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Infographic template with 4P marketing mix model - price, product, promotion and place creative drawing charts and graphs business success strategy plan idea, Vector illustration modern design. It should be noted that the process of marketing actually begins with the discovery of what products customers are willing to buy. Therefore, the best way to do is to conduct a market research first, and actually know what customers are willing to have and the kind of products that will give them the maximum utility.
You find that once you have the product, you can now determine the price of that product that will best suit in the market. Now you have identified the product, set the price and now is the time to promote the product in the entire market. You are supposed to provide features and quality that customers desire and thus you will find your product standing out in the whole market being regarded as the best. To determine the best price, it is advisable that you explore the market and know the kind of prices that have been fixed to various commodities. This now becomes the work of the sales team where a thorough advertisement and promotion of the product is made. Promotion exactly identifies the target market where a great number of potential customers are concentrated and thus this should be the place to target. Many businesses have dealt with products that are quite different from what exactly the customers require. It is true that you will face a total battle if you produce something that you think is good but it becomes rejected in the market.
Remember that you want to make your product as unique as possible in every feature so that you stand out of the stiff competition in the market. The sales team must be fully qualified in product promotion so that it catches the biggest market share ever.
With such a situation, you find that the business owner presents the product in the market but he finds that customers are not interested with it at all.
First let potential customers know about the product by availing it to them before you make the pricing decision.

Promotion should be done in all parts of the market so that all the potential customers are identified.
This marketing mix is mainly used in case of Tangible goods.2) Service marketing mix –  The service marketing mix has three further variables included which are people, physical evidence and process. You will be able to learn from the response from the customers and you will actually be able to make a judgement about the right price that should be fixed to such a product.
This is due because if the product is only promoted in some parts, it means that some people who might have been potential customers will not be in a position to know the product and thus low volume of sales. They are discussed in detail in the article on service marketing mix.The term marketing mix was first coined by Neil H Borden back in 1964 in his article “The concept of marketing mix”.
If the customers have a stronger positive attitude towards the product, then it is good to fix a price that will actually favour both you and the customers.
Several strategic analysts over the years believe that the marketing mix can make or break the firm.
Over time the concept of marketing mix has provided a steady platform for the launch of a new product or business.As mentioned before, the marketing mix is characterized by four different but equally important variables. However, a change in one of the variables may cause a change in all the other variables as well.
The variables are as follows1) Product –  The first thing you need, if you want to start a business, is a product. Product decisions are the first decisions you need to take before making any marketing plan. A product can be divided into three parts. Thus as long as you dont know your product, you cannot decide any other variable of the marketing mix.
However, if the product features are not fitting in the marketing mix, you can alter the product such that it finds a place for itself in the marketing mix.2) Pricing – Pricing of a product depends on a lot of different variables and hence it is constantly updated. Major consideration in pricing is the costing of the product, the advertising and marketing expenses, any price fluctuations in the market, distribution costs etc. Thus the pricing has to be such that it can bear the brunt of changes for a certain period of time. However, if all these variables change, then the pricing of a product has to be increased and decreased accordingly.Along with the above factors, there are also other things which have to be taken in consideration when deciding on a pricing strategy.

On the other hand, if the product is a Premium consumer product, it will be available only in select stores.
Similarly, if the product is a business product, you need a team who interacts with businesses and makes the product available to them.
Thus the place where the product is distributed, depends on the product and pricing decisions, as well as any STP decisions taken by a firm.Distribution has a huge affect on the profitability of a product. An increase in petrol rates by 10 rs will in fact bring about drastic changes in the profitability of the company. Thus supply chain and logistics decisions are considered as very important costing decisions of the firm.
The firm needs to have a full proof logistics and supply chain plan for its distribution.4) Promotions –  Promotions in the marketing mix includes the complete integrated marketing communications which in turn includes ATL and BTL advertising as well as sales promotions. The right kind of promotions affect all the other three variables –  the product, price and place. If the promotions are effective, you might have to increase distribution points, you might get to increase the price because of the rising brand equity of the product, and the profitability might support you in launching even more products.
Promotions is considered as marketing expenses and the same needs to be taken in consideration while deciding the costing of the product.Thus as we see from the above diagram, all the four variables of marketing mix are inter related and affect each other. By increasing the pricing of the product, demand of the product might lessen, and lesser distribution points might be needed. On the other hand, the product USP can be such that maximum concentration is on creating brand awareness, thereby increasing need of better pricing and more promotions.
This is because, your marketing mix decision will also affect segmentation, targeting and positioning decisions.
If your product is a service then there are 3 further P’s taken into consideration namely –  people, physical evidence and process.

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