The Marketing Mix refers to all the activities that can influence whether or not a customer buys a product. We refer to these as the 4 P's - Price, Product, Place, Promotion.
Price - How much the product costs to manufacture and how much the selling price is. A selling price will be higher than the manufacturing price in order to make a profit from the product. Price is also one of the main ways a business will compete with another. Prices are affected by some of the following aspect: demand, competition, buyers, manufacturing price, location, popularity, position in product lifestyle, packaging, quality, design features and more.
Product - The product refers to design the specification and the features of the product. Many business' have a range of products. This means that they manufacture a variety of different products for different purposes or customers.
Place - what is the value of the product to the buyer? What kind of store is the product or service sold in? Refers to how the product gets to the buyer; for instance, point-of-sale assignment or retailing. This third P has furthermore at times been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which division (young adults, families, business citizens), etc. also referring to how the surroundings in which the product is sold in can influence sales.
Promotion - This includes advertising, sales promotion, including promotional education, publicity, and individual selling. Branding refers to the assorted strategies of promoting the product, brand, or company.
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