Marketing mix or 4P’s of marketing are the most common terms used in marketing since last 50 years. Major part of the marketing plan discusses marketing mix ingredients product, price, place and promotion in great deal. Marketers have to use marketing in best way to get results out of it.
Product refers to the first ‘P’ in marketing is the tangible or intangible product developed and offered to the customers in the market place. Television, computers, cars and etc are the examples of tangible products on the other hand laundry, repairs, telecommunication services and etc are the example of intangible products also known as services.
Price is the second ‘P’ in the marketing mix. The amount customer pays for purchasing the product from the market place is called the price of the product. Price is the second ‘P’ of marketing mix assigned to the product by company based on material, labor, competition, product cost, after sales services, competition, season, government regulations and etc.
The physical and virtual place for selling the product is known as place. It can be any store, outlet, online Website, warehouses, whole sale stores, distribution companies, retailers and etc. Any physical and virtual place directly interfaces to the final customers or immediate customers come under the category of place.
Promotion is the 4th and last ‘P’ of marketing mix. Promotion is the tool used by the marketers for marketing communication of products and services to the customer. Advertising, direct marketing, personal relations, Internet marketing are few means of promoting the products and services.