The Marketing Mix is composed of four different elements which are also known as the four P’s. The four P’s are very important to an organization, especially when it comes to marketing products. The four elements of the marketing mix are Product, Price, Place, and Promotion. These four elements are essential for an organization to be both effective and successful in marketing their products or services. The four P’s are used in order to help an organization develop their marketing strategy for their products, this is also used to help the organization determine the appropriate market, and targeted demographic areas for the product.
The first of the four elements found within the marketing mix is the product. The product is the most important element found within the marketing mix, because without a product or a service the organization would fail. When discussing the product an organizations marketing team works closely with all different areas within the organization in order to develop or enhance a product or service. The organization must first decide on a product, and how the product will be manufactured including how the production line will be assembled in order to achieve the final product. Understanding the product, and how the product works is also important when it comes to the marketing mix, because if the marketing team does not understand the product, then it cannot be successful when it comes to marketing the product and or implementing their marketing strategy for the product, a task that is an essential aspect of any organization. Knowing what the product is, is also important to an organization because this will allow the organization to research the product by looking to see if there are similar products offered by their competitors, the demographics for the product and how well a competitor has done with the sales of their product.
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