The 4p's - marketing mix

MARKETING MIX

The marketing mix can often be refered to as the four Ps: product, price, place / location, and promotion.

Product

- To start with, the product is one of the most important things the business has to gain knowledege on. This will help to understand who needs it, and why? What does it do that no competitor's product can do? Perhaps it's a new thing altogether and is so compelling in its design or function that consumers will have to have it when they see it.

- The job of the marketer is to define the product and its qualities and introduce it to the consumer.

- Defining the product also is key to its distribution. Marketers need to understand the life cycle of a product, and business executives need to have a plan for dealing with products at every stage of the life cycle.

- The type of product also dictates in part how much it will cost, where it should be placed, and how it should be promoted.

Price

- Price is the amount that consumers will be willing to pay for a product. Marketers must link the price to the…