The marketing mix is the combination of marketing elements crucial in accomplishing a marketing objective. There are four variables in the equation, which are product, price, place, and promotion. Each of these elements has its own constituents. The ultimate goal is to sell goods and services, therefore a marketer examines each tool a business has to successfully operate on the market. Together, these tools constitute the marketing mix.
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The entirety of product consists of its quality, packaging, design, and brand. They are especially easy to distinguish when a product is physical. A marketer can assess how good it is, the creativity of design, the popularity of the brand, and other characteristics, which can be used in increasing marketing value. The same principle can be applied to the place. A marketer can study where products are distributed. They can be in a physical location or on the internet. A customer can obtain the product by buying it at a retail store, or by having it delivered, or by simply downloading it. All these options also comprise the marketing strategy of a business.
The third element is price, which can be used to manipulate customers by offering them discounts, credit terms, and other forms of payment. However, neither of the elements is effective without the final constituent – promotion. It is the most flexible variable because it can take be realized in any way. For instance, a product can be promoted by something as simple as mentioning it in a conversation. At the same time, entire advertisement campaigns are launched to increase brand awareness. In comparison, the other three elements are more stable and predictable and are not capable of quickly increasing the marketing value.