This is a framework which helps to structure the approach to each market. The mix is a bundle of variables offered to the customer. This is a tactical/operational part of a marketing plan. It is composed of the elements below
- Product -refers to anything that can be offered to a market for attention, use, or consumption that might satisfy a want or need
- Price – This is the amount of money charged for a good or service. This is the sum of value consumers exchange for the benefit of having or using a good or service.
- Place – refers to channel of distribution or the route or path followed by a product as it moves from the producer to the consumer/final user.
- Promotion – Promotion is a function of marketing mix and is a technique used in creating awareness on the company’s product as well as the company itself.
- Process – involves taking into accounts all elements that translates to satisfaction of customer needs and wants.
- People – this are the living creatures that are willing and able to transact.
- Physical evidence – this are elements that can be seen, felt, heard or smelt.
- Probe – this basically refers to asking questions or carrying out a market research.