What are the Four Elements of the Marketing Mix?

A marketing mix is the controllable variables that the company puts together to satisfy this target group.

The four Ps are the four elements or variables of the marketing Mix. They are the Price, Place, Product and Promotion. When an organization wants to market their product in a new or in a selected target market then they can go for the marketing mix strategy.

Price

Here the marketers which have to think which pricing strategy have to be adopted in the specific market. For example: price skimming, competitive pricing strategy etc. Price setting must consider the kind of competition in the target market and the cost of the whole marketing mix. A manager must also try to estimate customer reaction to possible prices.

Place

Here which place in the market will be effective for the product has to be considered? For example the location of the store, franchising, etc. Place is concerned with all the decisions involved in getting the right product to the target market’s Place. A product isn’t much good to a customer if it isn’t available when and where it’s want

Promotion

The third P — Promotion — is concerned with telling the target market or others in the channel of distribution about the right product. Sometimes promotion is focused on acquiring new customers and sometimes it’s focused on retaining current customers. Promotion includes personal selling, mass selling, and sales promotion. It is the marketing manager’s job to blend these methods of communication.

Product

Which product has to be sold in the selected market from the firm’s product line? The Product area is concerned with developing the right “product” for the target market. This offering may involve a physical good, a service, or a blend of both.