Marketing mix

• Refers to a set of marketing tools that the firm uses to pursue its marketing objectives in the target market
• It is used to describe four variable decisions that a business has to make when it is marketing its products
• These variables are also known as the four Ps viz:
• Product
• Promotion
• Price and
• Place
• The business has to find the right combination or mix for each target market or segment
• The Ps cannot be set and determined in isolation
• For example:
• A product’s price has a bearing on the promotional strategies used to market it. It would be improper and wasteful to market it in low income publications for example
• It would also make much more sense to sell an expensive product in high income places and
• A product’s packaging has to fit its price
• These four elements are adjusted until the right combination is found that serves the needs of the product’s customers,
• while generating optimum income

To access more topics go to the O Level Business Notes