The four (4) marketing mix are
Product
Price
Place
Promotion
Product
"Product" involves designing and developing the product. It is the first stage of any business, whereby ideas and concept of the product or service is determined. Each product goes through a product life cycle beginning with "Launch", "Growth", "Maturity", "Decline" and "Extension".
Price
"Price" determines the price of the product that the target customers would be willing and able to pay for the product or service. Pricing strategies used to determine a product price are;
Cost-based pricing
Competitive pricing
Destruction pricing
Price wars
Demand-based pricing
Price skimming
Penetration pricing
Psychological pricing
Promotional pricing
Dynamic pricing
Pricing strategies are influenced by the price elasticity of demand (PED) of the product.
Place
"Place" refers to distribution channels. They are different from a business location, where it is determined by how accessible it is by their target customers. Distribution channels describe how products are being transferred from producers to consumers. There are 4 channels of distributions.
Producers ⇒ Consumers
Producers ⇒ Retailers ⇒ Consumers
Producers ⇒ Agent ⇒ Retailer or Producers ⇒ Agent ⇒ Wholesaler ⇒ Retailer
Producers ⇒ Wholesaler ⇒ Retailers
Promotion
Promotion are marketing activities designed to influence consumers into participating a campaign or purchasing a product. They do so by creating awareness of the product or company brand through advertising. Advertising involves above-the-line promotion and below-the-line promotion. Advertising media includes
Newspaper
Magazines
Radio
Television
Movies
Posters/Billboards
Internet/Social Media
Leaflets
Premium merchandises, such as T-shirts etc.
These four elements are combined to develop a marketing strategy for the business and its products.
RELATED CONCEPT
Marketing Research
Marketing Strategy
Product Life Cycle
Price Elasticity of Demand
Branding
PAST YEAR QUESTION