The marketing mix of a firm is mostly the result of the evaluation emanating from day-to-day marketing. It represents a programme to meet the problem posed by ever-changing, ever-challenging market. It is a continuous process.
A new product, aggressive promotion, price changes, more displays, better sales force, new advertising themes, market share for a product are some of the problems which must be faced to meet the challenge of the competition.
ADVERTISEMENTS:
Management must arrange to obtain information on points of interest in its field of operation. The day-to-day behaviours of the consumers, competitors and the trade should be observed. These day-to-day changes affect the working of the firm and hence remedial measures have constantly to be taken.
Thus we may observe that short range forces play a large part, in the fashioning of the mix to be used at any time and in determining the allocation of expenditures among the various functional accounts of the operating statement.
Image Source: entrepreneurhandbook.co.uk
As against the above, the overall strategy employed in a marketing mix is the result of long range planning based on past experience and management foresight. As marketing is a dynamic process, long range planning is essential for the growth of the company.
Accordingly when we think of the marketing mix, we must give proper thought to the needs of the market in the coming five to ten years. Provision of suitable measures to contain expected challenges during this period will determine the quality of the long-range marketing mix.
ADVERTISEMENTS:
An example of this foresight is the entry of Hindustan Levers in the semi-processed food business. It was found that more and more housewives were seeking jobs. It evidently meant that there will be less time at the disposal of a lady for cooking family food and products like HIMA peas, etc.
In summary it can be said that the market mix is a sufficient way of keeping before all the executives of the firm, the basic facts of business. It indicates the ground rules governing the relationship between the would be seller and the free consumer.
The concept of marketing mix while being very basic does not dogmatically proclaim final answers. It is a framework within which change may be understood, initiated and managed better. It is a tool whereby a marketer can face the marketing problems effectively.