What is Marketing Mix? Mention some of the important elements of marketing mix.

MARKETING MIX 

In the words of Philip Kotler, “Marketing Mix is the set of controllable variables and their levels that the firm uses to influence the target market.” The marketing mix is a combination of various elements, namely, Product, Price, Place (replaced by Physical Distribution) and Promotion.

The various important elements of the marketing mix are briefly discussed as follows;

PRODUCT: 
It is the thing possessing utility. It is the bundle of value the marketer offers to potential customers. Today manufacturers are realizing that customer expects more than just the basic product. Therefore the product must satisfy the consumer's needs. The manufacturer first understands the consumer needs and then decides the type, shape, design, brand, package, etc. of the goods to be produced. The product is a marketer’s primary vehicle for delivering customer satisfaction.

PRICE: 
It is the amount of money asked in exchange for a product. It must be reasonable to enable the consumer to pay for the product. While fixing the price of a product, the management considers certain factors such as cost, the ability of the consumers, competition, discount, allowances, the margin of profit, etc.

PLACE(PHYSICAL DISTRIBUTION): 
It is the delivery of products at the right time and the right place. It is the combination of decision regarding channel of distribution (wholesalers, retailers, etc. ), transportation, warehousing, and inventory control.

PROMOTION: 
It consists of all activities aimed at inducing and motivating customers to buy the product. The selection of alternatives determines the success of marketing efforts. Some firms use advertising, some other personal selling or sales promotion. Thus promotion includes advertising public relations, personal selling, and sales promotion. Recently Packaging and People are two more elements of the marketing mix that have been emerged. These are discussed as follows.

PACKAGING: 
Packaging is the art, science, and technology of preparing goods for transport, sale, and exchange. A well-designed pack is invaluable in building brand loyalty with the customer. Packaging must be such that a customer is impressed at the very moment he or she sees the product.

PEOPLE: 
It consists mainly of the people to whom goods are sold(consumer) and the people through whom goods are sold(salespeople, wholesalers, retailers, etc.) people include competitors also. This factor will be the reason as well as resources for success in marketing.