The document discusses the marketing mix, which is a key marketing theory comprising the four Ps - product, price, place, and promotion. It defines each P and provides examples. Product refers to developing outstanding products that meet customer needs. Price involves setting price points that are profitable yet appealing to customers. Place is about identifying where customers will encounter products. Promotion refers to activities that publicize and differentiate products in the marketplace. The marketing mix helps marketing managers craft tactical plans to achieve sales goals by leveraging the four Ps in an integrated manner.

1. Marketing Max

2. Marketing mix is considered an essential marketing theory that
all business people should know in order to be conversant in the
field of marketing. These elements are based upon the analysis
of the "four P's" of marketing: product, price, place, and
promotion.
Definition of Marketing Max

3. How Does Marketing Mix Work?
• No two products are promoted in the same way. Marketing managers develop product
marketing plans based on many factors. These include the product's attributes,
benefits, proof points and the target audience. The marketing mix is part of the tactical
plan and describes elements that will achieve sales goals.

4. What Are The Four Ps of Marketing?
•Product
•Price
•Place
•Promotion

5. Product
• Product the core product concept is flawed, then the strongest marketing mix plan will fail
• .Building outstanding products is critical to a company's growth and revenue.
• The first stage is to thoroughly examine a product's characteristics, benefits, and competitive advantages.
• Competitive analysis can assist companies in determining the unique aspects of their products that should be
highlighted in their marketing materials.
• Companies may also do market research to determine which aspects of their products appeal to customers
the most.

6. Price
• It's both an art and a science to price items.
• Any product's price point must be lucrative for the company, covering costs and providing a sufficient
profit margin.
• Beyond that, choosing retail price entails examining similar products on the market, their price points,
what prices the target market is ready to pay, and how to take advantage of price's psychological
influence.
• Human psychology is used in psychological pricing methods as part of the marketing mix.
• The final price point may be a luxury price, a bargain price, or something in between, depending on the
target audience and the brand strategy.

7. Place
• It's important to identify where customers are likely to encounter, discover, and learn about things,
whether it's online or in a store.
• It's not always easy to find a location.
• It may be more difficult to predict how people will react to a new ice cream flavor.
• The list could include supermarkets, convenience stores, restaurants, food trucks, and special events,
as opposed to golfers.
• Knowing where consumers engage with (or are likely to encounter) your goods leads directly to the
fourth and final P: promotion.

8. Promotion
• Promotion is the activities used to publicize the product – and how to distinguish and differentiate it in
the marketplace – are referred to as promotion.
• People often confuse promotion with marketing, but finding the perfect promotional mix without wasting
time and money is impossible without product, pricing, and location.

9. Simple Smartphone is a new smartphone developed for older
people. Market research has revealed that people 60 and over
find the newer generation of smartphones difficult to use. Jane's
company took that information and developed a new product to
compete against Apple, Samsung Galaxy, and similar phones.
Example of Marketing max

10. Other Marketing Mix Strategy Examples
• Others have used the 4 Ps to construct their own marketing mix plans since they were first
established in the 1960s. The 7 P's model and the Boston Consulting Group Matrix are
examples of this.

11. "Don't put all your eggs in one basket," says the marketing axiom. It's never
a good idea to invest all of your promotional funds in a single marketing
strategy, no matter how promising it appears to be. The development of a
marketing mix increases the likelihood of reaching a larger portion of the
target market. A sale is the consequence of the convergence of these
aspects — the right product, the right time, the right place, and the right
person.
Why Marketing Mix Is Important

12. How to Use a Marketing Mix to Get Ahead
• The end goal is the same whether you use the four P's, the seven P's, or the Boston
model: to make sales. Models simply assist marketing managers in thinking through
the many phases involved in selecting the best marketing techniques.

13. Source :
Grunert, Jeanne. “Marketing Mix: Examples & Definition.”
InvestingAnswers, 19 Mar. 2021,
https://investinganswers.com/dictionary/m/marketing-mix.

14. By Sajidah Al abdullah
Class MRK2100, 500