Marketing Mix - A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix.
Elements of Marketing Mix
The elements of marketing mix are often called the four P’s of marketing.
`1.`Product:
Goods manufactured by organizations for the end-users are called products.
It can be of two types - Tangible Product and Intangible Product (Services).
An individual can see, touch and feel tangible products as compared to intangible products.A product in a market place is something which a seller sells to the buyers in exchange of money.
`2.`Price:
The money which a buyer pays for a product is called as price of the product. The price of a product is indirectly proportional to its availability in the market. Lesser its availability, more would be its price and vice a versa.
Retail stores which stock unique products (not available at any other store) quote a higher price from the buyers.
`3.`Place:
Place refers to the location where the products are available and can be sold or purchased. Buyers can purchase products either from physical markets or from virtual markets. In a physical market, buyers and sellers can physically meet and interact with each other whereas in a virtual market buyers and sellers meet through internet.
`4.`Promotion:
Promotion refers to the various strategies and ideas implemented by the marketers to make the end - users aware of their brand. Promotion includes various techniques employed to promote and make a brand popular amongst the masses.
