What is Marketing Mix?

A planned mix of the controllable elemnets of a products marketing plan commonly termed as 4Ps: product, price, place, and promotion.These four elements are adjusted until the perfect combination is found, which serves the needs of the customers while generating operatingf income.

THE PRODUCT: Product includes, what value are you going to sell to the market? Define it in terms of what it does for your customer. How does it help your customer to achieve, avoid or preserve something? You must be clear about the benefit you offer and how the customer’s life or work will be improved if he or she buys what you sell.

THE PRICE: Price includes how much are going to charge for your product or service, and on what basis? How are you going to price it to sell at retail? How are you going to price it at wholesale? How are you going to charge for volume discounts? Is your price correct based on your costs and the prices of your competitors?

THE PLACE: Where are you going to sell a product at this price? Are you going to sell directly from your own company or through wholesalers, retailers, direct mail, catalogs or the Internet? 

THE PROMOTION: Promotion includes every aspect of advertising, brochures, packaging, salespeople and sales methodology. How are you going to promote, advertise and sell this product at this price at this location? What will be the process from the first contact with a prospect through to the completed sale?