Q. Discuss the concept of the marketing mix.
Ans. Concept of Marketing Mix: Marketing mix is the set of controllable variables that a firm can use to influence the buyer’s response within a given marketing environment (consisting of political, social, cultural, economic and marketing institutional influences). The environmental influences are uncontrollable elements, whereas the ingredients of the marketing mix are controllable factors or comments.
The blend or combination of these ingredients marketing mix and this marketing mix programme is expected to be in tune with the environmental influences. In other words, for each market segment and market environment, we will have a specific and appropriate marketing mix.
A marketing mix is developed to satisfy the anticipated and perceived needs of an identified market within a given environment. Variations in external environmental forces will directly influence the components of our marketing mix and we will have to adjust our marketing mix to the changes in the business environment.