10.3 Marketing mix

The marketing mix, also known as the four P’s of marketing, refers to the four key elements of a marketing strategy:

1. Product. The item or service being sold must satisfy a consumer’s need or desire.
2. Price. An item should be sold at the right price for consumer expectations, neither too low nor too high.
3. Promotion. The public needs to be informed about the product and its features to understand how it fills their needs or desires.
4. Place. The location where the product can be purchased is important for optimizing sales.