The marketing mix is a concept that refers to a set of tools that a company uses to promote and sell its products or services. It consists of four main elements: Product, Price, Place and Promotion.
Product marketing: This refers to the goods or services that a company offers to its customers. It includes decisions about the design, features and branding of the product and any related services or support.
Price marketing: This refers to the amount a customer has to pay to buy the product or service. It includes decisions about discounts, payment terms and pricing strategies.
Local marketing: This refers to the channels through which a product or service is made available to customers. This includes decisions about distribution, e.g. whether to use a direct or indirect distribution approach and which intermediaries to use.
Advertising: This refers to the activities a company undertakes to communicate the value of its product or service to customers. This includes advertising, public relations, sales promotion and personal selling.
Overall, the marketing mix is a central instrument with which companies develop and implement their marketing strategies.
