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Explaining the marketing mix: product, place, price, and promotion

I am looking for help with explaining the marketing mix, which consists of product, place, price, and promotion.

Thank you.

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The marketing mix is probably the most famous phrase in marketing. The elements are the marketing 'tactics'. Also known as the 'four Ps', the marketing mix elements are price, place, product, and promotion. The concept is simple. Think about another common mix - a cake mix. All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar! It is the same with the marketing mix. The offer you make to you customer can be altered by varying the mix elements. So for a high profile brand increase the focus on promotion and desensitize the weight given to price.

Examine for example, a new doll which marketers want to sell. Before you design the marketing mix, you should first determine what the target audience would be - in this case, it would be children - but maybe adults would like to collect the doll as well. Thus, you might want to devise a few mixes depending on the target audience (especially when it comes down to price and promotion).

The product itself - which would be the doll. Part of the budget needs to go towards development of the doll - what would it look like? What materials would it me made of...

Promotion - how will the doll be promoted? On TV? Radio? Internet? This part of the budget goes towards researching which media to advertise with as well as developing the commercials, campaigns, launches, PR events, free samples.....
There are several main elements which of a promotion:
1. Personal Selling
2. Sales Promotion
3. Public ...

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