What is meant by the Marketing Mix? Do you think that the original form of the Mix needs any changes in it if it is applied to service industries?

The term marketing mix refers to the four major areas of decision making in the marketing process that are blended to obtain the results desired by the organization. The four elements of the marketing mix are popularised by McCarthy in 1960. The marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market (P.Kotler). Each element in the marketing mix is—product, price, promotion, and place. Marketing managers make numerous decisions based on the various sub-elements of the marketing mix, all in an attempt to satisfy the needs and wants of consumers.

Join now!

The first element in the marketing mix is the product. A product is any combination of goods and services offered to satisfy the needs and wants of consumers. Price is simply the amount of money that consumers are willing to pay for a product or service so it is an important element of the mix. Promotion is used to create awareness and stimulate demand and the most visible of 4 Ps in the marketing mix. Promotion is a communication process that takes place between a business and its various publics. Publics are those individuals and organizations that have an interest ...

This is a preview of the whole essay