Marketing is all about putting the right ‘product’ at the right ‘place’ at the right ‘price’ and using right ‘promotional’ activities. Marketing mix is a combination of these four facets which are independently controllable. The term ‘marketing mix’ was first used in 1960’s by Neil H. Borden, and E.J. McCarthy conjoined the 4Ps with it.
The 4Ps are product, place, price, and promotion. These 4Ps are exclusive of one another and could be monitored independently. For a company the task lies in balancing these 4Ps in a manner so as to reap maximum marketing benefits.
Here ‘product’ is either a good or service that fulfils certain desires of consumers. While deciding on a product, there are multiple aspects to decide on. Product offered by a manufacturer vis a vis product demanded by buyers, life cycle of product, customer experience of the concerned product, availability of competitive brands are areas that need to be pondered while deciding on a good or service to be offered to consumers.
A product is evaluated by its purpose, appearance, life cycle, usability, and perceived benefits as compared to other similar brands or models. In case the product or service is a new one, its naming, branding, and positioning are also to be considered. While placing a product, its features, advantages and their perceived or actual benefits to consumers need to be highlighted.