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Question
What is Marketing Mix?
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Solution
Marketing Mix is the combination of different marketing variables that the firm blends and controls to achieve the desired result from the target market. In simple words, the marketing mix is putting the right product at the right time, at the right price, in the right place. It is one of the important tools of marketing. The 4P’s of the marketing mix were introduced by E. Jerome McCarthy in 1960. It was further extended by Booms & Bitner in 1981 by adding 3 new elements to the 4 Ps Principle.
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CASE STUDY Tata Motors-owned Jaguar Land Rover on Friday reported a 4.9 per cent declinein retail sales at 88,121 units in the second quarter ended on September 30, 2020. The company had posted retail sales of 92,710 units in the same quarter previous fiscal year, Sales of the Jaguar brand were at 17,340 units in the second quarter as against 19248 units in the year-ago period, down 9.9 per cent. Similarly, sales of Land Rover brand were down 3.63 per cent at 70,781 units as compared to 73,462 units in the same quarter a year ago. While there was improvement in sales in the second quarter, it remained constrained by semiconductor shortages, the company said in a statement. “The company continues to see strong demand for its products, with global retail orders again setting new records in the quarter,” it said adding, as on September 30, 2022, the total order book has grown to 2.05 lakh units, up around 5,000 orders from June 30, 2022. Demand for the new Range Rover, new Range Rover Sport and Defender remained strong, accounting for over 1.45 lakh of the 2.05 lakh orders, it added. |
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