There are 4 major components of marketing that provide the tools used to satisfy the market’s needs: These are Product, Price, Place and Promotion. The interplay of these 4 components is known as the Marketing Mix.
Products- These are goods that customers buy to satisfy their demand. How a product is sent to the market influences its package. The Mix for each product must be evaluated carefully. Market Research is essential in determining the appropriate marketing mix.
Price- Price is the amount a company charges customers for a product. The greater part of a company’s marketing effort should be aimed at making some discretion on pricing decision which can increase the perceived value benefits its market offers the buyers.
Place- It focuses on where products are sold, what distribution methods are used, where products are inventoried while waiting to be sold, and how products are transported to the customer.
Promotion- The techniques a company uses to generate customer sales, brand awareness, make up promotion. Promotion has three major goals: informing customers about the products, influencing a customer’s decision and reminding the customer of product features and availability.
The perfect marketing mix does not guarantee success; other elements come into play, enabling the company to devise a complete marketing strategy. Without demand, the product will fail. A company that needs to succeed must understand both the target market and the competitive environment. It must focus efforts to match products with customers.