Marketing Mix – Concept, Characteristics, Components and Importance | Principles of Marketing

Marketing Mix

Marketing Mix

What is Marketing Mix?

Marketing mix is the combination of tools, tactics, techniques, and actions it employs to accomplish a marketing goal in an organization. All actions that an organization can take to influence the market demand for its products and services are considered marketing. Throughout the marketing mix, all aspects of an organization are mixed, while promoting products and services, to generate sales and reach the organization’s goals. According to this, an organization should produce products that match customers’ tastes, wants and needs, and as these changes occur, the organization’s production and marketing methods should also change, which means that they require situational and superior approaches.

A typical marketing mix is composed of four elements: price, product, promotion, and place. However, nowadays the marketing mix encompasses several other Ps such as Packaging, Positioning, People, and even Politics.

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