THE MARKETING MIX
WHAT IS MARKETING?
Marketing is the ACT of BUYING AND SELLING in a MARKET. A common misconception of the word “marketing” is that it is advertising. THAT IS WRONG. Marketing is NOT advertising. Marketing is composed not only of advertising, but also shipping, storing, selling, etc., which is why marketing can not be equalized with advertising only.
WHAT IS A MARKET?
A market is a PLACE where buyers and sellers meet for selling and buying goods.
WHAT IS THE MARKETING MIX?
The marketing mix contains the basic components of a marketing plan.
The picture shown above contains the 4Ps of marketing:
The product is the most important part of the marketing mix. It exists physically, or in services. This is what the company produces and sells for consumers to use. Without a product, there is no business.
The price is the amount of the product.
The place is the location, for channeling, distributing or transporting the products.
Promotion is the tool for “marketing communication.”
With a proper mix or blend of the 4Ps of marketing, the business can become a success.