Fitting your product or service to your marketing mix means that you cover all the important foundations of your marketing campaign. The following is a definition of the marketing mix and a description of its main components.
The term marketing mix refers to the major factors that must be noted in order to properly market a product. The marketing mix is also known as the fourth chapter of marketing which is a very useful guide for understanding the basics of making a good marketing campaign. The following is a brief description of each component of the marketing mix 4P.
Product: The concept of marketing mix originated in the marketing world of American companies in the 1950s. Marketing practices have evolved significantly since the term was invented. One of the changes is that more services are available now, such as those that are available online. In addition, the distinction between products and services becomes more ambiguous (for example, is a Web-based software application a product or a service?). Either way, product refers here to a product or service. The products you provide need to be able to meet specific current market needs. Or, you need to create a market niche by building a strong brand.
Price: The price you set for your product plays an important role in its marketability. The more commonly quoted prices in the market are priced more Elasticity which means that unit sales will rise or fall more responsively to price changes. In contrast, products that are generally less available in the market (but strong demand) are less resilient, which means that price changes will not have a big impact on unit sales. The price elasticity you provide can be determined by various market testing techniques.
Location: This term truly reflects any way customers can obtain a product. Offering products can be conducted through any number of distribution channels, such as at retail stores, via mail, through downloadable files, on cruise ships, in hair salons, and so on. Products you can use to make your product available to customers in this way and with options will have an impact on your sales.
Promotions: Promotions are related to any vehicle you use to make people more aware of your product. Advertising, public relations, point-of-sale display and word-of-mouth advertising are all traditional promotions. Promotions can be seen as a way to narrow the information gap between potential sellers and potential buyers. The promotion strategy you choose will depend on your budget, the type of product you are selling, and the availability of the promotional vehicle.
Marketing has gone through the past 4 years for a long time, but understanding this marketing mix is still very important for your product today. The marketing mix is an excellent touchstone that continuously checks whether you have covered all the foundations of your marketing campaign.
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Orignal From: Definition of Marketing Mix - Products, Prices, Locations and Promotions
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