The Marketing Mix Consists of which four areas?
The Marketing Mix Consists of which four areas? On this page, we explain the main 4 marketing mix and explore relevant examples for each.
The terminology “marketing mix” is considered as the main foundation model for businesses, historically centered around product, price, place, and promotion. The marketing mix can be defined as the “set of marketing tools that the firm uses to pursue its marketing objectives in the target market”
Four Elements of marketing mix with examples
Explaining 4 Ps of marketing with examples:
Product refers to the product or services your business provides to your target audience. The product a company provides can vary significantly depending on the type of company and what they do. For example, McDonald’s provides consistent fast food, including hamburgers, french fries, and chicken products, whereas Salesforce provides customer relationship management (CRM) software and marketing automation tools for businesses.
Price refers to how much your product or service costs. How you price your product depends on your competitors, demand, cost to produce the product, and what consumers are willing to spend. Companies also need to consider their pricing models, including choosing between one-time purchases and subscription models.
Place refers to where and how people buy your product. Some examples of places consumers can buy products and services include online via a web browser, through a smartphone app, retail locations, through trade shows or events, through marketplace channels like Amazon or Walmart, or through a sales professional.
Promotion refers to specific and thoughtful advertising that reaches a company’s target market. A company might use an Instagram campaign, a PR campaign that showcases a product, or an email campaign to reach its audience at the right place and the right time.