The marketing mix is a mix of designed strategies and practices that a company follows to drive more success. The “4Ps” of marketing are—product, price, promotion, and place. It is an important marketing tool that comprises all the elements which influence the demand and supply of products/services offered by the businesses.
The marketing mix is a marketing tool that will allow businesses to develop their marketing strategy by focusing on their product and targeted locations.
The 4Ps of Marketing Mix:
The product is what the customer wants or needs to satisfy their needs. It could be referred as a physical product, a service, or an experience Basically, anything that’s being sold. In order to identify or design a product, the business should need to do proper research into the tastes, preferences, requirements, and buying habits of their targeted audience. The research-backed approach provides a surer path to business success than simply creating a product under the assumption or predictions.
- Market positioning
How much do you want to offer your product or service cost? The price you set should reflect your customer’s perceived value of your services or product. When calculating the price of a product, you must take into account all the costs included in producing, marketing and delivery of a product/service.
Where will you sell your product? The “place” one amongst the most important elements of the marketing mix, It ensures that the product is supplied and made conveniently available for the customers “at the right location at the right time”.
All activities involved in communicating with customers about their product and their features and benefits of having one. Once a company has developed a product/service and price elements, it is time to start their communication with their targeted audience.
These 4 Ps of Marketing Mix are very helpful when it comes to developing a product/service.