1. Marketing mix
2. Marketing Mix:
It refers to the combination of four basic marketing tools (Product, Price, Place and Promotion) that a rm uses to pursue its marketing objectives in a target market.
Elements / 4 P’s of Marketing Mix:
1. Product:
Product means goods or services or ‘anything of value’, which is offered to the market for sale. The important product decisions include deciding about the features, quality, packaging, labelling and branding of the products.
2. Price:
Price is the amount of money paid by the customers to pay to obtain the product. In most of the products, price affects the demand of the products. Desired profits, cost of production, competition, demands, etc. must be considered before fixing the price of a product.
3. Place:
Place or Physical Distribution includes activities that make rm’s products available to the target customers. Important decision areas in this respect include selection of dealers, storage, warehousing and transportation of goods from the place of production to the place of consumption.
4. Promotion:
Promotion includes activities that communicate availability, features, merits, etc. of the products to the target customers and persuade them to buy it. It includes advertising, personal selling, sales promotion and publicity to promote the sale of products.
