What is Marketing Mix?
The 'marketing mix' is a set of controllable, tactical marketing tools that work together to achieve company's objectives
Elements of the marketing mix are often referred to as 'the four Ps':
Product - A tangible object or an intangible service that is mass produced or manufactured on a large scale with a specific volume of units. Intangible products are often service based like the tourism industry & the hotel industry. Typical examples of a mass produced tangible objects are the motor car and the disposable razor. A less obvious but ubiquitous mass produced service is a computer operating system.
Price – The price is the amount a customer pays for the product. It is determined by a number of factors including market share, competition, material costs, product identity and the customer's perceived value of the product. The business may increase or decrease the price of a product if other stores have the same product.
Place – Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet.
Promotion – Promotion represents all of the communications that a marketer may use in the marketplace. Promotion has four distinct elements - advertising, public relations, word of mouth and point of sale.
