food- burger/ pizza.Physical Good material

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