What is the Importance and Need of Marketing Mix?

An organisation utilises different strategies to influence the demand of its offerings. The 4P’s must be well utilised in relation to one another to avoid conflict in minds of buyers. A good quality product in a luxury market cannot have high price and a large discount at the same time.
These elements should be adjusted regularly to meet the needs of the target market. The importance of Marketing Mix in marketing strategy is given below –

(1) Influencing demand – the 4P’s are best utilised with proper mix to counter competition, attract customers and promote sales.

(2) Better use of resources – it helps in bringing efficiency in utilization of the resources available with the organisation. The investment of time and resources is done basis the customers’ needs. This also brings cost effectiveness.

(3) Effectiveness in Marketing – proper analysis results in effective decision making process. The management is able to prioritise the steps to be taken for successful implementation of strategies. It helps in focussing attention on the needs of the market.

(4) Balanced implementation – Marketing mix is a very effective tool in keeping a balanced approach and keeping the organisation on the right track. The marketing manager is able to make decisions on which variable of marketing mix to be stressed upon.

(5) A balance of each Marketing Mix elements – the 4P’s are individually significant but a balanced mix of these results in the success of the marketing objectives. Marketing managers decide changes to these based on long term changes and short term changes. In short term changes, the changes can be made to Price, Promotion than the changes in the Place variable (distribution channels) which cannot be changed on the go.

(6) Marketing Mix is applicable to Business as well as Non-Business organisations – these variables can be effectively utilized by schools, associations, and clubs.