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Comprised of essential elements: product, price, place, and promotion, the “4 P’s of Marketing.”
Product: a good or service that fulfills a consumer want or need.
Price: the amount a consumer pays for a good or service. Pricing has implications for revenue.
Place: where a product is placed or positioned based on a deep understanding of target market.
Promotion: marketing methods that increase exposure and differentiate a product from competitors.
These four categories can be either controlled by the marketing team or constrained by a business’s marketing environment. The marketing mix is about putting the right product, at the right price, in the right place, at the right time.
