Undertaking a business traineeship will outline the term “Marketing Mix” which refers to the 4 P’s of marketing: Price, Place, Promotion and Product.
In marketing, you need to build a long term strategy and often it helps to think about the mix and, just like in baking, the mix of ingredients is essential to the results.
Product – is the physical product or service offered to the consumer. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc.
Price – pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounting, financing, and other options such as leasing.
Place – these decisions are those that are associated with channels of distribution that serve as the means of getting the product to the target customers.
Promotion – promotion decisions are those related to the communicating and selling to potential customers. Promotion decisions involve advertising, public relations, media types, etc.
Learn more about the Marketing Mix by undertaking a traineeship in business studies.