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A marketing mix is a group of marketing variables that a business controls with the intent of implementing a marketing strategy directed at a specific target market. The most common classification of the marketing mix is referred to as the 4 Ps, consisting of product, price, place, and promotion. There are many contemporary perspectives that challenge the sufficiency of the 4 Ps as the only marketing-mix framework, including the 7 Ps and4 Cs.

Answer 1

The Marketing Mix is a unique blend of product, place (distribution), promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market. The marketing manager can control each component of the marketing mix, but the strategies for all four components must be blended to achieve optimal results.

-The product is the starting point of the marketing mix. It is difficult to decide on a promotion campaign, determine a price, or design a distribution strategy until the product offering and product strategy are defined.

-The product is not only the physical unit but also the packaging, warranty, after-sale service, brand name, company image, value, and other factors.

The goal of the distribution is to ensure products arrive in usable condition at the right place when customers need them.

-Products may be tangible goods, services, and ideas.

-Product availability where and when customers want them

-all activities from raw materials to finished products

-ensure products arrive in usable condition at designated places when needed

Promotion includes personal selling, advertising, sales promotion, and public relations.

- Each element of the promotion mix is coordinated with others to create a promotional blend.

- A good promotion strategy can increase sales but does not guarantee success.

Price is an important competitive weapon and is often the most flexible of the marketing mix. Of the four Ps, it can be changed most quickly.

-Price multiplied by the number of units sold equals total revenue for the firm.