4ps

Marketing Mix, Best for MBA, BBA and Business courses students to understand Basic concept of 4Ps

1. Marketing Mix Presented By Tooba Fatima

2. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 P's of marketing: Price, Product, Promotion, and Place. Sometimes referred as 4P’s of marketing. Marketing Mix

3. Elements of Marketing Mix It is made up of core elements of a good marketing mix which are Customer needs and wants (the equivalent of product), Cost (price), Convenience (place) & Communication (promotion).

4. Product A product is an item that satisfies a need or a desire. This can be a physical item, a service or a virtual offering . A successful product has to fulfill a specific need in the market. There also needs to be clear communication to users and potential customers regarding its benefits and features

5. Price A value that will purchase a finite quantity, weight, or other measure of a good or service. Pricing has a direct impact on a company's revenue, and thus profit, setting the right price is essential to a company's success. Price is important to marketers because it represents marketers' assessment of the value customers see in the product or service and are willing to pay for a product or service.

6. Place In the marketing mix, the process of moving products from the producer to the intended user is called place. Through the use of the right place, a company can increase sales and maintain these over a longer period of time. This movement could be through a combination of intermediaries such as distributors, wholesalers and retailers.

7. Promotion P romotion is the communication aspect of the marketing mix. It is creating a channel for conversation with the targeted consumer base. Through promotion, the company aims to attract the customer’s attention and give them enough information about the product to foster enough interest to motivate them to purchase.