Marketing Mix

Marketing is a procedure that revolves around the customers and to meet the requirements of the customer marketers formulate and design the marketing mix that is also called as 4Ps (- Four marketing activities-Price, product Place and Promotion-that a firm may control to meet the desires of customers within its target market ). The marketing mix variables are: Product: services, Goods, or ideas that assure customer needs, Price: Decisions and actions that set up pricing objectives and policies and set product prices.  Place: The ready,  convenient, and timely availability of products and at last  the Promotion: Promotion may be defined as activities that are utilized to inform customers regarding the  organization and its products. These all elements of the marketing mix and strategy related to these variables or elements or are designed by keeping in view all of the environmental factors either micro or macro that can influence the marketing in any context. Nowadays is the era of value driven marketing, Value may be defined as a customer's subjective assessment of benefits relative to the costs in finding the worth of a product. Customer is prepared to pay the cost of given product if that product has some value. This value may be determined as a capability of the product to convince the customer's wants and needs.

Whenever customer or the consumer makes the buying decisions they (Consumers) don't purchase products; they buy benefits that may be functional benefits (relating to the product serves or practical purpose) or the Psychological benefits (relating to how a product makes one feel) for the motive being products are always purchased to fulfil certain needs that are absolutely fulfilled through acquiring sure benefits of the product. Nowadays, as services or products become more and more commoditized, various companies are moving to a new level in creating value for their customers. They are developing and delivering total customer experiences to differentiate their offers. While products are tangible and services are intangible, experiences are unforgettable. While services and products are external, experiences are personal and occur in the minds of specific consumers. Companies that market experiences realize that customers are actually buying much more than only services and products. They are buying what those offers shall do for them-the experiences they achieve in purchasing and consuming these services and products.