The meaning of Marketing mix

Marketing Mix is a term that refers to actions or strategy used by the company to promote its brand or product. Marketing Mix consists of Price, Product, Place and Promotion. In some instances, it's described as the 4Ps of marketing. Marketing Mix has some other new features included such as Packaging, Preposition and People.

The Components of Marketing mix

1. Price: Price refers to the value attached to the product. This price is derived from the cost of production and the demand and supply. We look at all these things when considering the value to give to a product.

2. Product: This refers to the features and benefits of the product and quality. When coming up with tactics of promoting the product, it's important that the features of the product are good and attractive and the product must be beneficial to the clients.

3. Place: For the product to be promoted well, it must be well located and easily found. Good location drives traffic of visitors and creates much awareness.

4. Promotion: For the brand or product to be known, sensitization and awareness campaigns have to be launched. This can be through the press, word of mouth, print and digital media, social media platforms, radio, television and so on and so forth.

Benefits of Marketing Mix Concept to Business Firms

• Provision of valuable guidance on allocation of resources.

• Facilitates communication process. It means that there will be a clear workflow. You can have a Marketing and Promotions Manager, Brands Manager, Products Manager etc.

• Cost benefit analysis is attained

• Marketing Mix helps to make a proper business plan.

• Marketing Mix helps to allocate responsibilities to the team.