Question

What is marketing mix? 

Answer 1

Marketing mix refers to the set of marketing tools that are used to achieve the various objectives of marketing. In the process of marketing, market offering plays an important role. That is, for effective marketing, an organisation must decide the various features of a product such as its size, quality, location of sale, etc. Such decisions are affected by a large number of factors. Some of them are controllable by the firm. For example, decisions regarding packing, branding, pricing, advertising, etc. are within the control of the firm. However, there are certain non-controllable factors as well that affect the decision-making of a firm. For example, government policies, credit policies of the banks are beyond the control of the firm. A firm continuously alters the various controllable factors to achieve the objectives of marketing. Such factors form the pillars of marketing and are known as marketing tools. From the various alternative marketing tools, a firm chooses the best combination to develop a market offering. Such a set of marketing tools used by the firm to achieve the desired objectives of marketing is known as the marketing mix.