What are the four P's that make up a company's marketing mix?

The four P's that constitute a company's marketing mix are Product, Price, Place, and Promotion. Each of these elements plays a crucial role in how a company markets its offerings to consumers.

Product refers to the goods or services that a business provides to fulfill customer needs and wants. It involves decisions about the design, features, quality, branding, and any additional services associated with the product.

Price is the amount of money that customers must pay to acquire the product. This element encompasses pricing strategies, discounts, payment terms, and how price influences the perceived value of the product.

Place pertains to the distribution channels used to deliver the product to the consumer. This involves selecting locations for sales, logistics, market coverage, and determining how products are transported and stocked.

Promotion encompasses the various tactics used to communicate the benefits of the product to the target audience. This includes advertising, sales promotions, public relations, and personal selling, all aimed at raising awareness and influencing purchase decisions.

Understanding these four P's helps businesses develop a well-rounded strategy that effectively caters to their target market and meets their brand's objectives.