Describe the elements of the marketing mix (product, place, price, and promotion)© BrainMass Inc. brainmass.com March 21, 2019, 12:22 pm ad1c9bdddf
The marketing mix approach to marketing is one model of creating and implementing marketing strategies. It stresses the "mixing" of various decision factors in such a way that both organizational and consumer objectives are attained. The most common variables used in constructing a marketing mix are price, promotion, product and distribution (also called placement).
Product: Defines the characteristics of your product or service that meets the needs of your customers.
Price: Decide on a pricing strategy - do not let it just happen! It means deciding the price which consumer has to pay including discount strructure.
Promotion: This includes all the weapons in the marketing armoury - advertising, selling, sales promotions, Public Relations, etc.
Place (or route of distribution): Some of the revolutions in marketing have come about by changing this P. Think of telephone insurance and the ...
This discusses the elements of the marketing mix (product, place, price, and promotion)