The marketing mix of an organization consists of four different elements, product, price, place and promotion. Product is the overall entity that the organization has at hand and which it requires to sell in the market. Price is the kind of price range the organization is looking at to be feasibly realized from the target market in return for the product. Place is the target market where the product can be sold. Promotion is the message, about the product, which the organization conveys among the target audience for building a recall value of the product. Successful promotional strategy, over time, gives rise to a strong brand. The efficient and effective handling of the different elements of marketing mix leads to the successful implementation of the overall marketing strategy.
The Marketing Mix is based on the fact that price is not the only factor that decides whether customers will buy from you or not.
In fact, in some cases people never buy the cheapest! Do you know anyone who has taken 3 quotes and then decided to employ, or buy, from the middle priced quote? The error many new businesses make is to assume that if they are cheaper than the competition then customers will buy - this is not necessarily so for many new start businesses it is often better to consider an equal, or higher, price than the competition. Then, if you decide to lower the price, your existing customers will be happy - whereas if you charge too little and have to raise the price, your existing customers may leave you! There are Four elements of a product, or service, that influence customers when they are deciding whether, or not, to buy.
When looking at a marketing mix, several points should be looked at in each category,