explanation
Marketing Mix: Contemporary Promotion in the Market
A marketing mix refers to strategies or actions that a company utilizes to promote its products, services or brand in the market. The marketing mix typically includes the four ‘Ps’: product, place, price and promotion.
1. Product
Product refers to the products or services that you are offering to the market. The quality and dependability of the product may be the core determining factor in whether a client stays loyal to your company. Therefore, it is imperative that you create products/services that meet needs and instill confidence in your brand.
2. Place
In marketing, the place refers to the point of sale (POS). The goal is to attract the customer and remove all obstacles to the purchase. This may involve creating an easy-to-use e-commerce site, a simple app or correct product placement in your brick-and-mortar store. Being at the right place at the right time with the product is essential for holding your customer’s attention.
3. Price
What is the current value of your product? The price depends on various factors such as market demand, product quality, competition and cost of production. The most important factor when determining your price is that what you ask for needs to align with what your customers expect and are willing to pay.
4. Promotion
Promotion can include different types of marketing such as digital marketing (website, social media) or traditional marketing (TV ads, brochures, flyers). A marketing manager and their team use as many marketing channels as possible to reach and engage with their audience in the most direct and clear way.
