Marketing Mix is a combination of marketing variables that a business incorporates and manages, to manufacture products and get a suitable response from the target audience. It is one of the vital marketing tools that includes all the 4Ps of marketing used to impact the demand for goods offered by the company.
The 4P’s typically includes – Price, Product, Promotion and Place. However, today, the marketing mix also includes various other Ps like Positioning, People, Packaging, and Politics.
4P’s Marketing Mix
The following four elements of the marketing mix help a company to make strategic planning necessary for the smooth function of any company/product.
- Product: It refers to services and commodities offered to consumers to purchase and satisfying their needs. An organization makes policy to develop products which are in high demand and removes those goods, which create loss to the firm. In this segment, all the decisions concerning the product quality, features, design, variety, packaging, size, returns, brand name, after-sales services, etc.are strategized.
- Price: It is the amount which is paid by a customer to purchase desired goods or services. The cost of a commodity should be planned to take into consideration the competitor’s price, list price, customer location, terms of sale, discounts, etc. It is also essential to decide the amount, keeping in mind the utility and value of a product to its consumers.
- Place: It is the point of sale where goods are services are exchanged. A suitable marketing channel is essential to reach the preferred target customers, because the good the chain of distribution, the greater will be the impact and higher profitability of a product.
- Promotion: It is an expensive marketing communication tool. It is used to publicize a message or product features to the customers, grab their attention, and to encourage them to buy the goods or services. Most of the marketers use this promotion tool to reach the target audience. Few promotion examples are direct marketing, personal selling, advertising, sales promotion, etc.
The above-mentioned details are required to have a basic knowledge of 4Ps Marketing Mix. For more information on Commerce subjects stay tuned to BYJU’S.