Marketing Mix consists of Price Place promotion and Products which is also known as the four Ps. The marketing mix is the main pieces which complete the success of a business. It is about selling the right products at the right time.
Products play an important role in every marketing mix. So it is essential to know about what all factors bring customers to the product. It should be found out what problem is solved by making a purchase of the product and availing a service.
Promotion consists of the methods a manufacturer wants to tell about the product. There are several factors for the consideration of promotion. This varies depending upon the formats and medium used for promotion. The ultimate message a product or service conveys to a customer is important as far as promotion is considered. The same kind of product can be promoted in a number of ways.
The place in which the products are being sold is also of importance in a marketing mix. The strategies that are used to sell a product in one place may be different from marketing it in another place. Factors like whether the product is being sold from the shop or from the store is also important as far as the factor of a place is concerned.
The price of the product plays a crucial role in marketing. If the price of the product is too high it can create a feeling of non-achievable in the eyes of the customer whereas low price will make the customers feel that the product is not worth. Also, different strategies might be adopted for placing the price for customers.
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Source: https://mywestford.com/blog/significance-of-marketing-mix-for-mba-professionals/
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