Elements of marketing mix

The major types of elements of marketing mix briefly explained

1. ELEMENTS OF
MARKETING MIX
4 P’s of marketing
Latest addition
The 5
th
p to marketing mix

2. What is Marketing Mix?
• marketing mix is the combination of the elements of
marketing and what roles each element plays in
promoting your products and services and delivering
those products and services to your customers.

3. PRODUCT!
•In marketing, a product is anything that can be offered to
a market that might satisfy a want or need. In retailing, products are
called merchandise. In manufacturing, products are bought as raw
materials and sold as finished goods.

4. PRICE!
•Put simply, price is the amount of money or goods for which a thing
is bought or sold.
•The price of a product may be seen as a financial expression of the
value of that product.
•Price is also the marketing variable that can be
changed most quickly, perhaps in response to a
competitor price change.

5. PLACE!
Place in the marketing mix refers to the channel, or the route, through
which goods move from the source to the final user.
Place could be the intermediaries, distributors,
wholesalers and retailers.

6. PROMOTION!
•Promotion refers to raising customer awareness of a product or
brand, generating sales, and creating brand loyalty.

7. THE 5
TH
P
•Though there is still dispute in economists and
educationists , many have started to consider this
element as the 5
th
P , where in without this marketing
mix wouldn’t be complete , is the feeling of many
resource persons.

8. PEOPLE!
•Some marketing theorists have added a 5th P of marketing to the
elements of the marketing mix: People when referred to as an
element in the marketing mix.
•This 5th P refers to how your level of service and the expertise and
skills of the people who work for you can be used to set you apart
from your competitors.
•Also Known As: 5 P's of Marketing; 4 P's of Marketing
•Examples: My company's marketing mix takes advantage of the
original 4 P's of marketing - product, price, place and promotion - as
well as the 5th P of marketing - people - to set us apart from our
competitors and better promote our services.