3. What is the
Marketing Mix?
Marketing creates value by
incorporating four controllable sets of
decisions or activities.
These interrelated decisions are used
by a business to react to its target
market wants.
These are known as the four Ps or
marketing mix:
1. Product
2. Price
3. Place
4. Promotion
5. Product – Creating Value
Product is the first of the four Ps
The products purpose is to
create value with a selection of
goods and services that meet
consumer needs
1. Goods – Are physical items
2. Services – Benefits the
consumer receives by
machines or people
6. Price – Capturing Value
Price is the second of the four Ps
Goods and services have a price,
a cost is associated with a buyer
giving up time, money, or other
form of excepted payment in
exchange for goods or services.
The price of a product must be
established by the marketer. The
price must fall in line with the
buyer's determination of value.
7. Place – Delivering Value
Place is the third of the four Ps
Place references how a product
gets to the intended consumer
when they need it.
Included in place is supply chain
management
1. Supply Chain Management – Is the
approach and technique used to
efficiently integrate manufactures,
stores, warehouses, suppliers, and
other businesses in the production of
merchandise and distribution of
products, meeting the quantity
requirements and time requests
consumer's desire.
8. Promotion – Communicating Value
Promotion is the fourth of the
four Ps
Promotion is the communication
to the consumers reminding
them of the value and
satisfaction they will receive
with a product or service.
This communication can provide
specific details about a product,
enhancing its appeal or value.
9. Marketing Mix
Summary
The four Ps or marketing mix strategy
is used when goods or services are
entering the market.
Supply chain management is a critical
component that ensures products are
available when the consumer wants
them.
Product price evaluation is important
to satisfy the customer while allowing
the seller to receive a reasonable
profit.
10. Bibliography –
Works Cited
Grewal, Dhruv, and Michael Levy.
SmartBook 2.0,
learning.mheducation.com/static/awd
/index.html?_t=1613917122722#/.
Learning, Lumen. “Introduction to
Business.” Marketing Mix Introduction
| Introduction to Business,
courses.lumenlearning.com/suny-hccc-
introbusiness/chapter/marketing-mix-
introduction/.
Dimova, Plamina. “Do You Remember
The Marketing Mix?” Klood,
www.klood.com/blog/inbound/do-you-
remember-the-marketing-mix.
