Marketing Mix Of Marketing Management

1005 Words5 Pages
Marketing Mix in marketing management is used to attract consumers and for sales promotion, using the four basic elements/components of the mix, namely, Product, Price, Place, and Promotion (four Ps). A combination and fair application of these marketing essentials is called Marketing Mix.
The four Ps may sound simple but are the crucial marketing algorithm elements. The four Ps must work together and if any on the Ps fail, the entire marketing mix is in fault state. Assuming that if we have all four Ps, the marketing mix will work perfectly is not true. Each of the four Ps has to be targeted towards specific customer segment and be in sync with other four Ps at the same time.
The first P is “Product” not only includes the product or service but also defines the variety, quality, design, packaging, design, brand, warranties, returns, or anything that is a part of your product purchase and adds value to the product. The second Price P is “Price” and just like the concept of product, price is not simply the retail price. Instead, the price boundary covers the retail price, product discounts, bonuses, promotions, payment period and credit terms. All these options tend to either reduce the price or make the payment process easier for the customer. Going forward to the next P, “Promotion” is required to publicize the product about which a marketer is trying to convey to its target audience. Promotion can be achieved through advertising, sales calls, personal selling, sales
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