The marketing mix is probably the most famous marketing term. Also known as the Four P's, the marketing mix elements are price, place, product, and promotion.
The concept is simple.Think about a cake. All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements. It is the same with the marketing mix.
The product is the physical product or service offered to the consumer
Product decisions include aspects such as Brand name, function, appearance, packaging, quality, warranty.
The price is the amount a customer pays for a product.
Pricing includes not only the list price, but also discounts.
Distribution(placement) is about getting the products to the customer. Some examples of distribution decisions include: Distribution channels ,Transportation, Specific channel members
The target group needs to be made aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output.
Summary of Marketing Mix Decisions
|Product |Price |Place |Promotion |
|Functionality |List price |Channel members |Advertising |
|Appearance |Discounts |Channel motivation |Personal selling |
|Quality |Allowances |Market coverage |Public relations |
|Packaging |Financing |Locations |Message |
|Brand |Leasing options |Logistics |Media |
|Warranty | |Service levels |Budget |
|Service/Support | | |...