What are the components of the marketing mix?

Marketing mix refers to the process that enterprises use various marketing strategies and means to the selected target market to form a systematic overall strategy in order to achieve their own business goals. The elements of marketing mix mainly include four aspects, namely, product, price, place and promotion, hereinafter referred to as 4P.

1. product

What kind of products to provide, how to manage existing products, whether to give up failed products, etc. Everyone needs strategy, and brand positioning and packaging are also the contents of product strategy.

2. Price

Product pricing decision is one of the important marketing decisions. Price adjustment, product pricing, sales conditions and discounts also need to formulate relevant strategies. How to determine the price of new products is one of the challenges that enterprises need to deal with.

3. Channel

Channel, also known as marketing channel, refers to all the links and related operating institutions experienced by products from production to consumption in the process of ownership transfer.

to promote sales

Enterprises need to formulate integrated advertising, personnel promotion, promotion and other strategies. When the product moves from the early stage to the late stage of the product life cycle, its promotion strategy needs to be adjusted accordingly.

It should be said that product, price, distribution and promotion are interrelated, and the change of one factor will affect the change and adjustment of other factors. The marketing mix is also influenced by whether the enterprise chooses price or other factors as the main means of competition: when the enterprise decides to use price as the main means of competition, the other three marketing factors must support a positive price strategy, such as "low price, ultra-low special price" as the theme of promotion activities. In non-price competition, products and promotion strategies are very important. For example, if the product is expensive, the corresponding promotion activities should establish a high-quality image for the product. It should be reminded that price strategy will not change the supply-demand curve, but non-price competition will.