“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself”. – Peter Drucker
In the previous chapter we have seen how event marketing helps the company to promote their products and also increase brand value. However, with growing demands of customers, increased competitors and technology,an emerging technique called Marketing Mix has been coming into vogue. This term was first coined by Neil Borden in the year 1953 as an extension of the work created by one of his associates James Culliton in the year 1948.
What is Marketing Mix?
Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix – Price, Product, Promotion and Place.…show more content…
In terms of services there are three Ps: People, Process and Physical Evidence.
In recent years, a fifth P which means packaging has been considered as an important feature to increase the brand value.
2.2.2 Importance of Marketing Mix:
While there are many marketing strategies currently present in the market, Marketing Mix has gained the maximum popularity and most used strategy by many companies which are product and service based. One of the inherent advantages of Marketing Mix is that; it takes less time to implement and maximises return of investments and profits for the same. In this case,it is a win-win situation for the company.
But why is Marketing Mix so important? How does it impact a business and its strategies?
1. It helps in Mix Creation: Marketing Mix needs proportionate presence of each of the Ps depending on product or service. While making Marketing Mix, the chain of bonds get stronger. It also helps process become easier while making a new product, or a new line up of products for a