Explain the four elements of the marketing mix which are product, place, price, and promotion
Marketing Mix
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.
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Solution Preview
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. ...
Solution Summary
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!"