Each subsystem output provides information on information about the elements essential element in the marketing mix. The following is a brief description of each component of the 4 elements of the marketing mix.
Products: marketing mix concept is rooted in the 1950s world of U.S. corporate marketing and marketing practices have evolved very clear since the term was invented. One change is that there are more services available today, such as are available online. Also, the difference between the products and services has become more blurred (for example, is a web-based software application product or service?). Either way, the product here refers to the product or service. Products or services you offer must be able to meet the specific, existing market demand. Or, you should be able to create a market niche through the development of a strong brand.
Price: The price you set for your product or service plays a major role in marketing. Prices for products or services more frequently available in the market is more elastic, which means that unit sales will rise or fall more responsive in responding to price changes. In contrast, products generally have more limited availability in the market (but with strong demand) is more inelastic, which means that changes will not affect the price of the unit selling very many. The price elasticity of your product or service can be determined through a variety of market testing techniques.
Venue: This term actually refers to any means that customers can get the product or receive services. The provision of products or services can occur through several distribution channels, such as in retail stores, by mail, through file downloads, on a cruise ship, in a hair salon, etc. The ease and options through which you can make your product or service available Your customers will have an effect on your sales volume.
Promotion: Promotion is concerned with the vehicle to get you hired people to know more about your product or service. Advertising, public relations, point-of-sale displays, promotions and word of mouth is the traditional ways to promote products. Promotion can be seen as a way to close the information gap between prospective sellers and prospective buyers. Promotion strategy choices will depend on your budget, type of product or service you're selling, and the availability of the promotional vehicle.
Marketing has come a long way from the 4 Ps of yesterday, and not understand the marketing mix is for your product or service is still very relevant today. Marketing mix serves as a touchstone very good to constantly check that you are covering all the bases in your marketing campaigns.