Marketing Mix

Marketing Mix

 

 

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Any successful business in the market has to use the marketing mix strategies to promote its brand. Consumers like to associate with reputable and famous brands while buying any product regardless of the industry involved. Marketing mix affects the 4Ps of product, price, promotion, and place (Goi, 2009). In the process of establishing these Ps, more like positioning, packaging and people are also involved in the chain.

Figure 1: Illustrating the Marketing Ps. Retrieved from http://marketingmix.co.uk/

Price is an important strategy that determines the value of a particular service or product that a business is dealing with the market (Ivy, 2008). Price setting depends on specific factors including the target segment, cost of production and the elements of supply and demand. Businesses use price to differentiate their products from those of the competitors (Goi, 2009).

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