Marketing Mix Defined

Set of marketing tools that the firm

uses to pursue its marketing objectives
in the target market
4Ps of Marketing Mix
Price

Promotion
Target Product
Market

Place
Product

A tangible or intangible item that is built or

produced to satisfy the needs of a certain
group of people. It is in the form of goods
or services. To ensure the right product an
entrepreneur must know the demand of
their consumer in the market.
Price

 The price of the product is the amount that

the customer pays for them to satisfy. It is
the important component of a marketing
plan to determine if the business will gain
profit and survive.
Price
 The value of the product depends on its
price. Low price of the product usually means
an inferior good in the consumers’ eyes.
A too high price of the product will make the
cost outweigh the benefits in customers eyes
and they will therefore value their money.
Three Major Pricing Strategies

Market penetration pricing

It is a pricing strategy where the
price of the product is initially sent
low to rapidly reach a wide fraction
of the market and initiate word of
mouth
Three Major Pricing Strategies

Market skimming pricing

A pricing strategy in which a
marketer sets a relatively high initial
price for a product or service at
first, then lowers the price
overtime.
Three Major Pricing Strategies

Neutral pricing
Notutilizing price to gain or restrict
market share
Place
 Theposition and distribution channel of the
product to make it accessible to potential
buyers.
Promotion
 Itcan boost brand recognition and sales. It
comprises the various elements like sales
organization, public relations, advertising
and sales promotion.
Sales Organization
 Concerned with distribution of goods and
services

Public Relation
 Managing the release of information
between an individual or an organization
and the public to generate awareness and
positive responses to products and services.
Advertising
 Producingadvertisement for commercial
products or services

Sales Promotion
 Theprocess of persuading a potential buyer
to buy the product designed to be used as a
short term tactic to boost sales.