Marking Mix

Marketing mix refers to the four critical P's of marketing, understanding of which helps the firm to market their products and services in an effective way. For building an effective marketing mix it is important that efficient customer research is undertaken.

The four P's of marketing are discussed below.

1 Product:

"Product" refers to the goods and services that firms offer to their customers. Some elements of product/service that require attention for a successful business are: quality, features, options, services, warranties, brand name, safety, packaging, repairs and Support.

2Price:

Price" refers to the cost of a particular product or service. Price plays an important role in customer's buying decision.

It includes list price,discount,allowances,payment period and credit terms.Price must cover the costs incurred and contribute to the firm's image by communicating the perceived value.

3Place:

"Place" refers to the distribution channels used to get a firm's products from the manufacturer/service provider to the end customers. Place is also known as channel, distribution, or intermediary.It includes channels ,coverage,

Assortments,locations,inventory and transport.For business to be successful, it is important that the product/service offerings are at the right place at the right time.

4Promotion:

Promotion refers to the awareness created of the introduction of a new product and availability of an already existing product by means of advertising and selling activities.The main objective of promotion is to make customers aware of product features, its uses and benefits.Its mean are sales promotion,advertising,sales force,public relations and direct marketing.