Marketing Mix

Marketing mix is a combination of controllable tools used by firms to produce response in it’s target market.

THE FOUR PS OF MARKETING MIX

Product

Price

Place/ distribution

Promotion

  1. Product: This is something that can be offered to market for attention, acquisition and consumption. It is a need- satisfying offering of a firm. To achieve some desired objective on the product, marketers make some product decisions such as: the product’s packaging, shape, size, features, and the supportive services rendered after sales to increase consumer satisfaction.
  2. Price: This refers to the monetary value placed on a product. It is a marketing tool which goes a long way to determine the demand of a product offering in the market, and it can also hinder or catapult an organization’s returns on investment. An effective price is the price that reflects the act
  3. Place/Distribution: Place involves making goods and services available where they are needed and at the time they are needed. The place decisions are concerned with ensuring that products are made available at the right time, in the appropriate quantity, and at the right place while also ensuring minimal transportation and storage cost in order to reduce huge cost of acquiring the product.
  4. Promotion: This involves all strategies which the marketer employs to communicate its offerings to the target market. It includes all activities designed to inform, persuade and influence people to buy about a specific product. This element of marketing mix enables decisions on activities which stimulate and promote the sale of a product to be taken.

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