There are 4 factors affecting the marketing mix, and these are known as the 4Ps.
The 4Ps are:
• Product
The product is the item that is produced on a scale that befits the organization. This product can be mass-produced and the volume is always a specific number. The product can be a service, and these products are classed as intangible products. Tangible products are those that are physical objects and can range from a simple item such as a chocolate bar, to more expensive, large items such as motor vehicles. The products a company produces should always have some differentiation that separates them from other products on the market.
• Price
The price is the amount of money that a customer pays for a product. The price can be increased or decreased depending on the popularity of the product. The price will normally be fixed for certain stores that the product is available in.
• Placement
The placement of the product describes the location that the product is placed in, including the position that the product is located in within individual stores. The product is normally placed in such a place as to be eye catching for the customers.
• Promotion
Promotion represents the communications that a company uses to market the product. The promotion itself can be broken down into 4 elements. These are advertising, personal selling, sales, and public relations. All these elements are vital in the promotion of the products of a company. It is essential to promote products to enable the public to be aware that the products exist. This is true of existing products and new products. Common forms of advertising that are used for the promotion of products include television, radio, billboards, cinema, and the Internet.
The 4Ps are:
• Product
The product is the item that is produced on a scale that befits the organization. This product can be mass-produced and the volume is always a specific number. The product can be a service, and these products are classed as intangible products. Tangible products are those that are physical objects and can range from a simple item such as a chocolate bar, to more expensive, large items such as motor vehicles. The products a company produces should always have some differentiation that separates them from other products on the market.
• Price
The price is the amount of money that a customer pays for a product. The price can be increased or decreased depending on the popularity of the product. The price will normally be fixed for certain stores that the product is available in.
• Placement
The placement of the product describes the location that the product is placed in, including the position that the product is located in within individual stores. The product is normally placed in such a place as to be eye catching for the customers.
• Promotion
Promotion represents the communications that a company uses to market the product. The promotion itself can be broken down into 4 elements. These are advertising, personal selling, sales, and public relations. All these elements are vital in the promotion of the products of a company. It is essential to promote products to enable the public to be aware that the products exist. This is true of existing products and new products. Common forms of advertising that are used for the promotion of products include television, radio, billboards, cinema, and the Internet.
