Marketing Mix and its Various Components BBS 3rd Year Marketing
Marketing mix and the components of marketing mix
Marketing Mix
Components of Marketing Mix
What is Marketing Mix? Explain the various components of marketing mix.
The marketing mix refers to a set of strategic elements or components that a business combine to influence and shape the perception of its product or services in the market. It is also commonly known as '4Ps' of marketing representing four key areas that business can manipulate to achieve their marketing objectives. The components of marketing mix are :
- Product : The product component relates to the tangible goods or intangible services that a business offers to its targeted customers. It includes decisions regarding product design, features, quality, packaging, branding and any additional services associated with the offering. The aim is to create a product that meets customer needs and differentiate from competitors.
- Price : The price component refers to the amount of money customer are willing to pay for the product or the services. Pricing decisions involve determining the initial price, discounts, payments terms and any other pricing strategies. Pricing should consider factors such as production costs, competition, customer perceptions of value and overall business objectives.
- Promotion : The promotion component encompasses the various activities undertaken to communicate and promote the product or service to the targeted market. It include advertising, sales, promotion, public relations, direct marketing, personal selling and digital marketing efforts. The objective is to create awareness, generate interest and persuade customers to purchase the product or services.
- Place (distribution) : The place component refers to the channels and methods used to make the product or service available to customers. It involves decisions related to distribution channels, logistics, inventory management and retailing. The goal is to ensure that the product or service is conveniently accessible to customers at right place at a right time.
Post a Comment