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Describe the term 'marketing mix' and importance

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Please describe in your own words, what your understanding is of the term, "marketing mix'? How important is this term to marketers today? Would the term be applicable in all forms of marketing?

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The solution describes the term 'marketing mix' and the importance of it to marketers.

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Marketing Mix

The tem Marketing Mix can be defined as the combination of four Ps (Price, Place, Product and Promotion). The concept of four Ps is one of the most fundamental concepts of marketing. These Ps are quite essential for developing a marketing strategy of any organization (Kotler, 2002).

Product: The first P of marketing consists of products or services offered by the business. A product is physical or tangible entity that can be purchased or sold in the market. It is a kind of service or object that is manufactured or produced on a large scale by means of a definite volume of units (The Marketing Mix and 4 Ps, 2008). Decisions regarding the product include the brand name, packaging, quality, warranty, safety, functionality, accessories and services, repairs and support, appearance, etc. (The Importance of Marketing Mix and the 4 ...

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