Introduction to the marketing mix
The marketing mix is made up of the four Ps – product, price, place and promotion. It is a marketing tool used to attract customers to a business, and all four elements should be carefully considered in order for a business to be effective. The right marketing mix should work well together and each element of the marketing mix should complement the rest, for example the type of promotion will be applicable to the product being sold by a business.
The most effective marketing mixes constantly adapt to the ever-changing business environment. This could mean a business adapting their price, adopting new types of promotion, updating their product or changing distribution channels as required.
Each business has a different marketing mix. The choice of marketing mix will depend on:
- the product
- competitors’ products
- the target customers
- business approach