Marketing Mix: The combination of four elements-product, price, place & promotion used to satisfy the needs of the target market.

4 p’c of marketing mix

Product: A product can be a good, a service or an idea. Manufacturing a product ( creating from utility) is a production function.

Price: Once a firm develops a product it must set a price. Pricing requires crucial decision making because price is very visible to the consumer & is closely tied to a company’s profit.

Place: Even a terrific product priced right can fail if it is not available in the right place where & when the customer wants it.

Promotion: Promotion consists of advertising, personal selling, sales promotion & publicity, informs or reminds the target market about a product & tries to persuade consumers to buy or adopt it.

4 c’s of marketing mix

Customer Solution: A customer solution is all about handles customer inquiries, issues & complaints to ensure high customer satisfaction for the company.

Customer Cost: For the customer, price is not only one part of total cost of a product. The customer has the additional costs of transportation, usage & eventually disposal of the product. Together these costs are referred to as the total customer cost.

Convenience: It is any element of customer experience that saves the customer’s time & effort. It is common for products, services, environments & process to be designed to offer convenience.

Communication: It is a customer oriented approach to the task of selling products. It requires interaction between buyers & sellers.