The Definition of Marketing Mix Is a Scheme or a Marketing Prick

The definition of marketing mix is a scheme or a marketing prick that use by a particular company or firm in the market to advertise their brand and promote the product they produced in order to be well-known in the industry. Marketing mix is basically make up of the 4Ps, and it remains the most common assortment of a marketing mix. The 4Ps are product, price, place and promotion.(Economic Times 2014)

Marketing mix is important for a business to success in the market. The 4Ps component is essential as an entrepreneur has to think of the product, price, place and promotion from a managerial perspective because they help organize business organization activities. The product is actually an item the business produce and then sell in the market. It is vital to determine the right products to be produce in the business as producer needs to identify the product that is most wanted and demanded by the consumer. The product must also possess a minimum stage of performance in order to attract the consumer. (Levans 2012) Besides, the price is also an important element in a marketing mix business as the price will determine whether the business is earning a profit or making a loss. The price is the actual amount of money the consumer is expected to pay for a particular product. How a product is priced will definitely affect how it sells. Setting a right price is very crucial because most of the consumers consider to buy a product based on its price. When a product is priced slightly higher than its actual value, the consumer will not buy the product. Thus the sales revenue will eventually drop. The price of a product may also be affected by the way competitors price a rival product, distribution plans as well as value chain costs and markups.(Anon n.d.) Apart from that, another vital element in the marketing mix is place. Place is playing an important role in a business, it refers to the point of sale and in relate to distribution of the product, the location of the product and methods or ways of getting the product to the consumer. It is important for a product to be placed in the right place in order to catch and attract the attention of the consumer when they are walking around the supermarket. (Anon n.d.) Last but not least, the promotion is also one of the key elements that determine the profit of the company. Promotion focuses on the techniques and marketing communication strategies a firm uses to promote their product in order to success in the business. This can include cut-rate sale promotion, word of mouth, advertisement, incentive and commission, and awards to the business deal. When promotion is given, the consumers will feel that the value of the product is now higher to them and they will get the extra benefit. They will buy it when there is promotion as they think it is worth to buy.

Kellogg believes that with the use of the 4Ps strategies in the marketing mix, they are able to create the right product that is