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Please tell me a little about elements of marketi…

Please tell me a little about elements of marketing mix

Please tell me a little about elements of marketing mix

Chiranjibi Aug. 24, 2018

Marketing mix forms an important part of overall competitive marketing strategy. The marketing mix is the set of controllable marketing variables that the firm blends to produce the response it wants in the target market.

The marketing mix consists of everything that the firm can do to influence the demand for its product. These are usually referred to as 4Ps - product, price, place and promotion. Product stands for the “goods-and-service” combination the company offers to the target market.

Price stands for the amount of money customers have to pay to obtain the product. Place stands for company activities that make the product available to target consumers. One of the most basic marketing decision is choosing the most appropriate channel to reach target customer.

Promotion stands for activities that communicate the merits of the product and persuade target consumers to buy it. It includes - Personal Selling, Advertising, Publicity and Sales promotion The traditional concept of 4Ps is also expanded further with more Ps such as, people, physical evidence and process.

Under the dynamics of market all the Ps are extremely important so as to build and sustain a competitive advantage over the rivals.