Marking Mix (4p's)

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Marking Mix (4p's)

In order for all business organisations to prosper, they have to encourage customers to buy their product, which must be achieved as efficiently as possible. This involves marketing planning where past and present performance must be analysed to predict the future in the form of a marketing plan. A common technique which is used in businesses to achieve this objective is Marketing Mix. Marketing mix (the 4P's), is the set of controllable variables which a business can use to influence the buyers response and can be summarised as follows:

Product

Referring to a market place the product is the range of goods or services that the organisation offers. The majority of organisations have a wide variety of products of differing quality for various market segments. There are many factors involved in the decision making process which involve quantities, timing, product variation, quality, style and packaging. In order for a product to hold its prestige in a given market segment it should be of consistent quality.

Price

It is vitally important to select the right price for the goods or services, which can be further used as a promotional tool. For example,