what are the component of a marketing mix? detailed explanation
A marketing mix consists of the Four Ps (Product, Place, Price and Promotion). Each of the four pieces must be coordinated and target the correct customer. The product can be an actual physical product or service and includes packaging, warranties, etc. The product must fulfill a need. A place refers to the physical distribution of the product. This means how the product gets from production to the ultimate consumer. Price is the quantity paid for the product or service. It is the most flexible of the marketing mix to change as companies can lower or raise the price depending where the product is in the life cycle. Lastly, promotion consists of advertising, public relations, sales promotion and personal selling. These all must be part of an intergrated marketing communications plan to correctly and efficiently communicate the promotional message directly to the target market.