Definition: Marketing Mix

[Reyed Mia (Apprentice, DIU)]

Definition: Marketing Mix

Marketing Mix is a tool which a marketer uses to formulate a product/service offer for customers. Marketing mix is done using the 4Ps of marketing - Product, Place, Price, Promotion and 7Ps in case of service- Physical Evidence, People, Process. The term Marketing Mix is attributed to Neil Bordon. The term is named marketing mix because it suggest how a marketer mixes various elements (Product, Price, Place, Promotion etc) in order to make a relevant/just right offering to the customer. The main objective of marketing mix strategy is to make the right product at correct price at the right place with right promotion.

This strategy has been one of the popular marketing topics in business. Let us talk more about the various elements in the marketing mix. There are two types of marketing mix-Product and Service.

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