The Four P's of the Marketing Mix
Marketing is the way that a business which has a goods or service finds people who are needing what they have to offer. The factors that make up a business’s marketing mix are product, price, place and promotion. Each an important part of a business’s very fiscal survival.
Product is the good or service that the company is offering. High quality product or service is a vital need to any business. If there is nothing to offer, there is no need to have a business. Price is how much a business will accept for the product of service. If a business asks for too much for their fares, the people that need or want it may not purchase it. Place is where the product or service will be showcased and sold. The right venue can be very important to a business who is trying to reach out to new business. Promotion is how the business lets the world know about their great product and service. If no one knows of the business, it is needless to have one. All aspects have the same importance in the grand scheme of things. If one factor fails, the business will surely fail in the end.
Most people nowadays would say that their purchases are focused more on price. With the down turn of the economy, even those that would otherwise shop small and local just can’t afford to anymore. The economies impact on how and what we purchase has been a challenge that some recent companies have not been able to adjust to. Environmental issues are still set on the back burner, as cash is still King in a capitalist society. Cultural changes spurred by technology has also changed the way many businesses do business, whereas once again, some companies have been made obsolete due to lack of adaptation.