The Marketing Mix, What Is It?: Part 3

In some cases, business executives may raise the price to give the product the appearance of being a luxury. On this topic businesses also need to think about price strategy, discounts, payment terms, price tactics and etc.

Place refers to how to provide customer access to your product or service, which ultimately providing convenience for your current and future consumer. It may also refer to the placement of a product in certain stores, but it may also refer to where the product's placement should be on a specific store's display. In this day and age, this also refers to where a product should be displayed online, whether putting an advertisement online or putting your product in movies as a set. In this topic, businesses should think about their market coverage, inventory, franchising, transport, warehousing, and logistics, etc.

Promotion refers to marketing communications, it comprises elements such as advertising, PR, direct marketing and sales promotion. The goal of promoting a product is to reveal to the consumers why they need your product or service and why they should pay a certain price for them. In this topic, the business should do their best on how to have the appropriate balance of advertising, PR, direct marketing, and sales promotion. Businesses should also need to understand what is to be communicated, how to reach the target audience, and how often to communicate.

As there are so many things to understand from the marketing mix concept, it might be too overwhelming for a new marketer to follow all of the steps in one go. You can check our last article to get a summary of mix marketing and help you understand better.