The marketing mix refers to the combination of factors that a company can control to influence consumers’ purchasing decisions and achieve its marketing objectives. Traditionally, these factors are categorized into four key elements, known as the 4 Ps:
- Product: The goods or services offered by a business to meet customer needs and wants.
- Price: The amount of money customers must pay to acquire the product.
- Place: The distribution channels and locations where the product is made available to customers.
- Promotion: The activities and strategies used to communicate the product’s value and persuade customers to purchase it.
In some cases, the marketing mix may also include additional elements, extending it to the 7 Ps, which add People, Process, and Physical evidence. The marketing mix is a foundational concept in marketing, helping businesses to develop strategies that effectively target and satisfy their customers.