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autocomplete="off"><input value="Click Here" id="SubmitNew" class="signUp" type="Submit"></form></div></div><div class="storySection flt"><div class="def_top"><div class="main_category flt">Marketing</div><div class="prevNextDefNames"><ul><li class="flt"><a href="/definition/marketing-intelligence" title="PREV DEFINITION"><div class="prevDef flt"><i class="prev"></i>PREV DEFINITION</div></a><div class="clr"></div><div id="prevDefLinks"><a href="/definition/marketing-intelligence" title="Meaning of Marketing Intelligence in Marketing">Marketing Intelligence</a><br><div class="synopsis"></div><a class="moreRead" href="/definition/marketing-intelligence" title="Read more about Marketing Intelligence in Marketing">Read More</a></div></li><li class="flt"><a href="/definition/markets" title="NEXT DEFINITION"><div class="nextDef fltr">NEXT DEFINITION<i class="next"></i></div></a><div class="clr"></div><div id="prevDefLinks"><a href="/definition/markets" title="Meaning of Markets in Marketing">Markets</a><br><div class="synopsis">A market is defined as the sum total of all the buyers and sellers in the area or region under consideration.</div><a class="moreRead" href="/definition/markets" title="Read more about Markets in Marketing">Read More</a></div></li><div class="clr"></div></ul></div><div class="clr"></div></div><h1 class="definitionTitle">What is 'Marketing Mix'</h1><br><div class="section1"><div class="Normal"><strong>Definition: </strong>The <strong><em>marketing mix</em></strong> refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.<br> <br> <strong>Description: </strong>What are the 4Ps of marketing?<br> <br> <em>Price:</em> refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.<br> <br> <em>Product:</em> refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good.<br> <br> <em>Place:</em> refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location, location, location'.<br> <br> <em>Promotion: </em>this refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.<br> <br> <strong>What is the importance of the marketing mix? </strong><br> <br> All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.<br> <br> <strong><em>How does Marketing Mix help your business? Watch video...</em></strong><br> <br> <embed></embed><meta content="cms.next" name="cmsei"></div></div><div class="clr"></div><div id="widgetSEO" class="widgetSEO"><div class="readMoreTopics seoWidget seoWidget_con clearfix"><div class="prel"><h2 class="head">Read More News on</h2><div class="nextprev-btn slider_embd"><div data-ga-onclick="Previous | href" class="prev-btn arw_blk disable flt"><span class="alft"></span></div><div class="ts-dots flt"><ul></ul></div><div data-ga-onclick="Next | href" class="next-btn arw_blk ryt flt"><span class="aryt"></span></div></div></div><div id="slides_SEO" class="overh slides clearfix"><ul><li><a href="/topic/product" title="PRODUCT">PRODUCT</a><a href="/topic/advertising-agency" title="ADVERTISING AGENCY">ADVERTISING AGENCY</a><a href="/topic/buyers" title="BUYERS">BUYERS</a><a href="/topic/suppliers" title="SUPPLIERS">SUPPLIERS</a></li><li><a href="/topic/brand-managers" title="BRAND MANAGERS">BRAND MANAGERS</a><a href="/topic/pricing-strategies" title="PRICING STRATEGIES">PRICING STRATEGIES</a><a href="/topic/demarcation" title="DEMARCATION">DEMARCATION</a><a href="/topic/sponsorship" title="SPONSORSHIP">SPONSORSHIP</a></li><li><a href="/topic/media" title="MEDIA">MEDIA</a><a href="/topic/publicity" title="PUBLICITY">PUBLICITY</a><a href="/topic/event" title="EVENT">EVENT</a><a href="/topic/business-plan" title="BUSINESS PLAN">BUSINESS PLAN</a></li></ul></div></div></div><div class="prevNextDefNames"><ul><li class="flt"><a href="/definition/marketing-intelligence" title="PREV DEFINITION"><div class="prevDef flt"><i class="prev"></i>PREV DEFINITION</div></a><div class="clr"></div><div id="prevDefLinks"><a href="/definition/marketing-intelligence" title="Meaning of Marketing Intelligence in Marketing">Marketing Intelligence</a><br><div class="synopsis"></div><a class="moreRead" href="/definition/marketing-intelligence" title="Read more about Marketing Intelligence in Marketing">Read More</a></div></li><li class="flt"><a href="/definition/markets" title="NEXT DEFINITION"><div class="nextDef fltr">NEXT DEFINITION<i class="next"></i></div></a><div class="clr"></div><div id="prevDefLinks"><a href="/definition/markets" title="Meaning of Markets in Marketing">Markets</a><br><div class="synopsis">A market is defined as the sum total of all the buyers and sellers in the area or region under consideration.</div><a class="moreRead" href="/definition/markets" title="Read more about Markets in Marketing">Read More</a></div></li><div class="clr"></div></ul></div><div class="related_definition"><div class="related_defHeader"><div class="head flt">Related Definitions</div><div class="FAQ_pagination fltr"><div class="flt" id="pre"><a href="javascript:void(0);"><i class="prev"></i></a></div><div class="fltr" id="post"><a href="javascript:void(0);"><i class="next"></i></a></div><div class="clr"></div></div><div class="clr"></div></div><ul><li><a class="bdbottom" title="5 Forces Analysis Of The Environment" href="/definition/5-forces-analysis-of-the-environment">5 Forces Analysis Of The Environment<div class="synopsis"><p>The five forces model of analysis was developed by Michael Porter to analyze the competitive environment in which a product or company works. Description: There are five forces that act on any product/ brand/ company: 1. The threat of entry: competitors can enter from any industry, channel, function, form or marketing activity. How best can the company take care of the threat of new entrants? 2</p></div></a><a class="bdbottom" title="Advertising" href="/definition/advertising">Advertising<div class="synopsis"><p>Advertising is a means of communication with the users of a product or service. Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them, as defined by the Advertising Association of the UK. Description: Advertising is always present, though people may not be aware of it. In today's world, advertising uses every possible media to </p></div></a><a title="Advertorial" href="/definition/advertorial">Advertorial<div class="synopsis"><p>An advertorial is a form of advertisement in a newspaper, magazine or a website which involves giving information about the product in the form of an article. Usually, a brand pays the publisher for such an article. Description: Advertorials are advertisements that appear in the media, be it magazines, newspapers or websites. Advertorials are paid content. They are used by marketers to educa</p></div></a><a title="Affiliate Marketing" href="/definition/affiliate-marketing">Affiliate Marketing<div class="synopsis"><p>erved the tags 'affiliate links' or 'sponsored posts' on websites before? Or have you wondered if it might be possible to earn money anytime, from anywhere? Well, that is the concept behind affiliate marketing. Affiliate marketing is a concept where an affiliate who enjoys a product and promotes the products on their social platforms receives a profit whenever a sale is made. Did you know that aff</p></div></a></li><li><a class="bdbottom" title="Ambient Advertising" href="/definition/ambient-advertising">Ambient Advertising<div class="synopsis"><p>Ambient Advertising is about placing ads on unusual objects or in unusual places where you wouldn’t usually expect to have an advertisement. Description: Ambient advertising evolved as a concept because it has a lasting impact on the minds of consumers which makes it more effective. Ambient advertising is all about creativity, and how effectively the advertiser is able to communicate the message </p></div></a><a class="bdbottom" title="Ambush Marketing" href="/definition/ambush-marketing">Ambush Marketing<div class="synopsis"><p>Ambush marketing, a term first coined by marketing guru Jerry Welsh, has not really been rigorously defined. However, it broadly refers to a situation in which a company or product seeks to ride on the publicity value of a major event without having contributed to the financing of the event through sponsorship. It is typically targeted at major sporting events - like the Olympic Games or the world</p></div></a><a title="Behavioural Segmentaion" href="/definition/behavioural-segmentaion">Behavioural Segmentaion<div class="synopsis"><p>Behavioral segmentation is a more focused form of market segmentation that groups different consumers based on specific behavioral patterns they display when making buying a product. Description: Behavioral segmentation classifies organizations and individuals into different categories based on how they act or behave towards products. It involves classifying consumers or grouping them based on </p></div></a><a title="Blue Ocean Strategy" href="/definition/blue-ocean-strategy">Blue Ocean Strategy<div class="synopsis"><p>trategy: DefinitionBlue Ocean Strategy is a business method that focuses on achieving both uniqueness and low costs to create new market areas and attract new customers. This strategy seeks to establish uncontested market space, making competition less important. The key idea is that market limits and industry structures can change based on the actions and beliefs of those in the industry. INSEAD </p></div></a></li><li><a class="bdbottom" title="Brand Tribe" href="/definition/brand-tribe">Brand Tribe<div class="synopsis"><p>A brand tribe could be regarded as a group of people who collectively identify themselves with the product and share similar views and notions about the brand. They are not just consumers of the product, but play a major role in its promotion. Description: A product is successful when it becomes a cult. Companies are not just selling consumers their products nowadays, but an idea, a vision as h</p></div></a><a class="bdbottom" title="Brand Valuation" href="/definition/brand-valuation">Brand Valuation<div class="synopsis"><p>Brand valuation is the process used to calculate the value of a brand or the amount of money another party is prepared to pay for it. Description: A brand comprises tangible as well as intangible elements relating to the company's style, culture, positioning, messages, promises and value proposition. Brand Valuation, subsequently, is an estimate of the financial value of a brand. 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