The marketing-mix variables have always been the same since the invention of marketing, and these are “product, place, promotion, and price” (David, 2011, p. 258).
A product must have quality, with distinct features and options in order to sell and have a lasting recall in the minds of consumers. If it has its own style (design) and a name developed through the years, it becomes popular and in demand. Proper packaging and warranty influence customer liking. Other services devised by marketers can add value to the product.
Under the variable component “place”, we have distribution channels and coverage which determine how the product reaches the market and eventually to the customer. This can also be related to outlet location, which tells us how it can reach a great number of customers. Sales territories refer to the number of areas covered by salespeople or office. Transportation carriers enhance sales and profit.
Promotion is another variable, and it refers to advertising. Advertising stimulates consumers into buying the product. Another method is personal selling which uses effective sales from employees who have direct contact with the customers. Another example under promotion variable is publicity, which enhances the popularity of the product.
Price has a strategic value because it positions a product against other products (Blythe, 2006). It must have a certain level to make it attractive to customers.
References
Blythe, J. (2006). Principles & practice of marketing. London: Thomson Learning.
David, F. (2011). Strategic management: Concepts and cases (13th ed.). Upper Saddle River, New Jersey: Prentice Hall.