A lecture on Marketing Mix
Marketing mix, also known as the "4Ps of marketing," is a framework used by businesses to develop and execute effective marketing strategies. The 4Ps stand for Product, Price, Place, and Promotion.
Product refers to the goods or services that a business offers to its customers. This includes the design, features, and packaging of the product.
Price refers to the amount of money customers pay for the product or service. Businesses need to consider factors such as production costs, competition, and customer demand when determining the price.
Place, also known as distribution, refers to how the product is made available to customers. This includes decisions about where the product will be sold, how it will be transported, and how it will be displayed.
Promotion refers to the methods used to communicate the value of the product or service to the target market. This includes advertising, sales promotions, public relations, and personal selling.
By considering and optimizing the 4Ps, businesses can create a comprehensive marketing strategy that effectively reaches and appeals to their target audience.
