What Is Marketing Mix?

Updated: September 15, 2022
The marketing mix is the combination of product, price, place, and promotion that a company uses to reach its target market. The four elements of the marketing mix work together to create a holistic marketing strategy.
Detailed answer:

The marketing mix is the combination of marketing activities that an organization uses to pursue its marketing objectives in the target market.

The marketing mix consists of four main elements: product, price, place, and promotion.

The product is the first element of the marketing mix and refers to the offering that the organization makes to the target market. For example, if an organization sells business software, its product would be business software.

The price is the second element of the marketing mix and refers to the amount of money that the target market will pay for the product. For example, if an organization sells business software for $500 per user license, then its price would be $500.

The place is the third element of the marketing mix and refers to the distribution channels through which the product will be made available to a specific group or segment of customers within a defined geographic area (e.g., online). For example, if an organization sells business software through its own website only and does not have any retail stores or partnerships with other companies that sell products related to business software (e.g., Dell), then its place would be online only.

What Is Marketing Mix?. (2022, Sep 13). Retrieved from https://graduateway.com/qa/what-is-marketing-mix/