What is meant by marketing mix?

Answer 1

The Marketing Mix is composed of four elements:

Product - This is where you talk all about the product, the attributes of it, its name, its benefit etc.

Price - This is where you talk about pricing strategies. You should consider the cost of producing the product, shipping costs, advertising costs and profit. If your product costs 76 cents to make, and 2 dollars to ship, and you still want to make profit, I would give it a price of something like 8 dollars. This will get you profit, as well as cover advertising costs.

Promotion - This is the section that includes all types of promoting for your product. Advertising, PR etc.

Place - Where the item will be sold, why only those specific merchants, which section of the store etc.