Marketing Mix is the strategy of the company to put the right product or combination of products and services at the right place and price within the right time to influence the market. Thus, the marketing mix constituted of Product, Place, Price, and Promotion. If a business understands this mix in detail, it has very less chance to fail, thus proper marketing mix ensures the success of the company at a wider scale and scope.
Marketing mix refers to the tactics or actions performed by the company to promote its products or position its brand in the market. The mix consists of 4 P's for goods industry which stands for Product, Price, Place, and Promotion. Whereas, in the services industry, the marketing mix consists of 7 P's which includes another 3 Ps such as Process, People and Physical Evidence.
Marketing Mix consists of 4 P’s, which stands for:
Product: A product is an item that a manufacturing company produces and supply in the market to satisfy the needs of the customer.
Price is an amount that a producer charged to convert the raw material into the final product to provide utility to the consumer to satisfy its needs.
Place: A company has to position the product and supply it at a specific place, where it is accessible to the customer.
Promotion is the component of the marketing mix that is responsible for the recognition of the product of the company and promotes the sale with intensive advertisement.