Marketing mix is an extremely important step in marketing planning once the company has decided the overall marketing strategy. Marketing mix is a set of tactical marketing tools that the company or precisely the marketing management wants to produce a response in its targeted market. Marketing Mix consists of four significant marketing elements, namely Product, Price, Place and Promotion and they are generally termed as 4Ps of marketing. As Belch and Belch observed, an effective marketing occurs when and where there is an exchange process and business relation by examining customers’ needs and wants, designing, manufacturing and developing products accordingly, distributing them to customers, offering them to customers for an affordable price and arranging certain programs that can promote customers to make them aware and interested of the products.
As and when there is a careful and effective combination between these elements, and especially there is an integrated approach to these elements, the marketer will be able to influence the demand in the market and thus to bring greater competitive advantages. In recent years, markers have been giving greater emphasis to devise marketing activities to assemble fully integrated marketing programs so that the company can create, communicate and deliver value to the customers. The ultimate goal of the effective marketing mix strategy is to create and deliver values to the customers. ...Show more