Concept of marketing mix :

We know that marketing is the process of identifying, anticipating and satisfying the need, desire, demand and expectation of the customer and consumer by our product and services and increase their living standard.                                                  There are a number of functions of marketing that is used to perform above explain functions. Marketing mix is one of them.                                                                   The marketing mix refers to the set of action, or tactics that a company uses to promote its brand or product in the market.                                                               In other words we can say that it is the combination of different marketing system.                                                               There are four elements of marketing mix. These are product, price, place and promotion. That is why marketing mix is said to be a combination of four Ps.             However, nowadays, the marketing mix increasingly includes several other Ps for vital development. These are people, process and physical environment.                                                                                          The term marketing mix was introduced by Neil H. Borden in his article - "The concept of marketing mix". Today it is the most popular concept in the area of marketing in every part of the world.             According to Philip Kotler - "Marketing Mix is the combination of four elements, called the 4P's (product, Price, Promotion and Place)  that every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy.                                                              According to principles of marketing 14e Kotler and Armstrong 2012-"The marketing mix is the set of tactical marketing tools-product, Price, Promotion and Place that the firm blends to produce the response it wants in the target market.

Elements of marketing mix/4ps of marketing mix :

1. Product - A product is a commodity, produced or build to satisfy the need of an individual or a group. The product can be intengible or tengible as it can be in the form of services or goods.

A product has a certain life cycle that includes the growth phase, the maturity phase, and the sales decline phase. 

2. Price -  Price is the very important component of the marketing mix. Price is related to money. Price is the most critical element of a marketing plan because it dictates a company's survival and profit.

3. Place - Placement or distribution is a very important part of the marketing mix strategy. We should position and distribute our product in a place that is easily accessible to potential buyers /customers.

4. Promotion - It is the marketing communication process that helps the company to publicize the product and its features to the public. It is the most expensive 3 essential components of the marketing mix that helps to grab the attention of the customers and influence them to buy the product. The promotion might include direct marketing, advertising, personal branding, sales promotions and etc.