Introduction to Marketing Mix | Marketing and Sales for Class 10 PDF Download

 Page 1


5 
 
 
Unit I:  Introduction to Marketing Mix 
 
CLASS X :  MARKETING AND SALES 
UNIT -1 
MARKETING MIX 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Introduction to Marketing Mix 
Every business organization has to determine its Marketing Mix for the satisfaction of needs of the 
customers. Marketing mix represents a combination of the marketing methods, devices and tools – 
product, price, promotion and place. These elements are inter-related because decision in one will 
usually affect actions in the others. 
The 4P?s were formalized and developed over the years by experts to ensure the creation and 
execution of a successful marketing strategy. Through the use of this tool, the attempt is to satisfy 
both the customer and the seller. When properly understood and utilized, this mix has proven to a key 
factor in a product?s success 
Page 2


5 
 
 
Unit I:  Introduction to Marketing Mix 
 
CLASS X :  MARKETING AND SALES 
UNIT -1 
MARKETING MIX 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Introduction to Marketing Mix 
Every business organization has to determine its Marketing Mix for the satisfaction of needs of the 
customers. Marketing mix represents a combination of the marketing methods, devices and tools – 
product, price, promotion and place. These elements are inter-related because decision in one will 
usually affect actions in the others. 
The 4P?s were formalized and developed over the years by experts to ensure the creation and 
execution of a successful marketing strategy. Through the use of this tool, the attempt is to satisfy 
both the customer and the seller. When properly understood and utilized, this mix has proven to a key 
factor in a product?s success 
6 
 
According to William J. Stanton, “Marketing mix is the term used to describe the combination of the 
four inputs which constitute the core of a company?s marketing system, the product, the price 
structure, the promotional activities and the distribution system.” A successful marketing strategy 
must have a marketing mix as well as a target market for whom the marketing mix is prepared. The 
marketing mix will be changing  (naturally) according to changing marketingconditions and also with 
changing environmental factors (technical, social, economic and political) affecting each market.If the 
needs of the customers change, the marketing mix will also be changed. 
Types of Marketing Mix 
 
Marketing mix is mainly of two types. 
 
1). Product marketing mix – Comprised of Product, Price, Place and Promotions. This marketing 
mix is mainly used in case of Tangible goods. 
2). Service marketing mix – The service marketing mix comprises of Product, Price, Place and 
Promotions and has three further variables included which arePeople, Physical evidence and Process. 
 
 
 
  
 
 
 
 
 
 
 
 
 
(Diagram 1) 
But here in this unit we are going to discuss only the Product Marketing Mix comprising of the 4Ps.  
Significance / Importance of Marketing Mix 
Marketing mix represents a blending of all the four elements namely product, price, promotion and 
place /physical distribution. Determination of an effective marketing mix is an important decision for 
any manager of an organization. If a proper marketing mix is determined, the following benefits will 
accrue to the organization.  
 Marketing mix helps in pursuing consumer-oriented marketing as it serves as a direct link 
between the organization and its customers thus focusing on the satisfaction of the customers. 
 It helps in increasing the sales and earning higher profits. 
 Marketing mix gives consideration to the various elements of marketing system. There is a 
balanced relation between these elements. For instance, the price of a product depends upon is 
Page 3


5 
 
 
Unit I:  Introduction to Marketing Mix 
 
CLASS X :  MARKETING AND SALES 
UNIT -1 
MARKETING MIX 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Introduction to Marketing Mix 
Every business organization has to determine its Marketing Mix for the satisfaction of needs of the 
customers. Marketing mix represents a combination of the marketing methods, devices and tools – 
product, price, promotion and place. These elements are inter-related because decision in one will 
usually affect actions in the others. 
The 4P?s were formalized and developed over the years by experts to ensure the creation and 
execution of a successful marketing strategy. Through the use of this tool, the attempt is to satisfy 
both the customer and the seller. When properly understood and utilized, this mix has proven to a key 
factor in a product?s success 
6 
 
According to William J. Stanton, “Marketing mix is the term used to describe the combination of the 
four inputs which constitute the core of a company?s marketing system, the product, the price 
structure, the promotional activities and the distribution system.” A successful marketing strategy 
must have a marketing mix as well as a target market for whom the marketing mix is prepared. The 
marketing mix will be changing  (naturally) according to changing marketingconditions and also with 
changing environmental factors (technical, social, economic and political) affecting each market.If the 
needs of the customers change, the marketing mix will also be changed. 
Types of Marketing Mix 
 
Marketing mix is mainly of two types. 
 
1). Product marketing mix – Comprised of Product, Price, Place and Promotions. This marketing 
mix is mainly used in case of Tangible goods. 
2). Service marketing mix – The service marketing mix comprises of Product, Price, Place and 
Promotions and has three further variables included which arePeople, Physical evidence and Process. 
 
 
 
  
 
 
 
 
 
 
 
 
 
(Diagram 1) 
But here in this unit we are going to discuss only the Product Marketing Mix comprising of the 4Ps.  
Significance / Importance of Marketing Mix 
Marketing mix represents a blending of all the four elements namely product, price, promotion and 
place /physical distribution. Determination of an effective marketing mix is an important decision for 
any manager of an organization. If a proper marketing mix is determined, the following benefits will 
accrue to the organization.  
 Marketing mix helps in pursuing consumer-oriented marketing as it serves as a direct link 
between the organization and its customers thus focusing on the satisfaction of the customers. 
 It helps in increasing the sales and earning higher profits. 
 Marketing mix gives consideration to the various elements of marketing system. There is a 
balanced relation between these elements. For instance, the price of a product depends upon is 
7 
 
features and branding, packaging etc. The different media required in promoting the product 
will depend upon the product and its features. The channels of distribution will also depend 
upon the nature, utility etc of the product.  
 Marketing mix facilitates meeting the requirement of different types of customers.  Product 
design, pricing, promotion and distribution will depend upon the needs and purchasing power 
of the customers. 
 Marketing mix signifies that its four elements are closely inter-related. Decisions or changes 
in one element usually affect decisions or changes in the other. 
  
Page 4


5 
 
 
Unit I:  Introduction to Marketing Mix 
 
CLASS X :  MARKETING AND SALES 
UNIT -1 
MARKETING MIX 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Introduction to Marketing Mix 
Every business organization has to determine its Marketing Mix for the satisfaction of needs of the 
customers. Marketing mix represents a combination of the marketing methods, devices and tools – 
product, price, promotion and place. These elements are inter-related because decision in one will 
usually affect actions in the others. 
The 4P?s were formalized and developed over the years by experts to ensure the creation and 
execution of a successful marketing strategy. Through the use of this tool, the attempt is to satisfy 
both the customer and the seller. When properly understood and utilized, this mix has proven to a key 
factor in a product?s success 
6 
 
According to William J. Stanton, “Marketing mix is the term used to describe the combination of the 
four inputs which constitute the core of a company?s marketing system, the product, the price 
structure, the promotional activities and the distribution system.” A successful marketing strategy 
must have a marketing mix as well as a target market for whom the marketing mix is prepared. The 
marketing mix will be changing  (naturally) according to changing marketingconditions and also with 
changing environmental factors (technical, social, economic and political) affecting each market.If the 
needs of the customers change, the marketing mix will also be changed. 
Types of Marketing Mix 
 
Marketing mix is mainly of two types. 
 
1). Product marketing mix – Comprised of Product, Price, Place and Promotions. This marketing 
mix is mainly used in case of Tangible goods. 
2). Service marketing mix – The service marketing mix comprises of Product, Price, Place and 
Promotions and has three further variables included which arePeople, Physical evidence and Process. 
 
 
 
  
 
 
 
 
 
 
 
 
 
(Diagram 1) 
But here in this unit we are going to discuss only the Product Marketing Mix comprising of the 4Ps.  
Significance / Importance of Marketing Mix 
Marketing mix represents a blending of all the four elements namely product, price, promotion and 
place /physical distribution. Determination of an effective marketing mix is an important decision for 
any manager of an organization. If a proper marketing mix is determined, the following benefits will 
accrue to the organization.  
 Marketing mix helps in pursuing consumer-oriented marketing as it serves as a direct link 
between the organization and its customers thus focusing on the satisfaction of the customers. 
 It helps in increasing the sales and earning higher profits. 
 Marketing mix gives consideration to the various elements of marketing system. There is a 
balanced relation between these elements. For instance, the price of a product depends upon is 
7 
 
features and branding, packaging etc. The different media required in promoting the product 
will depend upon the product and its features. The channels of distribution will also depend 
upon the nature, utility etc of the product.  
 Marketing mix facilitates meeting the requirement of different types of customers.  Product 
design, pricing, promotion and distribution will depend upon the needs and purchasing power 
of the customers. 
 Marketing mix signifies that its four elements are closely inter-related. Decisions or changes 
in one element usually affect decisions or changes in the other. 
  
8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Elements of Marketing Mix or the 4 P’s 
 
 
(Diagram 1) 
 
 
1. Assessment  
A.  Fill in the blanks : 
i. Marketing mix is of -------------- types. 
ii. ---------------------------- is mainly used in case of tangible goods. 
iii. ---------------------, -----------------------, ----------------------- are the three further  variables 
included in Service marketing mix. 
iv. The elements of marketing mix are ------------------ to one another as decision in one 
will affect the action in the other. 
 
B. Short questions : 
i. Briefly explain what is marketing mix? 
ii. What is the importance of marketing mix? 
 
C. Multiple choice questions: 
i. A business's marketing mix would NOT include:  
a) Product 
b) Profit 
c) Place 
d) Promotion 
e) Price 
ii. Which of the following descriptions provides the best definition of the marketing mix?  
a) The way products are arranged in a retail store to maximize sales 
b) The way a business combines the main marketing elements to sell products 
that meet the needs and wants of customers 
c) The way a business distributes its products through retailers and 
wholesalers 
d) The way products are priced and packaged 
iii. What do the 4 P's achieve when they work together?  
a) Target customers 
b) Profit margins 
c) Creating Marketing plan 
d) None of the above 
 
Answers: A. i) Two  ii) Marketing mix  iii) People, process, physical evidence iv) Inter-related 
                  C. i) b       ii) b            iii) a  
 
 
 
Page 5


5 
 
 
Unit I:  Introduction to Marketing Mix 
 
CLASS X :  MARKETING AND SALES 
UNIT -1 
MARKETING MIX 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Introduction to Marketing Mix 
Every business organization has to determine its Marketing Mix for the satisfaction of needs of the 
customers. Marketing mix represents a combination of the marketing methods, devices and tools – 
product, price, promotion and place. These elements are inter-related because decision in one will 
usually affect actions in the others. 
The 4P?s were formalized and developed over the years by experts to ensure the creation and 
execution of a successful marketing strategy. Through the use of this tool, the attempt is to satisfy 
both the customer and the seller. When properly understood and utilized, this mix has proven to a key 
factor in a product?s success 
6 
 
According to William J. Stanton, “Marketing mix is the term used to describe the combination of the 
four inputs which constitute the core of a company?s marketing system, the product, the price 
structure, the promotional activities and the distribution system.” A successful marketing strategy 
must have a marketing mix as well as a target market for whom the marketing mix is prepared. The 
marketing mix will be changing  (naturally) according to changing marketingconditions and also with 
changing environmental factors (technical, social, economic and political) affecting each market.If the 
needs of the customers change, the marketing mix will also be changed. 
Types of Marketing Mix 
 
Marketing mix is mainly of two types. 
 
1). Product marketing mix – Comprised of Product, Price, Place and Promotions. This marketing 
mix is mainly used in case of Tangible goods. 
2). Service marketing mix – The service marketing mix comprises of Product, Price, Place and 
Promotions and has three further variables included which arePeople, Physical evidence and Process. 
 
 
 
  
 
 
 
 
 
 
 
 
 
(Diagram 1) 
But here in this unit we are going to discuss only the Product Marketing Mix comprising of the 4Ps.  
Significance / Importance of Marketing Mix 
Marketing mix represents a blending of all the four elements namely product, price, promotion and 
place /physical distribution. Determination of an effective marketing mix is an important decision for 
any manager of an organization. If a proper marketing mix is determined, the following benefits will 
accrue to the organization.  
 Marketing mix helps in pursuing consumer-oriented marketing as it serves as a direct link 
between the organization and its customers thus focusing on the satisfaction of the customers. 
 It helps in increasing the sales and earning higher profits. 
 Marketing mix gives consideration to the various elements of marketing system. There is a 
balanced relation between these elements. For instance, the price of a product depends upon is 
7 
 
features and branding, packaging etc. The different media required in promoting the product 
will depend upon the product and its features. The channels of distribution will also depend 
upon the nature, utility etc of the product.  
 Marketing mix facilitates meeting the requirement of different types of customers.  Product 
design, pricing, promotion and distribution will depend upon the needs and purchasing power 
of the customers. 
 Marketing mix signifies that its four elements are closely inter-related. Decisions or changes 
in one element usually affect decisions or changes in the other. 
  
8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Elements of Marketing Mix or the 4 P’s 
 
 
(Diagram 1) 
 
 
1. Assessment  
A.  Fill in the blanks : 
i. Marketing mix is of -------------- types. 
ii. ---------------------------- is mainly used in case of tangible goods. 
iii. ---------------------, -----------------------, ----------------------- are the three further  variables 
included in Service marketing mix. 
iv. The elements of marketing mix are ------------------ to one another as decision in one 
will affect the action in the other. 
 
B. Short questions : 
i. Briefly explain what is marketing mix? 
ii. What is the importance of marketing mix? 
 
C. Multiple choice questions: 
i. A business's marketing mix would NOT include:  
a) Product 
b) Profit 
c) Place 
d) Promotion 
e) Price 
ii. Which of the following descriptions provides the best definition of the marketing mix?  
a) The way products are arranged in a retail store to maximize sales 
b) The way a business combines the main marketing elements to sell products 
that meet the needs and wants of customers 
c) The way a business distributes its products through retailers and 
wholesalers 
d) The way products are priced and packaged 
iii. What do the 4 P's achieve when they work together?  
a) Target customers 
b) Profit margins 
c) Creating Marketing plan 
d) None of the above 
 
Answers: A. i) Two  ii) Marketing mix  iii) People, process, physical evidence iv) Inter-related 
                  C. i) b       ii) b            iii) a  
 
 
 
9 
 
 
 
 
 
 
 
(Diagram 2) 
 
It was the marketer E. Jerome McCarthy who proposed a four Ps classification in 1960, which has 
since been used by marketers throughout the world. 
A good and easy way to understand the 4Ps is by the questions that you need to ask to define your 
marketing mix. Some questions that will help you understand and define each of the four elements as 
given in the above diagram 2 are as under: 
Product/Service 
The product is either a tangible good or an intangible service that is seem to meet a specific customer 
need or demand. All products follow a logical product life cycle and it is vital for marketers to 
understand and plan for the various stages and their unique challenges. It is key to understand those 
problems that the product is attempting to solve. The benefits offered by the product and all its 
features need to be understood and the unique selling proposition of the product need to be studied. In 
addition, the potential buyers of the product need to be identified and understood. Some of the 
questions which will help us to understand more about the product are:   
 What does the customer want from the product / service? What needs does it satisfy? 
 What features does it have to meet these needs? 
 How and where will the customer use it? 
 What does it look like? How will customers experience it? 
 What size(s), color(s), and so on, should it be? 
 What is it to be called? 
 How is it branded? 
 How is it differentiated versus your competitors? 
 What is the most it can cost to provide, and still be sold sufficiently profitably?