How is the market mix illustrated by the P variables of marketing?
The given figure demonstrates the market mix, additionally sub divided as:
The marketing mix is the central part of marketing tactics of an organisation.
P variables of Marketing:
Once the market circumstances (competitions, middlemen, customers and suppliers) have been identified and evaluated and while the decision has been made to develop or penetrate an exact market, after that the role of marketing mix is crucial.
• Marketing Mix is the mixture of competitive efforts exerted through a firm to accomplish several sales or profit goal.
• The firm usually has at its disposal some competitive elements which it can influence.
• The element of time is a vital factor within assessing the exact mix to be offered to the market.
• By the marketing mix like a tactical element of an organisation’s marketing plans, this is possible to adapt profitably and speedily to changes into market environment.
• Therefore, the development of the mix to meet conditions at an exact point or period onto time is fundamentally a contingency approach to marketing management.