An important term used by Neil Borden in 1953 in order to enhance the concept of marketing and to gain maximum outcome is none other than "Marketing Mix". In marketing textbooks, you all must be aware from the concept of four P’s. Four P’s are generally used to enhance the concept of marketing by emphasizing on every single aspect. While going in more detail you all will come to know how marketing mix plays an important role in building up of any organization.
Elements of marketing mix are:
Product
Any intangible service or any tangible product that is offered by any company or organization. Product normally varies in size and quantity. Example of intangible services is: customer care while example of tangible product is cell phone, car etc.
Price
Price is one of the major factor based on which the quality of product depends on. Prices vary while keeping in view the economic conditions of the country too.
Place
Where an organization is located, where are its support centers and where are the retail stores. These all assumptions are in link with the place. Place really matters. Marketers always try to open retail stores where demand is more.
Promotion
Various strategies applied in order to increase the revenue and to gain maximum benefits out of any product is known as promotion. Companies do various kind of promotion activities in order to make their product or service best among others.
Apart from all these elements, marketing mix is further extended to other elements too that plays an important role in building up of any product or service.
People
Every one who is involved in making up of any product is important. Starting from the employees till the consumers.
Process
Cycles or process involved in making up of any product or service. Processes should be organized in an appropriate manner in order to add efficiency in it.
Physical Evidence
Communication is an important element with the help of which any product or service can gain popularity. While doing marketing of any product or service, if physical evidence is in a positive direction, then outcomes of any product or service will be in a positive direction too.
Therefore, marketing mix is a vital concept that can make your product or service effective and can help you in gaining maximum amount of benefits. While doing marketing mix of any product or service, keeping an eye on competitors activities is an important area that should be done properly in order to evaluate their performance and workings too.
References
Elizabeth F. Trotman, Education for Management, Inc (1969), "The marketing mix: managing the marketing concept", Education for Management, Inc