Marketing & Consumer Behavior | Elements of The Marketing Mix

Describe the elements of the marketing mix. What is their collective role?

Possible Answer: The elements of the marketing mix include product, price, promotion, and place. The product portion of the marketing mix includes goods, services, or ideas designed to fill a consumer need or want. Meeting consumer needs often means changing existing products to keep pace with emerging markets and competition; many marketers focus on differentiating their product(s) from those of competitors. Pricing a product involves the selection of the best price at which to sell the product. Prices must support a variety of costs within the organization. Further, both low- and high-price strategies can be effective in different situations. Place, or distribution, refers to the proper placement of products in the market. Place decisions—including transporting, warehousing, and inventory control—are all about getting the product from the producer to the consumer. Promotion is the most highly visible component of the marketing mix; promotion refers to the techniques for communicating information about products. Promotion involves activities surrounding advertising, sales promotions, publicity, and public relations. Collectively, the marketing mix allows a marketer to better relate to the identified target market; based on the characteristics of the target market, the marketer will “build” the marketing mix elements around the target market.

Source: Business Essentials, 8e (Ebert/Griffin) – Global Edition