Can you please suggest explain the four elements of the marketing mix which are product, place, price, and promotion. Also could you please describe how each element is implemented within a specific organizaton and how the four elements relate to that organization's marketing strategy. Would you please refer to either a profit or non-profit organization and its product or service offering. Thank you for your time.© BrainMass Inc. brainmass.com December 24, 2021, 5:04 pm ad1c9bdddf
McCarthy identified the four P's of the marketing mix (40 years ago!)
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! Even if you decide not to charge for a service (a loss leader), you must realise that this is a conscious decision and forms part of the pricing strategy.
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. ...
Here is just a sample of what you will find in the solution:
"Place (or route of distribution): Some of the revolutions in marketing have come about by changing this P. Think of telephone insurance and the internet!"