Eight Post

Marketing Mix

Refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix: Price, Product, Promotion and Place. 

The 4Ps

The 4Ps of marketing is a model for enhancing the components of your "marketing mix" the way in which you take a new product or service to market. It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.

Product

The product is the means by which the needs of consumers are met. Therefore, the product must focus on solving these needs and not on its characteristics as it was years ago. Within the product we find aspects as important to work as the image, the brand, the packaging or the after sales services.

Price

Price is the cost consumers pay for a product. Marketers must link the price to the product's real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors' prices.

Place

When a company makes decisions regarding place, they are trying to determine where they should sell a product and how to deliver the product to the market. The goal of business executives is always to get their products in front of the consumers that are the most likely to buy them.

Promotion

Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it.