The marketing mix is very important for determination of USP (Unique selling proposition) of any brand. Marketing mix is made up of 4 P’s of marketing such as product, price, promotion, and place. To avail Marketing Mix Homework Help contact us.
The classification of marketing mix is done by E. Jerome McCarthy which is given in the following points:
- Product: The item that fulfills the consumers needs. This is in form of tangible goods and services are intangible. A product is undergone in a product life cycle during its whole life. The product mix is also an important thing. It can be increased if the depth of product line is increased. Various product development strategies have to be implemented by the marketers to lure the consumers.
- Price: The cost that is given by the consumer is called as price. The organization’s profit is dependent upon the price. The price adjustments are dependent upon the marketing strategy and that is totally based on demand and sales of the products. There are various strategies for setting price i.e. skimming price strategy, penetration pricing and neutral pricing.
- Promotion: The promotion is very important so that consumers can be aware about the features of the product. The information of the products is very important for the consumers so that they can take decisions related to the product and make a decision about buying it or not. The promotion of the product or service can be done by advertising, public relations, various promotional and advertising activities. The advertising of the products is done through various mediums such as internet, radio, and various other sources. In case of public relations the advertisement is done through press releases, various exhibitions and seminars as well as trade fairs. Word of mouth is a source of communication where existing satisfied users market the products which they are using.
- Place: The products are available at the place where consumers can easily buy that. So a good place is required where the buying and selling process is accomplished.
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