what are the component of a marketing mix? detailed explanation

Expert Answers

An illustration of the letter 'A' in a speech bubbles

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.

Approved by eNotes Editorial Team

Posted on

Soaring plane image

We’ll help your grades soar

Start your 48-hour free trial and unlock all the summaries, Q&A, and analyses you need to get better grades now.

  • 30,000+ book summaries
  • 20% study tools discount
  • Ad-free content
  • PDF downloads
  • 300,000+ answers
  • 5-star customer support
Start your 48-Hour Free Trial