The document discusses the marketing mix, which is a key tool used in marketing. The marketing mix is also known as the four Ps - product, price, place, and promotion. It explains that each of the four Ps is an important element of the marketing strategy. Product refers to the good or service. Price is what the customer pays. Place describes how the product is distributed to customers. Promotion involves communicating information about the product to customers through advertising, public relations, personal selling and sales promotions. The marketing mix helps businesses meet customer needs and satisfy them.

2. 
The marketing mix is a business tool used in marketing and by marketing
professionals. The marketing mix is often crucial when determining a product or brand's
offer, and is often synonymous with the four Ps: price, product, promotion, and place; in
service marketing, however, the four Ps have been expanded to the Seven Ps or eight
Ps to address the different nature of services.

But as the main concept of marketing mix has emerged from the four basic P’s,here we will
discuss in detail about the same.

3.  The importance of a marketing mix is to
make businesses or organizations meet
the needs of customers and to satisfy
them. The marketing mix is made up of
four P's which are promotion, price,
product and place. This means the goods
should be taken to the correct places,
the goods should be promoted in order
to be known, the products should satisfy
customer needs and they should have
the correct prices.
IMPORTANCE
OF MARKETING
MIX

4. The marketer E.Jerome McCarthy proposed a four Ps classification in 1960,
which has since been used by marketers throughout the world.
PRODUCT
 A product is seen as an item that satisfies what a consumer demands. It is a
tangible good or an intangible service. For example good will for intangible.
Tangible products are those that have an independent physical existence.
Typical examples of mass-produced, tangible objects are the motor car and the
disposable razor. A less obvious but ubiquitous mass-produced service is
a computer operating system. Every product is subject to a life-cycle including
a growth phase followed by a maturity phase and finally an eventual period of
decline as sales falls. Marketers must do careful research on how long the life
cycle of the product they are marketing is likely to be and focus their
attention on different challenges that arise as the product move.
 The marketer must also consider the product mix. Marketers can expand the
current product mix by increasing a certain product line's depth or by
increasing the number of product lines. Marketers should consider how to
position the product, how to exploit the brand, how to exploit the company's
resources and how to configure the product mix so that each product
complements the other. The marketer must also consider product development
strategies.

6.  The amount a customer pays for the product.
The price is very important as it determines the
company's profit and hence, survival. Adjusting
the price has a profound impact on the
marketing strategy, and depending on the price
elasticityof the product, often it will affect
the demand and sales as well. The marketer
should set a price that complements the other
elements of the marketing mix.When setting a
price, the marketer must be aware of
the customer perceived value for the product.
Three basic pricing strategies are: pricing,
market ,penetration pricingand neutral
pricing. The 'reference value' (where the
consumer refers to the prices of competing
products) and the 'differential value' (the
consumer's view of this product's attributes
versus the attributes of other products) must be
taken into account.
PRICE

8.  Refers to providing the product at a place which is
convenient for consumers to access.
Various strategies such as intensive distribution,
selective distribution, exclusive distribution
and franchising can be used by the marketer to
complement the other aspects of the marketing
mix.

9.  One important factor to note about the importance of place in
the marketing mix is that it does not refer to the location of
the business itself, but rather to the location of the
customers. The place deals with strategies the business can
employ to get its goods from its present location to the location
of the customers. Such a project must of necessity entail a
study of the demographic that constitutes the customers
with the aim of finding out their location. One of the
examples of a place or channel includes the retailer. After
identifying the target market, retail stores located nearby could
serve as a place for reaching these customers. Another element
that could serve as a place for reaching the customers is the
Internet. The place could also refer to the methods and
channels for the effective and expeditious distribution of the
product to the target customers. Such channels may include the
distributors of the product. It may also include well-coordinated
methods for the transportation of the goods to the final
consumers.

11.  all of the methods of communication that a
marketer may use to provide information to
different parties about the product. Promotion
comprises elements such as: advertising, public PROMOTION
relations, personal selling and sales
promotion.Advertising covers any
communication that is paid for, from cinema
commercials, radio and Internet advertisements
through print media and billboards. Public
relations is where the communication is not
directly paid for and includes press releases,
sponsorship deals, exhibitions, conferences,
seminars or trade fairs and events. Word-ofmouth is any apparently informal
communication about the product by ordinary
individuals, satisfied customers or people
specifically engaged to create word of mouth
momentum. Sales staff often plays an important
role in word of mouth and public relations