Question

What is marketing mix .Explain 4 p's and additional 3p's?

Answer 1

Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.

Price: refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.

Product: refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good.

Place: refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location, location, location'.

Promotion: this refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.

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Answer 2

Concept of marketing mix is as follows:

• The concept of marketing mix refers to foundation model for business.
• This term includes the words like price, promotion, place and product.

Explanation of 4 p's and additional 3p's is as follows:

• Product mix are considered as crucial tool in case of determination of products which are offered to customers. Product Mix refers to the four Ps of marketing (4P's).
• Additional 3P's are Process, People and Physic. In case of service industry or some special characteristics, the additional 3P is required.