What is Marketing Mix ? Explain any four elements of marketing mix.

Answer – Marketing mix is the combination of controllable marketing variables used to achieve objectives in a target market. The four Ps should form a coherent offer.

• Product: goods, services, benefits, quality, design, features, brand, packaging, label and customer support.
• Price: the amount charged, payment terms, discounts and credit policy. It influences demand and revenue.
• Place: channels, market coverage, transportation, warehousing, inventory and order fulfilment that make the product available.
• Promotion: advertising, personal selling, sales promotion and public relations that inform, persuade and build relationships.

Example: a school-bag offer combines a durable bag, an affordable price, availability near schools and a suitable promotional campaign. Changing one element may require changes in the others.