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What are the four components of Marketing Mix briefly explain?
Wiki User
∙ 14y ago
Also known as the Four P's, the marketing mix elements are price, place, product, and promotion.
1. Product. The Product area is concerned with developing the right "product" for the target market. This offering may involve a physical good, a service, or a blend of both. Keep in mind that Product is not limited to "physical good". 2. Place.Place is concerned with all the decisions involved in getting the "right" product to the target market's Place. A product isn't much good to a customer if it isn't available when and where it's wanted. A product reaches customers through a channel of distribution. (A channel of distribution is any series of firms - or individuals - from producer to final user or consumer.) 3. Promotion.The third P - is concerned with telling the target market about the "right" product. Promotion includes personal selling, mass selling, and sales promotion. It is the marketing manager's job to blend these methods. 4. Price. In addition to developing the right Product, Place, and Promotion, marketing managers must also decide the right Price. In setting a price, they must consider the kind of competition in the target market - and the cost of the whole marketing mix. They must also try to estimate customer reaction to possible prices.
Wiki User
∙ 14y ago
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