Leena Navin Soneja's video: Class 12 Business Studies Chapter 11 Marketing Mix

Meaning of Marketing Mix: The marketing mix refers to the ingredients or the tools or the variables which the marketer mixes in order to interact with a particular product. Philip Kotler defines marketing mix as the set of marketing tools that firm uses to pursue its marketing objectives in the target market. The marketing mix is the essence of any marketing endeavor. In marketing, on one side there is consumer and on the other side there is producer or marketer. The firm looks for having transaction with the customer but to have a transaction the firm has to develop a product or service, design it, pack it, name it, price it, promote it and distribute it. Elements of Marketing Mix: The four main elements are Product, Price, Place and Promotion. Product – the product element of the marketing mix signifies the tangible or intangible product offered to the customer which is the satisfier of the need. The producers, manufacturers or marketers try to add more and more utilities to the product to provide greater satisfaction and winning edge over competitor. A marketer can follow the concept of product levels while developing an offer; At first level lies the core benefit i.e. fundamental benefit or the basic benefit that the customer wants from the product or service, for example, the core benefit offered by a car is transportation facility. The second level is the expectation of customer i.e what he expects in the product or service, for example, a customer expects the car to be comfortable while driving, better average, etc. The third level is augmented concept i.e. how your product is better than the product of competitor. Augmentation means the additional features that a marketer must add to the product or service which is more than the basic expectation of consumer, for example, in car the marketer offers free insurance, free seat cover, etc.