Marketing mix refers to the set of actions or the tactics that a firm uses to promote its
product and its brand in the market. Generally marketing mix refers to 4Ps i.e. Product,
Place, Promotion and Place. Nowadays not only these 4Ps are used but also many
Ps like Packaging, Positioning, People and also sometimes Politics are used.
The four basic 4Ps that are used in concept of marketing mix are described as:-
1. Product:- Refers to the item which is actually
being sold. The product should be delivering a high level of performance,
otherwise other components of the marketing mix can do nothing.
2. Place:- It refers to the location of sale. The
location where the product is being sold should have an easy access to the
consumers. So it is also called that the mantra of successful business is “location
location location “
3. Promotion:- It refers to all the activities
undertaken to make the product or the service known to the user or the trade. This
can include advertising, word of mouth, press reports, incentives, commissions
and awards to the trade.
4. Price:- It refers to the value of the product. It
depends on the costs of production, segment targeted, ability of the market to
pay, supply-demand and a host of other direct and indirect factors.
Tags
Economics