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The Marketing Mix

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What is the marketing mix is as well as why it is important to a business. 400 words and please provide sources. Thank you.

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Solution Summary

Marketing is ensuring that the right product reaches the target buyers at the right place, with the right price, and at the right time. This could only be done effectively through the right combination of the four Ps or the so-called marketing mix - product, price, place, and promotion. Decisions on these four components are critical because they will determine the success of the product/service in the market. The right marketing mix could also save the company from committing critical mistakes that will adversely affect marketing performance.

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THE MARKETING MIX
Marketing is defined as putting the right product, at the right place, at the right time. Effective marketing can only be made possible by the right marketing mix.
What is the marketing mix?
According to an online source, one must create a product that a particular group of people want, put it on sale some place that the same people visit regularly, price them at a level which matches the value they feel they can get out of it. This must be done during the time that the people (target buyers) want to buy it. However, for people to know about the offer, promotional activities must be made - it is a way to send information to the buyers and to encourage them to buy the product.
Specifically, the marketing mix, commonly known as the 4Ps include the ...

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Elisa Valdez, PhD
Education
  • Bachelor of Science in Business Administration, University of the Philippines
  • Master in Business Administration, Saint Mary's University
  • Doctor of Philosophy in Education, University of the Philippines
  • Doctor in Business Adminstration (IP), Polytechnic University of the Philippines
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