Discuss in details the concept of marketing mix and how it can be applied to a company.

What does the concept of market mix mean?

These are the critical actions taken by the business in order to promote their products.

It comprises of 4Ps namely Product, Price, Promotion and Place.

Recently it also involves other Ps such as People, Packaging, Positioning and Politic.

Description of the 4Ps

Product is what the business is going to be selling to their customers.

The product must reach a certain performance level for the company or business to run.

Price is the value of the product that is sold by the business.

Pricing is crucial that it should be managed properly since it also plays a role in customer's decision to buy the product.

Promotion refers to methods taken in order to advertise or make the product known to customers. It can be advertising it, incentives and press reports.

Place refers to where the business will be located as it sells the product.

Location can determine the success of the business for instance building a petrol station in a rural area will be a disadvantage but in the centre of the town it will make profit.

What is the importance of the marketing mix?

All the elements mentioned above are interlinked they can make or break the business but if one is not careful in how they deal and manage these elements they may risk of their business success.