Importance Of Marketing Mix In Successful Positioning Of Products And Services On The Market

Marketing managers who had the opportunity to create product or services know how important it is that every part of the marketing mix is used equally in creating and selling a successful product to consumers. It was Edmund McCarthy who first described the marketing manager as “the one that mixes ingredients“ of successful marketing strategy. 4P (product, price, promotion, placement) can also be described as a puzzle that symbolizes a successful product, and a puzzle can only be completed if all parts are present. Product implies everything that can be offered to the market in order to satisfy a want or a need. Price represents an amount of money consumer is ready to pay for a specific product or a service. Promotion is every form of communication with consumers: advertising, trade marketing, public relations, direct sales and direct marketing. Placement refers to the channels through which product is offered to consumers; retail, wholesale, specialized shops, the way the product is positioned in stores, etc. Through this article, every part of marketing mix is viewed from a theoretical point of view, and also how it is done in practice.