Marketing Mix

• Product is the goods and services that the firm provides
• The product will be made up of core features and functions as well as additional aspects that can sway consumer behaviour e.g. brand or guarantees
• Price is the amount of money that the customer has to pay to receive the good or service
• Firms use different pricing strategies to price their products, taking into account a number of factors such as market research, competitors' prices and the state of the economy
• Prices can also be changed as part of a promotional campaign
• Place defines both the physical location where a product is available as well as the distribution channel it has travelled through to get from the manufacturer to the customer
• Place can be a physical market where buyers and sellers meet face to face or a virtual location i.e over the internet
• Increasingly firms are adopting a multi-channel approach to place
• Promotion is the activities designed to communicate with the market thereby increasing the visibility and sales of a product
• Firms use different promotional strategies to make their products more widely known to other businesses and the general public e.g. branding, advertising, sponsorship
• People are the employees involved in dealing with customers before, during and after a sale
• Process is the steps a customer goes through to actually complete a transaction
• Physical environment is the design and features of the actual place where a transaction takes place