Marketing Mix, Best for MBA, BBA and Business courses students to understand Basic concept of 4Ps

2. The marketing mix is a crucial tool to help
understand what the product or service can
offer and how to plan for a successful
product offering. The marketing mix is most
commonly executed through the 4 P's of
marketing: Price, Product, Promotion, and
Place.
Sometimes referred as 4P’s of marketing.

5. It is made up of core elements of a good
marketing mix which are
Customer needs and wants (the
equivalent of product),
Cost (price),
Convenience (place) &
Communication (promotion).

6. A product is an item that satisfies a need
or a desire. This can be a physical item, a
service or a virtual offering. A successful
product has to fulfill a specific need in
the market. There also needs to be clear
communication to users and potential
customers regarding its benefits and
features

7. A value that will purchase a finite quantity,
weight, or other measure of a good or service.
Pricing has a direct impact on a company's
revenue, and thus profit, setting the right price
is essential to a company's success. Price is
important to marketers because it represents
marketers' assessment of the value customers
see in the product or service and are willing to
pay for a product or service.

8. In the marketing mix, the process of
moving products from the producer to
the intended user is called place. Through
the use of the right place, a company can
increase sales and maintain these over a
longer period of time. This movement
could be through a combination of
intermediaries such as distributors,
wholesalers and retailers.

9. Promotion is the communication aspect
of the marketing mix. It is creating a
channel for conversation with the
targeted consumer base. Through
promotion, the company aims to attract
the customer’s attention and give them
enough information about the product to
foster enough interest to motivate them
to purchase.