17 Nov Marketing Mix
If you ask google for What is Marketing Mix, Google says,
Marketing Mix a combination of factors that can be controlled by a company to influence its market to purchase its products.
So, there are 4 factors that a company generally controls to influence market to purchase its products.
These are called as the 4p’s of Marketing Mix:
Since these 4 factors started with Letter P. They are called as 4p’s of Marketing Mix.
4p’s of Marketing Mix in detail :
A Product is an item or a service that can be offered to a customer to satisfy his or her needs.
Products are of 2 types :
- Tangible products
- Intangible products
Tangible products are the physical goods that are manufactured by the company to satisfy their customers needs.
Intangible products are the digital products that has no physical shape.
A downloadable document, a mobile App or virtual goods are the examples of Intangible products.
A price of a product is the amount that a consumer has to pay the company for the product. So the price includes all the costs that company spends (including manufacturing costs, transport costs, advertising costs and others) on the product plus a profit that the company wants to make on the product.
Place is the location where the business is carried out.
Place/Placement/distribution are the ways or the distribution channels that a company uses to make sure the product reaches the customer.
With the advancement in technology and internet revolution the place need not be a physical location anymore. It could be a website, a call center or mobile app could be a place for your product.
Promotion is the communication aspect of the marketing. Communicating the value of the product or the service to the potential customer falls under promotion. Promotion strategies could be advertising, Special Offers, Public relations.
It is important to know the difference between promotion and marketing. Promotion is just the advertising aspect of the marketing.
If you want to know What is Makreting? in the first place, read this article on What is Marketing?