What is Marketing Mix?

Answer 1

Marketing Mix commonly termed as 4Ps: product, price, place, and promotion.

• The right product
• Sold at the right price
• In the right place
• Using the most suitable promotion.

The product is the central point on which marketing energy must focus.

• the appearance of the product - in line with the requirements of the market
• the function of the product - products must address the needs of customers as identified through market research.

The price is the one, which creates sales revenue - all the others are costs. The price of an item is clearly an important determinant of the value of sales made.

The place

'Place' is concerned with various methods of transporting and storing goods, and then making them available for the customer. Getting the right product to the right place at the right time involves the distribution system.

The promotion is the business of communicating with customers. It will provide information that will assist them in making a decision to purchase a product or service.

Answer 2

Combination of marketing elements used in the sale of a particular product. The marketing elements center around four distinct functions, sometimes called the Four Ps: product, price, place (of distribution), and promotion. All these functions are considered in planning a marketing strategy.