The term "Marketing Mix" was born in the early 1960's and is one of the more popular phrases used in marketing. So what is the Marketing Mix? In an article titled "The Concept of the Marketing Mix" written by Neil H. Borden describes the four elements that actually make up the marketing mix. The four marketing elements of the mix are for all intents and purposes marketing tactics that are used to effectively execute a marketing campaign. The elements are better known as the 'Four Ps', which stand for Product, Price, Place, and Promotion.
Product is the first of the four P's in the marketing mix. A product is a good or service that is offered to satisfy the need of the consumer. The product creates the value of the company. The product is the most important of the four P's because without a good product or service you have nothing of value.
The second P stands for Price. The price of the product means a lot to the consumer, and the price of any product can be based on several factors. Every product or service has a price; the price has a lot to do with the demand of the product. The prices of your competitors also affect the price of your product. Companies have multiple pricing techniques to reach the most competitive price of their product. One example of this is value-based pricing which is nothing more than a guess of the maximum amount of money a consumer would spend on the product and then pricing that product below that figure and market it as a bargain. Another example is cost-based pricing which is nothing more than adding a markup cost to the net cost of the product. Whatever pricing technique is...