is the set of marketing tools that the firm uses to
pursue its marketing objectives. Marketing mix has a classification
for these marketing tools. These marketing are classified and called
as the Four Ps i.e. Product, Price, Place and Promotion.
The most basic marketing tool is product which includes product
design, quality, features, branding, and packaging.
A critical marketing tool is price i.e. the amount of money that
allowances, credit terms and payment period.
Place is another key marketing mix tool. And it includes various
activities the company undertakes to make the product accessible
and available to the customer. Some factors that decide the place are
transport facilities, channels of distribution, coverage area, etc.
Promotion is the fourth marketing mix tool which includes all the
activities that the company undertakes to communicate and promote
its product to target market. Promotion includes sales promotion,
advertising, sales force, public relations, direct marketing, etc.
In marketing, a product is anything that can be offered to a market
that might satisfy a want or need. It is of two types: Tangible
(physical) and Intangible (non-physical). Since services have been
intangibility has become essential part of marketing offers. It is
therefore the complete bundle of benefits or satisfactions that
buyers perceive they will obtain if they purchase the product. It is
the sum of all physical, psychological, symbolic, and service
attributes, not just the physical merchandise. All products offered in
a market can be placed between Tangible (Pure Product) and
Intangible (Pure Service) spectrum.
A product is similar to goods. In accounting, goods are physical
objects that are available in the marketplace. This differentiates
them from a service, which is a non-material product. The term
goods is used primarily by those that wish to abstract from the
details of a given product. As such it is useful in accounting and
economic models. The term product is used primarily by those that
wish to examine the details and richness of a specific market
offering. As such it is useful to marketers, managers, and quality