What is The Marketing Mix? A Brief Description of The 4 Ps of Marketing.

What is the  marketing mix 4ps is ​​the combination of products, prices, locations, and promotions that it uses to differentiate itself from the competition. These four elements are commonly referred to as the 4 PS There are strong dependencies between each of the Ps.

Product : The product or service created by the company to meet a customer need. Generally, the better it meets that need, the more the company can charge.

• What is the product?
• What differentiates the product from the competition?
• Who are the target customers for the product?

Price  : Pricing is based on how much it costs to market, distribute, and sell the product, and how much profit margin the company wants to earn. When a product is strongly differentiated the company can price it higher than competitors’ products without losing market share.

• How much do the competitors charge for similar products?
• What is the lowest price that the product can sell for?

Place : Refers to all the ways customers find, choose, and use the company’s products or services. Companies need to consider these locations when developing their marketing plan which may be physical or online.

• Which places or venues do buyers frequent for similar products and services?
• Where is the competition selling its products?

Promotion: What many people think of when they hear the word marketing refers to the overall campaign of communications used to sell a product. This activity often includes advertising, sales, promotions, personal selling, public relations, social media marketing, email marketing, search engine optimization (SEO), video marketing, anymore.

• When is the right time to reach the target audience?
• Which channels or mediums will the target audience get their information from?

What is the marketing mix 4ps A company with more than one market segment may have a different mix for each segment, and a different budget set aside for each.