Marketing Mix Elements explained
Describe the elements that make up the marketing mix.
Marketing mix often called “4Ps” refers to four elements of a firm’s marketing strategy which are designed to meet the needs of customers. The elements include:
Product
Price
Place
Promotion
To meet consumers’ needs, businesses must produce the right product, at the right price, make it available at the right place, and let consumers know about it through right promotion.
PRODUCT:
It is the actual offering to the customer. It refers to the functions and features of a good or service. It should satisfy the need of the customer. A product is anything that can be offered to a market that might satisfy a want or need
Products can be of two type:
Tangible (Which have some physical appearance, can be touched and can be seen like car, Mobile, TV, Clock etc.)
Intangible (Which don’t physically exist, can’t be touched, can’t be seen like doctors service, Music etc.)
Products must be ensured to meet the needs of customers in terms of the following aspects:
I. Appearance (Color, size, shape, etc.)
II. Function (Convenient for use & Should be able to satisfy customers need)
III. Cost (Cost should be low so that price is low too if cost is high the product’s price will be higher)
PRICE:
It is the process of determining what to charge from the customer. It 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 pricing policy that a business chooses is often a reflection of the market at which it is aiming.
There are various pricing strategies that can be used like
Skimming
Penetration
Competitive Pricing
Differential Pricing
PLACE:
Place refers to the means by which products can be distributed to the consumers. The product must get to the right place at the right time. It represents the location where a product can be purchased.
It is
Marketing mix often called “4Ps” refers to four elements of a firm’s marketing strategy which are designed to meet the needs of customers. The elements include:
Product
Price
Place
Promotion
To meet consumers’ needs, businesses must produce the right product, at the right price, make it available at the right place, and let consumers know about it through right promotion.
PRODUCT:
It is the actual offering to the customer. It refers to the functions and features of a good or service. It should satisfy the need of the customer. A product is anything that can be offered to a market that might satisfy a want or need
Products can be of two type:
Tangible (Which have some physical appearance, can be touched and can be seen like car, Mobile, TV, Clock etc.)
Intangible (Which don’t physically exist, can’t be touched, can’t be seen like doctors service, Music etc.)
Products must be ensured to meet the needs of customers in terms of the following aspects:
I. Appearance (Color, size, shape, etc.)
II. Function (Convenient for use & Should be able to satisfy customers need)
III. Cost (Cost should be low so that price is low too if cost is high the product’s price will be higher)
PRICE:
It is the process of determining what to charge from the customer. It 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 pricing policy that a business chooses is often a reflection of the market at which it is aiming.
There are various pricing strategies that can be used like
Skimming
Penetration
Competitive Pricing
Differential Pricing
PLACE:
Place refers to the means by which products can be distributed to the consumers. The product must get to the right place at the right time. It represents the location where a product can be purchased.
It is