Introduction to the Marketing Mix

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The marketing mix is concerned with the realities and practicalities of how the marketing objectives may be turned into specific marketing plans and activities. The role of the marketing mix is to move objectives and plans into reality of implementation and achievement.

WHAT THE MARKETING MUST HAVE:

STRATEGIC ELEMENT: For instance, the company must decided what kinds of products its wishes to produce, given the choices its has made about the target markets its wants to satisfy. Such decision will inevitably, preclude other markets and products, given the limitation on resources available to it.

PLANNING ELEMENT: For instance, what time - scale should be applied to new product development activities.

TACTICAL ELEMENT: For instance, to what extent should the company allow discounts to volume buyers and how widely should its pricing policy be publicized within the trade.

OPERATIONAL AND IMPLEMENTATION ELEMENT: For instance, should marketing management expect to be involved in the formulation of detailed advertising copy being undertaken by the company's advertising agency.

RESOURCES COMMITMENT: For instance, upon what basis should advertising and sales promotion budgets be constructed or over what time scale should new products be expected to pay - back the research and development costs incurred in their development.

The Importance and complexity of the marketing mix, therefore, explains why it is such a major subject in the theory and practice of marketing. This complex of elements and activities should be managed such that it ensures that the right product is available at the right price in the right place at the appropriate time to satisfy the needs of target customers in the chosen market segments. It may also involve some degree of persuasion that the customer should consider purchasing the products or should actual make the purchase. The need for appropriate promotion of the products is, therefore, also an important part of the marketing mix. The marketing mix may effectively be described and analyzed on the basis of the four p's. These are: Product, Price, Place and Promotion.

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