Marketing - Definition

Marketing is a societal process by which the individual and group obtain what they need and wants through creating, offering and exchanging the product or services of value with others.

Marketing Mix

It is a set of marketing tools that the firm use to pursue its marketing objectives in the target market.

Mc Carthy classified these tools in to 4 broad group that, he called the 4 “Ps” of marketing.

Product Price

Place Promotion

Product : Quality, variety, design, features, brand name, packaging, size of the product.

Price : List price, discount, allowance, payment period, credit term.

Place : Channel, coverage (National, world wide, MNC), assortment, Location, Inventory and Transportation.

Promotion : Sales Promotion, Advertising, Public relation, Sales force and Direct marketing.