Marketing decision are mainly respect of four variables, viz., Product, price, promotion and place or physical distribution. These variables are called elements of marketing mix. The same are popularly known as 4 P's Again many decisions are taken with regard to each element.
PRODUCT MIX :
product mix refers to all the decision relating to the product. These decisions are mainly with regard to branding, packaging, labelling, colour, design, quality, size, after-sale service and weight of the product. These decisions play an important role in attracting the customers to the product.
PRICE MIX :
Price mix refers to all those decisions which are concerned with the price fixation of any product or services. Under price mix, beside fixing the price of the product or service, decision regarding credit sale, discount, etc., are also included. Price mix include the following decisions:
1. Determining of price of product or services.
2. Determining of trade and cash discount.
3. Credit Policy i.e., whether goods be sold on credit or not.
PROMOTION MIX :
Promotion mix refers to a combination not Promotional tools used by the business to informed and persued the consumer about bthe product.This job is done by the company through the medium of advertisement, personal selling, sales promotion, and publicity. Decision with regard to all this elements directly influence the sale of the product.
PLACE MIX :
Place mix refers to the combination of all the decision relating to make the product available to consumers. If the product is not available in the right time, on the right quantity and at the right place then the consumer will not be able to buy it. In such a situation all the activities of marketing mix will turn futile. So to make marketing mix a success, place mix is very important. To make the product reach the consumers the decision regarding the following are included in 'price mix' :
Channels of Distribution,
Physical Distribution.
