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SAI INTERNATIONAL SCHOOL
CLASSS XII
SUBJECT: BUSINESS STUDIES
CHAPTER -11, MARKETING MANAGEMENT
Topics: Marketing mix, product, types of product
(Lesson Note-41)
MARKETING MIX
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its
brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product,
Promotion and Place..
Description: What are the 4Ps of marketing?
Price:
It refers to the value that is put for a product. It depends on costs of production, segment
targeted, ability of the market to pay, supply - demand and a host of other direct and indirect
factors.
There can be several types of pricing strategies, each tied in with an overall business plan.
Pricing can also be used a demarcation, to differentiate and enhance the image of a product.
Product:
It refers to the item actually being sold. The product must deliver a minimum level of
performance; otherwise even the best work on the other elements of the marketing mix won't
do any good.
The concept of product also include the extended product or what is offered to the customers
by way of after sales services, handling complaints, availability of spare parts etc.
