An Introduction to the Marketing Mix Flashcards

All 5 cards in this deck

What is the marketing mix?

The combination of elements a business uses to market a product successfully — price, product, promotion and place.

What are the four elements of the marketing mix (the 4Ps)?

Price, product, promotion and place.

What is the purpose of the 'price' element of the marketing mix?

To decide how much to charge so the product attracts customers while the business still makes a profit.

What is the purpose of the 'product' element of the marketing mix?

To make sure the good or service (its design, features and quality) meets the needs of the target market.

True or false? The marketing mix applies only to physical goods, not to services.

False. Services also need a marketing mix — price, product, promotion and place.