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When you run a business, be it online or offline , you need two levels of functioning.

One is the level at which you pay a lot of attention to details (micro-level) and the other is the level at which you try to look at the business as a whole (macro-level).

The micro-level is important, but it is disparate and time-consuming.

As an entrepreneur, you need to give higher priority to the macro-level because you do not want to miss the wood for the trees .

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The marketing mix is generally accepted as the use and specification of the 4 Ps describing the strategic position of a product in the marketplace. The term marketing mix was initially coined in 1948 by James Culliton. E. Jerome McCarthy in 1960 proposed a four-P classification which was popularized all over.

Marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives. Consumers often call the marketing mix "the offering." Your offer is controlled by the four Ps in marketing, although some marketers have added other Ps, such as personnel and packaging. The fundamental dogma of marketing typically identifies the four Ps of the marketing mix as referring to:

• Product - An object or a service that is mass produced or manufactured on a large scale with a specific volume of units. A typical example of a mass produced service is the hotel industry. A less obvious but ubiquitous mass produced service is a computer operating system. Typical examples of a mass produced objects are the motor car and the disposable razor.
• Price – The price is the amount a customer pays for a product. It is determined by a number of factors including market share, competition, product identity and the customer's perceived value of the product. The business may increase or decrease the product if other stores have the same product.
• Place – Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet.
• Promotion – Promotion represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements - advertising, public relations, word of mouth and point of sale. Advertising covers any communication that is paid for, from television and cinema commercials, radio and Internet adverts through print media and billboards. Public relations are where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events. Word of mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum.

Optimizing the marketing mix is the primary responsibility of marketing. By offering the product with the right combination of the 4 Ps marketers can improve their results and marketing effectiveness. Making small changes in the marketing mix is typically considered to be a tactical change. Making large changes in any of the four Ps can be considered strategic. By using variations of these four components, you can reach multiple consumers within your target market .

Analysis of Marketing Mix

The marketing mix represents the decisions and tactics that need to be implemented to ensure products or services are successful. Deliberation is given to each of the four elements. Creating products and services that meet the needs of target customers, setting prices that are perceived as fair, designing distribution channels to deliver products or services, and ensuring promotions are in place so consumers hear everything about the other three Ps.

Ensure whether all elements are consistent with each other. Each element in the marketing mix must work well with the others. The market mix should meet the needs of your target market. Each element should be used to its best advantage. Your product or service should offer outstanding quality or exceptional value. The market mix should be built on organizational strengths. If your company's strength is in research and development or innovation, your promotions should reinforce product announcements resulting from these efforts. Always consider about your customers and their needs and wants.

Limitations of the Marketing Limitations of the Marketing Mix Farmework

The marketing mix framework was particularly useful in the early days of the marketing concept when physical products represented a larger portion of the economy. Today, with marketing more integrated into organizations and with a wider variety of products and markets, some authors have attempted to extend its usefulness by proposing a fifth P, such as packaging, people, process, etc. Todaym, however, the marketing mix most commonly remains based on the 4 P's. Despite its limitations and perhaps because of its simplicity, the use of this framework remains strong and many marketing textbooks have been organized around it.

Creating a successful marketing mix often requires experimenting and market research. There are many methods that can be used, both in person and the use of impersonal presentations. The key is to not always depend on "one" mix always explore other avenues. The combining and coordination of these elements will be more effective. You must coordinate all elements so that the prospective consumer is not being sent mixed messages that can cause confusion.

The marketing mix is probably the most famous marketing term. The main factor for the success of any marketing program is the ability to work effectively in shaping marketing mixes that meet the nature and needs of your specified target market. Its elements are the basic, tactical components of a marketing plan. In order to achieve your marketing objectives you need to have a strategy that includes different elements - the various parts of the marketing mix. Your marketing mix should help you establish how you are different from competitors and position your product or service in the minds of consumers.