Marketing Mix
Product refers to the product attributes. This could be
features such as colour, size, make and design. The product element is an
integral part of the marketing mix.
Place refers to the distribution channel through which a
product is sold. This could be traditional retail outlets, an online store, on-street
vending machines, door-to-door sales, or any other means available to enhance
the marketing mix.
Promotion refers to advertising and other promotional
activities. This may include TV advertising, billboard advertising, handing out
product samples, direct mail campaigns and much more.
Price refers to the cost of a product to the final consumer.
This may include the purchase price as well as other associated costs such as
maintenance.
When considering a new product, it is important to consider
the marketing mix as a whole. To many companies focus
on one element of the marketing mix only. For example, some companies may
emphasise too much on price only, while neglecting other elements that are also
important in the marketing mix. In order to be successful, it is essential to
find the right combination of all the elements of the marketing mix.
