The marketing mix or the 4Ps of marketing are the most common terms used in marketing since the last 50 years. Most of the marketing plan largely looks at the ingredients of the marketing mix, product, price, place, and promotion. Marketers must use marketing in the best way to get results.
Product
Product refers to the first ‘P’ in marketing is the tangible or intangible product developed and offered to customers in the market. Television, computers, cars, etc. Examples of tangible products, on the other hand, are laundry, repairs, telecommunication services, etc. are examples of intangible products also known as services.
Price
Price is the second ‘P’ in the marketing mix. The amount that the customer pays to buy the product in the market is called the price of the product. Price is the second ‘P’ of the marketing mix assigned to the product by the company based on material, labor, competition, product cost, after-sales services, competition, season, government regulations , etc.
Place
The physical and virtual place of sale of the product is known as a place. It can be any store, outlet, online website, warehouses, wholesale stores, distribution companies, retailers, etc. Any physical and virtual place that directly interacts with end customers or immediate customers falls under the category of place.
Promotion
Promotion is the fourth and final ‘P’ of the marketing mix. Promotion is the tool used by marketers for marketing communication of products and services to the customer. Advertising, direct marketing, personal relationships, Internet marketing are some of the means to promote products and services.
