5 explain the purpose of the marketing mix and each

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5. Explain the purpose of the marketing mix and each of its components. The purpose of a company's marketing mix is to control its marketing plan. Its components are: Price: this very first component of marketing mix involve the overall price range which a customer is willing to pay for the relative product and services. it is very important to select the pricing according to the market rate and consumer preferences. if the product price has been very high it may not increase and cater the market properly. Place: places another segment of marketing mix which involves the location in order to sell the product and services properly. it involves the service location and marketing research in © 2020 RTO Works <RTO Name and ID> Page 12
BSBWRT301 Write simple documents Student Assessment Tasks order to place the product in such a manner that it will a drag customer on very first glance. place can be on any medium like social media, physical shop, and website Product: product involves the offering of goods and services by the company to customers. it involves the production of the product and services according to its demand in the market. the product must be compatible and on demand in the market in order to increase competition . Promotion: promotion is another important component of marketing mix which involves advertisement and public appearance in order to introduce a product. it can involve promotion and placement in order to serve the right audience 6. Explain why the marketing mix is important in bringing a product or services to the market. The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 P’s: price, promotion, product and place. The 4 P’s serve as a great place to start planning for the product or even to evaluate an existing product offering. The marketing mix is a significant tool for creating the right marketing strategy and its implementation. The targeting and segmentation decision based on the products while positioning can be decided on the basis of the price. These decisions have an impact on the decision businessman make regarding the promotion and price. To create and execute a successful marketing plan, it is important to use 4P’s to analyse the specific challenges and opportunities for the product and service. All P’s are compatible with each other as the price should be compatible with the placement of product and the product should be compatible with the promotion, it becomes a chain of strong bonds when making marketing mix. The 4P’s were formalized to ensure the creation and execution of a successful marketing strategy, which helps to satisfy both customer and the seller. The mix has proven to a key factor in a products success.

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