Marketing mix

What is marketing mix?

the marketing mix is a business tool used in marketing and by marketing professionals. The marketing mix is often crucial when determining a product or brand's offer, and is often synonymous with the four p's price, product, promotion, and place; in service marketing.

The four p's?

Product

A good, idea, method, information, object or service created as a result of a process. It has a combination of buying, touching and felling. That a seller offers a buyer for purchase. For example a seller of a shoe not only offers the physical product but also the idea that the consumer will be improving the quality of their shoe. Marketers must do careful research on how long the life cycle of the product they are marketing is likely to be and focus their attention on different challenges that arise as the product move.

Price

A value that will purchase a quantity, weight, or other measure of a good or service. the given in exchange for transfer of ownership and price. it may be fixed by a contract, left to be determined by an agreed upon formula at a future date, or discovered or negotiated during the course.The price is very important as it determines the company's profit and hence, survival. Adjusting the price has a profound impact on the marketing strategy, and depending on the price of the product.

Place

In marketing mix, location of the market and means of distribution used in reaching it. price is were the business is located. Refers to providing the product at a place which is convenient for consumers to access. Various strategies such as intensive distribution, selective distribution, exclusive distribution and franchising can be used by the marketer to complement the other aspects of the marketing mix.

Promotion

The advancement of a product, idea, or point of view through or advertising. The advancement of an employee's position within the organization. Advertising covers any communication that is paid for, from cinema commercials, radio and Internet advertisements through print media and billboards. Public relations is where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events.

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