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What is Marketing?
Marketing refers to the process of finding, creating, promoting, and delivering goods and services that satisfy the customer’s needs. It is concerned with convincing potential buyers about the utility of products or services.
It encompasses a wide variety of disciplines such as business management, economics, engineering, advertising, sociology, etc., which deals in one way or another with marketing.
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A marketing mix is a theoretical tool for analyzing the marketing problems faced by organizations, such as fixing prices, deciding on product promotion and distribution, structuring an effective sales organization, and designing a marketing strategy for new products.
What is Marketing Mix?
The marketing mix is the combination of elements or variables that determines a successful marketing strategy. Elements of the Best Marketing Mix are product, price, place, and promotion. This can also be referred to as the 4 Ps.
It is an effective tool used by businesses that wish to satisfy customer requirements at a profit through providing products and services that suit their needs.
It is a plan of action that helps marketing managers to formulate the product, pricing, promotion, and distribution for a product or service. In other words, it includes all the promotional mix variables, which are essential to launching products in the market successfully through various communication techniques. It involves decisions about each of these areas:
Product
Product refers to the physical goods or services that directly satisfy a customer’s need. Products should be well researched and developed by the company to ensure their long-term success in the market.
Price
Price refers to how much consumers pay for products or services, which may be either fixed price (such as membership fee) or contingent on purchase volume (such as discounts).
Place
Place refers to how the products are distributed, including distribution network channels such as wholesalers and retailers. It involves decisions about where to sell your products (location) and how they will be transported to customers (logistics).
Promotion
Promotion is the element that deals with communicating product information directly or indirectly through advertising, sales promotion, public relations, and personal selling.
The marketing mix is customized according to the product or service under consideration. The precise definition of the four P’s varies from one author to another. Some include additional elements such as people (human resources), physical evidence (architecture), or policy (government regulations).
Significance of the 4P’s of Marketing Mix in business
The marketing mix has to be the right combination of variables for a company or product. For instance, if one is launching a new service in an urban area and another in a rural area, there must be variations between pricing, distribution channels, etc.
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