What is a marketing mix?

Most business school graduates are familiar with the term marketing mix. It refers to the various tools that the company uses to effectively promote its business on the market. These are often divided into what is called four P from marketing: product, price, location and promotion.

The product concerns the actual physical item that the company is trying to sell to the consumer. Traders usually do not focus on product development as well as the product presentation. Therefore, the marketing mix at this stage should consist of the product name, its packaging and how it will be different from similar products in the store. The price

is how much the company charges for consumers for this product. Usually a lot of thoughts are at prices, as the determination of too high price can result in several sales. There is also a danger in determining too low price, as such a price can cause potential customers to think that the product lacks quality. Merchants use this knowledgeYou can get the price to help so that the product is profit. The marketing mix can also include special incentives for prices such as coupons.

promotion is how the company spreads the word about the product. It includes working with sampling shops, organizing public contact events and buying advertising - in printed media, broadcast media or both. Promotion of the role plays in the marketing mix depending on how much the company wants to promote the product and how much money it allocated. Today, the Internet is also a market for promoting products and online campaigns can be quite cheap but effective.

Location is the art of introducing the product to the right place at the right time. The correct placement is important for the consumer to see the product and want to have it. This is part of a marketing mix because merchants have to attract retailers and sand high space in these stores if they want herThe products sold well. Location may also include the determination and achievement of a specific target audience. For example, a company that sells paint can set up a sales stand for the Home Improvement Show show to address people who want to learn and buy colors.

Marketing mix is ​​unique for each product or company. It often depends on the goals the organization would like to achieve. This can range from the sale of as much product to growing reputation for the production of high quality products.