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Marketing refers to the process that involves drafting the plan and execution of the concept, promotion, distribution and pricing of services, goods and ideas which satisfy goals of organizations as well as individuals.
Marketing mix is a designed mix of the controllable factors of the marketing plan of product. This mix is generally called as 4Ps: product, price, promotion and place. These factors are attuned and adjustments are made until the accurate amalgamation is discovered which meets the requirements of the customers of the products, whilst optimum income is generated. At times, the P (Product) is replaced by P (Presentation). For example –
Product – How should the product be branded?
Place – How can correct channels of distribution be accessed?
Price – Comparison of the price of product with the price charged by the competitors.
Promotion – How is the activity of promotion undertaken by competitors influence the decision on promotion of the product (The Marketing Mix and 4 Ps).
With the augmentation of marketing as the process moving online through various mediums like social media and emails, 5 more Ps have been added to the above concept of 4Ps. This is called the concept of 9Ps and includes:
Purpose – This refers to knowing in advance if the campaign is for call-to-action or brand awareness.
People – This refers to understanding how people envisage the product offered.
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