The Marketing Mix is an important tool for businesses. The Marketing Mix is comprised of 4 elements also known as the 4 P's.
When marketing their products and services businesses need to create a successful mix of of the 4 P's:
Product: the right product
Price: sold at the right price
Place: in the right place
Promotion: using the most suitable methods of promotion and advertising.
To create the right Marketing Mix, businesses have to meet the following conditions:
- The Product has to have the right features - for example it must look good and work well.
- The Price must be right. Consumers must be able to afford it.
- The goods must be available in the right Place at the right time.
- The Target Market needs to be aware of the existance and availability of the product through Promotion. Successful promotion helps a business to spread its message to its target market.
