Components Of The Marketing Mix

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Recommended: . What is the marketing mix? What are the four elements of the marketing mix

Marketing Mix:
The marketing mix which is also known as the four P’s is a foundation concept in marketing.
“The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.”
FOUR P’s:
1.) Price:
It is very important component of the marketing mix. It is the input or money invested for a product or amount paid by the customer to enjoy the service of the product. It depends on various factors such as cost of production, segment targeted, ability of the market to pay, supply – demand and many other direct and indirect factors. The price of …show more content…

So, it is good to compare the price by the competitors and not varied much away from it.
When setting the price for a product, there are three major price deciding strategies:
a.) Market Penetration Pricing
b.) Market skimming pricing
c.) Neutral Pricing
Example: This is the most common factor seen to be changing when there is a change in demand, season, availability and requirement. If the demand decrease or customers are to be attracted for a product companies start to give various kinds of discounts such as Off Season Sale, Diwali Sale. It can be easily explained by price elasticity of demand.

2.) Product:
It is a commodity or an item being produced by the company to satisfy the needs of customer. The product might be tangible or intangible as it suits in form of services or goods.
The product must be of right type which has high or good demand in the market and no having too many competitors and the life cycle of the product is also to be taken into consideration while doing a research on the

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