Marketing Mix and Its Main Elements

For achieving success in the market, whatever combination of the various policies of sales is adopted or undertaken is known as the marketing mix'. In the marketing mix are included the commodity or product, its brand, trade-mark, packing, price, distribution method, publicity, sales promotion, marketing research, etc.

Every organization or undertaking undertakes the combina­tion or mix-up of all these factors in such a way that within a certain specific period, and within some particular conditions, the maximum of the profits could be earned. A marketing manager, with the help of the market mix, draws out the marketing program, so that the net profit of the firm could increase and the customers could get the maximum of satisfaction.

The following are some of the views of few scholars regarding the concept of marketing mix:

In the opinion of Rustom, S. Davar, For achieving success in the market, by the manufacturers (producers), the policies used or adopted form the market mix.

In the view of Kelly and Lazor, The market mix is composed of those components which are used for the objective of encouraging the customers for purchasing some specific or particular product.

 In the opinion of Stanton, the market mix is that term which is used for describing the four elements forming the essential portion of the marketing of any company, viz. the product, the distribution system, the price-structure and the developmental functions of the same product.

Elements or Classification of the Market Mix

The following are the main elements of the market mix:

(1)   Product. There arises the need of appropriate or suitable product and its development in any market. Different products at­tract the customers from various markets. For making the product impressive and influential, there is the need of marketing. McCarthy has analyzed the 10 different variables for the product.

According to McCarthy, for different markets and customers, first of all the product-planning is undertaken. According to the taste and temperament of the customers, the form, color and design, etc. are determined. The product is packed in various sizes and quan­tities and as per need; each is assigned a 'brand'. For making the product popular, its standardization is undertaken. For keeping the customers satisfied the base of service is prepared and thus the ser­vices are provided.

(2)   Place. In the market mix, the place element occupies spe­cial significance. It is very much necessary that the thing required or demanded by the customers be made available to him at the proper time and place. Without it, the production of goods and ser­vices is insignificant. In the opinion of McCarthy, The media of dis­tribution has to be selected and decided for supplying the goods from producers to the consumers.

(3)   Promotion. The sales promotion of the production is necessary. It ⁱs very necessary for the reason that once the product is introduced to the customer, it becomes necessary to keep the cus­tomer continued and encouraged for the purchase of it. McCarthy has felt that for sales promotion, help is sought of the ^'personal con­tacts, publicity and advertisements and the prospective customers are converted into the full-fledged customers.

(4)   Price. We see that different products are supplied to the customers at a certain specific price. Determination of the faces is undertaken by the organization itself. White determining the price, various matters have to be borne into mind and considered, for in­stance, the competing items, the qualities (merits) of the product, demand, utility, price, etc. The price-determination is an important element of creating the demand for the commodity and increasing or pushing up of the demand. While determining the price, it becomes very essential to consider above the facts or the matters like the commission or discount permissible to the customer, the conditions of purchase by the customer, the procedure or the method of payment of price, etc.

Changes in the Market Mix

As per the time and circumstances (conditions), the changes have to be effected in the market mix. There happen to occur, from .day to day, various changes in the demands by the consumers, their taste and likings, fashions, traditions and conventions, etc. Moreover, the customers' requirements and demands, the purchasing power, standard of living, education, social and economic policies continue to change and vary from time to time. Due to such varia­tions, some change has also to be effected in the market mix. For its producer, to maintain the regularity of the customer, it is necessary to effect the changes in the market mix. In the market mix, changes could be incorporated according to the price, packing, brand, color, form, shape, design, and the qualities or characteristics of the product.

Factors Affecting Market Mix

Due to the different factors being given hereunder, it becomes necessary to bring changes in the market mix:

(i) Change or variation in the taste and temperament of the consumer;

(ii)    Extent and nature of competition;

(iii)   Change in the distribution media;

(iv)    Sales promotion;

(v)     Change in the trade-mark and brand;

(vi)     Change in the packing policy;

(vii)    Need of providing improved commodity or service;

(viii)   Changes in the discount policy;

(ix)     Guaranteed Service; and

(x)      Changes (amendments) in the country’s laws.