Marketing Mix

Welcome to Principles of Business

Marketing Mix

Marketing Mix

The Marketing Mix or the 4 Ps of Marketing are important because a business must combine them when designing an effective plan of action or strategy to accomplish its marketing goals.

The 4 Ps

•  Product – This identifies the goods or services that should be produced, for example biscuits, flowers, or shoes. It also considers the quantity that should be made, for whom the goods or services should be made and the design of the products. A product research can be done to assist in the product development.

The 4 Ps

• Pricing – The price is the monetary value of the good or service. It is usually calculated based on what the customer is willing and capable of paying for the product and the firm’s willingness to sell to make a reasonable profit.

The 4 Ps

• Promotion – The methods the firm would use to make consumers become aware of the product. This may be done through branding, advertising, sales promotion and after sale service.

The 4 Ps

• Place – The is the pattern of distribution that the firm uses to get its product to the consumer.

Multiple Choice

Which is not a P?

• PRICE

• PLACE

• PROMOTION

• PACKAGING

Poll

The Marketing Mix is also know as?

• The 8 Ps

• The 7 Ks

• The 4 Ps

• The ABCD