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Elements of marketing mix

The document discusses the elements of the marketing mix, known as the 4 P's: product, price, place, and promotion. Some theorists have added a 5th P - people - to refer to how a company's level of service and expertise can differentiate it from competitors. The 5 P's of marketing include the original 4 P's plus people, focusing on both products/services and the roles of company employees in the marketing strategy.

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ELEMENTS OF MARKETING MIX 4 P’s of marketing Latest addition The 5th p to marketing mix
What is Marketing Mix? • marketing mix is the combination of the elements of marketing and what roles each element plays in promoting your products and services and delivering those products and services to your customers.
PRODUCT! • In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise. In manufacturing, products are bought as raw materials and sold as finished goods.
PRICE! • Put simply, price is the amount of money or goods for which a thing is bought or sold. • The price of a product may be seen as a financial expression of the value of that product. • Price is also the marketing variable that can be changed most quickly, perhaps in response to a competitor price change.
PLACE! Place in the marketing mix refers to the channel, or the route, through which goods move from the source to the final user. Place could be the intermediaries, distributors, wholesalers and retailers.
PROMOTION! • Promotion refers to raising customer awareness of a product or brand, generating sales, and creating brand loyalty.
THE 5TH P •Though there is still dispute in economists and educationists , many have started to consider this element as the 5th P , where in without this marketing mix wouldn’t be complete , is the feeling of many resource persons.
PEOPLE! • Some marketing theorists have added a 5th P of marketing to the elements of the marketing mix: People when referred to as an element in the marketing mix. • This 5th P refers to how your level of service and the expertise and skills of the people who work for you can be used to set you apart from your competitors. • Also Known As: 5 P's of Marketing; 4 P's of Marketing • Examples: My company's marketing mix takes advantage of the original 4 P's of marketing - product, price, place and promotion - as well as the 5th P of marketing - people - to set us apart from our competitors and better promote our services.
Elements of marketing mix
Elements of marketing mix