Lesson 4: MARKETING MIX

Lesson 4: MARKETING MIX

According to Philip Kotler “Marketing Mix is the set of controllable variables that the firm can use to influence the buyer’s response”. The controllable variables in this context refer to the 7 ‘P’s [product, price, place (distribution) and promotion]. Each firm strives to build up such a composition of 7‘P’s, which can create highest level of consumer satisfaction and at the same time meet its organizational objectives. Thus, this mix is assembled keeping in mind the needs of target customers, and it varies from one organization to another depending upon its available resources and marketing objectives. Let us now have a brief idea about the seven components of marketing mix.

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