Marketing MixUnit 3

Meaning

• The marketing mix is a business tool used in marketing and by marketing professionals. The marketing mix is often crucial when determining a product or brand's offering, and is often synonymous with the four Ps: price , product , promotion , and place.

Term marketing mix was coined in an article written by Neil Borden in 1953 called “The Concept of the Marketing Mix.” He started teaching the term after he learned about it from an associate, James Culliton , who in 1948 described the role of the marketing manager as a " mixer of ingredients";

Elements of Marketing Mix

4 P’s ….P roduct P lace P riceP romotion

All these elements are controlled by the company to meet the needs of customers within its target market.

Product

• Product Researching customers product wants.• Designing the product (strength, dosage form, pack size).• Designing the product (strength, dosage form, pack size).

Place (Distribution)

This variable aims to: • Reach and keep customers. • Products must be available at the right time and in

convenient location. • Pharmaceutical products are distributed in

community pharmacies, hospitals and doctors clinics in some cases.

Pricing

• It is related to decisions and actions associated with establishing pricing objectives and policies and determining product prices.

• Price is a competitive tool by decreasing prices, this may attract more customers but may ruin company’s image, as high prices may strengthen and establish company image.

Promotions

It relates to activities used to inform individuals or groups about an organization and its products, promotion aims to :- -

• Increase public awareness • Educate consumers and customers about

product features.• Keep interest in an established product that has

been available for decades .