What is Marketing Mix? 4 p’s of Marketing

Definition: Marketing mix is an action or strategy that an organization uses to promote its brands and products in the market.  

The 4 p’s of Marketing Mix

There are 4PS of marketing – Product, Price, Place and Promotion. However, in 2023, the Marketing mix used several other PS, including people, presentation, Packaging and Positioning.

The Marketing mix plays an important role in organizational development. If it is implemented properly can give great success to the business. However, if it is handled wrongly, then the businesses would have to face financial loss.

The Marketing mix is based on depth research, identifying the appropriate strategy, and consultation with the marketing expert.

The Marketing mix provides a roadmap to fulfil the business goals. It ensures your business with the right product to the right people at the right price and time. And eventually gives fruitful revenue to your business.

To set an effective Marketing mix, one has to establish goals, engage in marketing research and product development, determine the pricing models, choose channel models, evaluating your competitors, monitor the industry, collaborate with your marketing & sales teams, involving in digital planning like content marketing efforts, social media marketing and many more.

Read this: Marketing strategy of the Apple Inc

Here is a concept of 4 p’s of Marketing of the SEO Expert Neil Patel

Product

What you sell. Could be a physical good, services, consulting, etc.

Price

How much do you charge and how does that impact how your customers view your brand?

Place

Where do you promote your product or service? Where do your ideal customers go to find information about your industry?

Promotion

How do your customers find out about you? What strategies do you use, and are they effective?

Apart from these marketing mixes, many others have been used in 2023. These are physical evidence, process, packaging, positioning, people and personalisation.

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