The term marketing mix is referred to the mixing of different formulas by a marketer to present a product or a brand to the consumer. The Four P’s of the marketing mix are termed as the four major elements of a marketing mix used by the marketer to produce the perfect way of marketing a brand. They are as follows:

Product:

A product is basically an object which has to be mass-produced or advertised or made aware in an environment. It is manufactured in a large or a small scale to be set up in the market for the consumers to buy. Products are tangible while services are intangible. The tangible products are the ones that we can hold in our hands and buy from a store, for example shampoo, cosmetics, toys, clothes, shoes, etc. Services on the other hand are ideas that are sold, for example, an advertisement of a specific restaurant. To make the consumers aware of that restaurant is considered as marketing your services.

Every product has a lifecycle. It starts from the growth phase, which includes packaging, how is it going to look, what color, shape, size. The first and most important is product differentiation, which means that the product has to be unique or different from the competitor’s products in the market.

Price:

The price plays an important role in the attractiveness of the product. A product may have many similar brands in the market but the price makes a considerable difference. A consumer would buy a product only if it is worth its quality. This means it provides better quality yet at the same time charges a price which is lesser than its competitors. A brand may increase or decrease the price in order to compete in the market. It may also do that to make the brand more attractive to the customer.

Place:

Place or distribution of the product at specific places in the market plays an active role in the success or decline of a brand. The placement has to be accurate and well researched. For example, a market at the center of the city would be a good idea for the brand to be placed rather than being at a deserted area.

Promotion:

Promotion is what makes the product more attractive to the consumer. For example a new brand of soap would float a new promotion in the market, which would allow a customer to get a complimentary soap on the purchase of two soaps. It gives the consumer an incentive to buy the product and this motivation makes it more unique. Promotion defines all sorts of communication techniques a marketer uses to display the product. There are four different phases to it:

• Advertising
• Public Relations
• Sales
• Sales promotions

Advertising refers to all the efforts on the marketer to make the product famous worldwide. It includes, newspapers, Television commercials, radio adverts etc. Public Relations are generally promotions on one-to-one basis. Sales are defined as the amount of product sold in a certain area at a certain time. It is the percentage of product sold. Sales promotion can be done in various ways by giving discounts, products free, etc. as a result making the product more attractive or unique in the market.

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