What are the Four Key Elements of a Marketing Mix and How to Execute these Elements?

A marketing mix is a key part of any marketing strategy. It's also called the 4 P's, and it includes product, place, price, and promotion.

These four elements exist in order to achieve an organization's marketing goals. They are:

-Product: What are you selling?

-Place: Where is the product being sold?

-Price: What is the price?

-Promotion: How will you promote or advertise the product?

Let's go over them briefly.

Product

This refers both to the physical item and how it's presented. For example, if you sell clothes and you offer different sizes and colors, each color/size combination is a separate product on its own. A different product is also a different style of clothing (think about how many types of jeans there are) or a completely different type of clothing (pants versus shirts). And then there are accessories like scarves and hats. You can even sell things that aren't clothes at all—like handbags or jewelry. The important thing to remember here is that each separate item has its own space in your marketing plan.

Creating the right product is a daunting challenge in itself. However, once you've created it, you can optimize its placement in the marketplace through careful study of the target audience and their purchasing habits. Begin by identifying key demographic and psychographic characteristics of your target market that are likely to predict the likelihood of their purchasing your product. Then, use those characteristics to determine where they shop, what they buy, how much they spend, and how frequently they make purchases. Once you've done this analysis, you can tailor your product to meet those needs—whether that means creating a more affordable product or packaging it in a way that makes it more appealing to certain consumers.

Place

The Place Element of Marketing Mix is the place (physical location of a business) where marketing activities occur. This includes not just the physical building but also the surrounding area, including parking structures and store fronts, as well as the exterior signage and windows. The Place Element can be used to design or guide customers and clients through a location, by providing information about what's inside or outside that business.

The pricing channel is an Absolute integral part of the service, which involves the service provider, intermediaries (agents) and the same service user (in most cases). Therefore, in order to control and manage these processes, companies need to develop an appropriate marketing channel, to coincide with the company's goals. Some Organizations argues that for the creation of the distribution chain, it is necessary to:

· Analyze consumer needs;

· Determine the distribution chain objectives and possible obstacles to achieve them;

· Identify the key distribution chain alternatives;

· Assess these alternatives

The analysis of the scientific literature revealed that there are different ways by which companies can choose to provide products and services to customers. Among them are usually assigned two typical distribution channels, the direct and indirect marketing channels

Price

Pricing is one of the most important aspects of your marketing mix. It allows you to find the balance between maximizing your profit and consumer demand. When deciding on a price, you have to consider a variety of factors—including cost, target customers, and competition.

This elements includes a fair assessment of the product, e.g., a good price for a good product (Ehmke, Fulton, Lusk (2016). Kotler and Armstrong, the price is defined as ‘‘the amount of money to pay for a product or service, or the value of the exchange help customers receive a product or service for a certain amount.’’ Thus, the direct cost of the period is the amount of money the buyer has to pay for the product/ service that is likely to buy it.” The price may also be defined as a monetary expression of value for the consumer agrees to pay for the product or service". The price is the amount that the consumer must pay, that would involve exchanges, so the price of the product depends on the different elements of change. The price is the only marketing element, on which income and all other elements are related to the cost. Thus, price is one of the factors affecting the consumer, because it helps him to understand the value of the product.

Promotion

The "Promotion Element" of the marketing mix is the area of the marketing mix that deals with how to promote the product or service, and it can have a big impact on its success. A company's marketing mix should be designed to make it easy for consumers to find and use its products and services. Sponsorship is the most important consumer sales promo-tool that includes discounts and promotions, as well as coupons, refunds, samples, awards, bonuses, contests and product demonstrations, and to say what motivates consumers to buy the product.

Sponsorship - this element of the marketing mix, covering decisions and actions provided for groups of consumers that are informed and encouraged to buy. However, in order to understand what is the promotion is, it is necessary to consider the complex elements provided in the scientific literature, such as advertising, sales promotion, personal selling, public relations and direct marketing.

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