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Marketing Mix

The document discusses the key elements of marketing mix or the 4Ps of marketing: product, price, place, and promotion. It explains that the product element refers to the goods and services offered by a company. Price is the amount customers pay to purchase the product. Place refers to where the product is made available through distribution channels. Promotion involves advertising, selling, and communicating with customers. Understanding and applying the 4Ps concept is important for achieving business goals and financial success.

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Clint Agustin M. Robles
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28 views1 page

Marketing Mix

The document discusses the key elements of marketing mix or the 4Ps of marketing: product, price, place, and promotion. It explains that the product element refers to the goods and services offered by a company. Price is the amount customers pay to purchase the product. Place refers to where the product is made available through distribution channels. Promotion involves advertising, selling, and communicating with customers. Understanding and applying the 4Ps concept is important for achieving business goals and financial success.

Uploaded by

Clint Agustin M. Robles
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Orquia, Anndhrea S.

October 20, 2017

ABM 12-4

Marketing

In our discussion about marketing, what I have learned is the marketing mix or what we
called 4P’s of marketing. We have also learned that in having a developed strategy, a company
must then decide which tactics will be most effective in achieving strategy goals. Tactical
marketing involves creating a marketing mix of four components which is the product, price,
place, promotion that fulfills the strategy for the targeted set of customer needs.

The first marketing-mix element that I’ve learned is the Product, which is defined as the
goods and/or services offered by a company to its customers or the offering or group of offerings
that will be made available to customers. In the case of a physical product, such as a car, a
company will gather information about the features and benefits desired by a target market. The
second marketing-mix element is Price which is the amount of money paid by customers to
purchase the product. Ordinarily companies determine a price by gauging the quality or
performance level of the offer and then selecting a price that reflects how the market values its
level of quality. Place, or where the product is made available, is the third element of the
marketing mix and is most commonly referred to as distribution. It is where activities that makes
the product available to consumers. When a product moves along its path from producer to
consumer, it is said to be following a channel of distribution. The fourth or last marketing-mix
element is the Promotion which refers to advertising, personal selling, sales promotion, public
relations, consists of several methods of communicating with and influencing customers.

It has been taught to us that the Marketing Mix or the 4 P’s is one of the most important
concepts to be understood in marketing. By understanding the basic concept of the marketing
mix and its extensions, you will be sure to achieve financial success whether it is your own
business or whether you are assisting in your workplace’s business success. The ultimate goal of
business is to make profits and this is a surefire, proven way to achieve this goal.

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