The Marketing Mix

The term 'marketing mix' is a foundation model for businesses, historically centered around product, price, place, and promotion. The marketing mix has been defined as the 'set of marketing tools. Marketing Mix the elements of a business's marketing that are designed to meet the needs of its customers. The four elements are often called 4 'Ps' - price, product, promotion and place. Shining force neo speedrun.

Neil Borden in the year 1953 introduced the term Marketing mix, an extension of the work done by one of his associates James Culliton in 1948.Marketing Mix - A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. Several concepts and ideas combined together to formulate final strategies helpful in making a brand popular amongst the masses form marketing mix. Elements of Marketing MixThe elements of marketing mix are often called the four P’s of marketing. ProductGoods manufactured by organizations for the end-users are called products.Products can be of two types - Tangible Product and Intangible Product (Services)An individual can see, touch and feel tangible products as compared to intangible products.A product in a market place is something which a seller sells to the buyers in exchange of money. PriceThe money which a buyer pays for a product is called as price of the product.

The price of a product is indirectly proportional to its availability in the market. Lesser its availability, more would be its price and vice a versa.Retail stores which stock unique products (not available at any other store) quote a higher price from the buyers.

PlacePlace refers to the location where the products are available and can be sold or purchased. Buyers can purchase products either from physical markets or from virtual markets. In a physical market, buyers and sellers can physically meet and interact with each other whereas in a virtual market buyers and sellers meet through internet.

PromotionPromotion refers to the various strategies and ideas implemented by the marketers to make the end - users aware of their brand.