The Product Life Cycle (PLC) is based upon the biological life cycle. In order to actively explore the nature of a product further, let’s consider it as three different products – the CORE product, the ACTUAL product, and finally the AUGMENTED product. You can also think of the product as intangible i.e. Product means the goods-and-services combination the company offers to the target market.įor many a product is simply the tangible, physical item that we buy or sell. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer. Place is also known as channel, distribution, or intermediary. Place includes company activities that make the product available to target consumers. Let’s have a look at some of them and try to understand the best policy/strategy in various The company’s goal in terms of price is really to reduce costs through improving manufacturing and efficiency, and most importantly the marketer needs to increase the perceived value of the benefits of its products and services to the buyer or consumer. Price is the amount the consumer must exchange to receive the offering. Click on the links to go to the lesson on each element. Let’s look at the elements of the marketing mix in more detail. Every hand painted picture is original in some way, as is every marketing mix. The marketer mixes the prime colours (mix elements) in different quantities to deliver a particular final colour. So for a high profile brand, increase the focus on promotion and desensitize the weight given to price.Īnother way to think about the marketing mix is to use the image of an artist’s palette. The offer you make to your customer can be altered by varying the mix elements. However, you can alter the final cake by altering the amounts of mix elements contained in it. All cakes contain eggs, milk, flour, and sugar. Think about another common mix – a cake mix. The set of controllable tactical marketing tools – product, price, place, and promotion – that the firm blends to produce the response it wants in the target market. The services marketing mix is also called the 7Ps and includes the addition of process, people and physical evidence. The 4Ps are price, place, product and promotion. The marketing mix is also called the 4Ps and the 7Ps. The marketing mix is the tactical or operational part of a marketing plan. The marketing mix is one of the most famous marketing terms.