When we talk about the growth and development of the business, the marketing mix plays a significant role in it. This process is widely used in the organization to achieve long-term goals and objectives. You should know that marketing mix and 4Ps of marketing means the same. Most of the students have this misconception that both these terms are different. These are the synonyms for one another.
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What is Marketing Mix?
Marketing is all about presenting your product in the right place and in front of the right audience. The marketing mix is the best foundation model used by businesses. It consists of the tools and strategies used by the businesses to promote their business in the targeted market. This managerial approach helps you achieve your marketing objective in a systematic and organized way. The 4ps of the marketing mix are the key factors for promoting goods and services. The marketing has always been crucial for the business and the introduction of this marketing mix process has made it a lot easier. Now let’s take a glance at the meaning of 4Ps of the marketing mix.
These are the 4Ps of Marketing
- Products (Services): The first P stands for the products or services the business is offering. The products should be fulfilling the requirements of the customers whether it is a tangible good or intangible service. It is important to grasp the information about the product. Plus, if you want to make it successful in the market then make sure that it is unique and useful for the customers.
- Prices/charges: The second P stands for the prices of the product. For this part, you have to perform the SWOT analysis. It helps to estimate the cost of the product. The price determination is done keeping in mind the manufacturing cost, profit margins, demand, and marketing strategies.
- Promotion: The third P of marketing denotes the promotion. It involves evaluating the different that you are going to use for promoting your goods on different platforms. This is the major element of the marketing mix which includes various marketing tactics like advertising, public promotions, search engine marketing, social media marketing and so on.
- Place: The fourth and the final P of the marketing mix is for Place. It is important to put your product in the right place at the right time. For this, it is critical to target the right locations where you can find a huge number of potential customers for your products and services. You can also do a competitive analysis for this.
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