Understanding the Marketing Mix
Marketing mix is like a recipe 🍳 for success in business. It includes the four Ps: Product, Price, Place, and Promotion. Each P plays an important role in making your product or service stand out in the market.
For example, if you're selling homemade cookies, your product should be delicious, your price should be competitive, you should sell them in places where people can easily buy them, and you should promote them through social media or word-of-mouth.
Key Points
- Product: What you're selling
- Price: How much it costs
- Place: Where you sell it
- Promotion: How you market it
Key Terms
- Marketing Mix: The combination of factors that influence a consumer's decision to buy a product or service
- Product: The physical item or service being offered
- Price: The amount of money customers pay for a product
- Place: The locations where a product is sold or a service is offered
- Promotion: The marketing activities that communicate the value of a product to potential customers