Your Marketing Mix

What is a “Marketing Mix” Strategy

1) Product 2) Price, 3) Market Place 4) Promotion and 5) Packaging are the five elements of a marketing mix strategy for the success of a product or service

Pricing – Pricing is the process whereby a business sets the price at which it will sell its products and services. It is the collective of cost of acquisition of the goods and services, the manufacturing cost, the market place, competition, market condition, brand, and quality of product.

As per Wikipedia, the marketing mix (also known as the 4 Ps) is a foundation model in marketing. The marketing mix has been defined as the “set of marketing tools that the firm uses to pursue its marketing objectives in the target“.

The marketing mix refers to four broad levels of marketing decisions, namely: product, price, promotion, and place.

In services marketing, an extended marketing mix is used, typically comprising 7 Ps, made up of the original 4 Ps extended by process, people, and physical evidence. Occasionally service marketers will refer to 8 Ps, comprising these 7 Ps plus performance. 

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