Marketing mix components include 4 elements
- Product (product),
- Price (price),
- Place (distribution channel), and
- Promotion.
Product
- A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. It includes physical objects, services, places, organizations, and ideas.
- Product is the first and most important element of the marketing-mix. It is a part of the marketing strategy.
Price
- Market skimming price: is a high price for a new product to gain maximum profits layer by layer from market segments willing to pay high prices; the company makes less but profits more.
- Market penetration price: is a low price for a new product to attract a large number of customers and a large market share.
- Psychological price: is the price that affects the customer's psychology so that they do not feel that the product is expensive or that the price is reasonable.
Place (distribution channel)
- Live channel.
- Retail intermediary channel.
- Wholesale and retail intermediary channels.
- Channel through intermediaries, wholesalers and retailers.
- Direct channel for industrial customers
- Wholesale channel for industrial customers.
Promotion
- Advertisement
- Direct Sales
- Promotion (sales promotion)
- Public relations.
