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The Marketing Mix

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The Marketing Mix

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Introduction

The marketing is an essential business tool used by marketing professionals in determining a brand’s offering. It is normally described as the four P’s of marketing; the product, price, place, and promotion. However, in some cases, the four P’s have been expanded to incorporate other elements thus making them five or seven P’s with some scholars. The four P’s of marketing will be discussed.

Product

Product is anything that satisfies a need or wants and can be offered in an exchange in its tangible (good) or intangible (service). The product may either generate a functional or a linking relationship with the prospect. The functional relationship refers to the value of using the product. The product’s value is crucial in the purchasing decision process. The link with the product may be defined by the complementarity between the client and the product. It is the basis of individuals’ interests in the product. If the perceived link lacks in a product, no interest may be derived in the product. The product has several dimensions such as a support system, attributes, and benefits. The support system entails features such as the sales force, advertising, warranty, delivery, promotion systems, and reputation. Attributes include features such as the ingredients, style, quality, brand, and package. There are several benefits that may be derived from a product and such entail functional, psychological, sensory, economic, and social benefits (Belohlavek, 2008, p.15).

Price

Price may be described as the monetary value attached to a good or service, it may also be viewed as the sum of values that consumers exchange for using a product or a service. Setting a price was originally the task of the seller and the buyer. Sellers would ask for a higher price while...

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