Marketing mix refers to the 4 P's of marketing that are Product, Pricing, Place and Promotion. The marketing mix of any organization is totally dependent on its organizational strategy. E.g If the organization is following the strategy of innovation and new product development, it will offer its consumers with new products as in the case of 3M. If a firms organizational strategy emphasizes on value for money for consumers, its products will be moderately priced so that a broad spectrum of market can benefit from it.
The marketing mix is defined as the 4 P's of marketing. These are product, price, place and promotion. The organization's strategy helps these decisions to get implemented in the industry. For instance if the company's strategy is to be the market leader through effective advertising, then the product specification will come first, its price will come second, distribution network comes third and effective promotion and advertising comes in the end. All the factors of marketing mix help to accomplish the overall strategy.
Marketing mix includes the 4ps of marketing ( product, price, place and promotion). While framing the organisation strategy we frame strategies for all departments i.e for marketing, hr , finance and production. Each and every aspect of the strategy effects the concerned department. When you design a strategy for a product development it effects the production as well as the marketing department. As one p of marketing mix is product designing a product also gets effects. Then the co has to decide of the price also depending on the profit it will get and the acceptability of that product in the market the organisation has to decide of the price.
