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What is Marketing Mix?
The term “Marketing Mix” is also known as the 4Ps of Marketing. This is a tool for making Marketing decisions. All decisions fall broadly into 4 major categories. These decisions are subject to external constraints of the marketing environment.
Each Category has its own set of parameters like, for example, the Product category may have decisions regarding design, colour, packaging, functionality, Â quality, etc. This concept was used during the early stages of the evolution of marketing. The newer concept does not have 4Ps, but it has 7Ps, providing a comprehensive categorization of Marketing decisions which a marketer would have to take.