The marketing mix deals with the way in which a business uses price, product, distribution and promotion to market and sell its product.
The marketing mix is often referred to as the "Four P's" - since the most important elements of marketing are concerned with:
It is known as a "mix" because each ingredient affects the other and the mix must overall be suitable to the target customer.
What makes for an effective marketing mix?
An effective marketing mix is one which:
The marketing mix for each business and industry will vary; it will also vary over time.
For most businesses, one or two elements of the mix will be seen as relatively more important than the others, as illustrated below: