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    What is Marketing Mix?

    Marketing Mix is the fundamental model of businesses historically centered around product, price, place, and promotion. However, it has further extended to people, processes, and physical evidence, making it 7Ps of the Marketing. It can be defined as the “set of marketing tools that the firm uses to pursue its marketing objectives in the target market”.
    Price refers to the value at which a product is offered in the market. The price of a product is kept strategically keeping in mind the costs of production, segment targeted, the ability of the market to pay, supply-demand, and a host of other direct and indirect factors.
    Product is the item or the offering that is being sold. The product or offering must deliver a minimum level of performance and at the same time should differentiate itself from the rest.
    The place is the point of sale. It includes 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.
    Promotion refers to all the activities undertaken to make the product or service known to the customers. This may include advertising, word of mouth, sales promotion, etc.
    All the elements of the marketing mix influence each other. They make up the entire business plan for a company. It should be handled carefully as it needs a lot of understanding, market research, and consultation with several people, from users to trade to manufacturing and several others.

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