Importance of marketing mix

The determination of marketing mix has become an important development in the field of marketing, which provides the basis of sound marketing programme. Marketing mix decisions constitute a large part of marketing management. Marketing mix represents a mixture of four basic elements of marketing i.e. product, place, promotion and physical distribution.
Following points indicate the importance of marketing mix.

1.Marketing mix acts as a profitable formula for the marketing operation, by offering an optimum combination of all the marketing ingredients, which helps in realizing the company goal and objectives such as profit, return on investment, sales volume, market share, etc.

2.Marketing mix brings together various elements of the marketing system and it considers that balanced relations are maintained between these elements. For example, the price of a product depends upon its features, branding and packaging. Advertising media is also decided on the basis of the product and its features etc.

3.Marketing mix helps in pursuing consumer oriented products by taking care of the needs and satisfaction of the customers and with this, it helps in increasing sales and earning higher profits. Thus, it serves as the link between the business firm and its customers.

4.Marketing mix facilitates meeting the requirements of different types of customers. A thorough grasp of the customer is common to all the four elements, i.e. with the changes in customer’s needs and purchasing power, the product design, pricing, promotion and distribution of the product will also change to satisfy the requirements of the customers.

5.The four for elements of marketing mix (product design, pricing, promotion and distribution) are co-equal, interdependent and inter-related. Decision or changes in one element usually affect the decisions or changes in the other. This signifies that these elements of the product are all determines in an integrated manner and they together constitute the marketing strategy.