Marketing Mix is the combination of a set of actions that a company uses to promote their product or services in the market. The concept of Marketing Mix includes 4 Ps: Product, Price, Promotion and Place. In service marketing, the Marketing Mix increasingly includes 3 more Ps: packaging, positioning and people as important mix elements. A thorough research on marketing strategies will help to develop a successful mix of marketing elements.
Product: Product is the central point of marketing mix. The product can be an item or service, which might satisfy a particular want or need of the consumer. What the product actually means to the customer is very important. The beauty of the product, mainly the appearance, is an important factor for the marketing of a product. A deep research on available marketing condition will provide the opportunity to understand the vital needs of the customer and to develop the product addressing the needs of them.
Price: Price is the amount that the consumer must exchange to receive the product. It is the most influential factor in the marketing of a product. Pricing of the product determines the company’s profit and even the survival of the company in the market. When putting the price, the entrepreneur should be aware of the customer perceived value for a particular product.
Place: Place refers to provide the product at a point which is convenient for the targeted audience to access. Catching the attention of the consumer and making it easy for them to buy the product is the main aim of every industry. The right location plays an important role in the success of a company.
Promotion: All of the company activities undertaken to make the service or product known to the targeted customers. Promotion includes elements such as advertising, press reports, Public Relations, word of mouth, direct marketing, consumer schemes etc..
Further posts will provide more about the business strategies.