A lot of hard work goes into figuring out what consumers want and need. There are so many factors you need to consider in marketing ) a product or service. And most importantly, get it all to come together at a crucial time eting mix comes into play. When you think about your strategy for a product or service you are planning to sell, the marketing mix is a good place to start. This serves as a tool that helps what you want to define to your customers, and how you want to say it. It uses different approaches that shape how a business delivers value to its customers. MARKETING MIX Product A commodity produced as a solution to satisfy _ PRODUCT! the needs of the costumer. Price The amount that your customer is willing to pay to enjoy your product. Place The distribution center of your product that is easily accessible to potential customers. Promotion The marketing communication process that is used to gain the attention of customers and to publicize your product. People ‘This refers to both your customers and employees. You need to study your target market and you need to hire the right people to. deliver superior service to.theclients. Process Refers to the processes involved in delivering your products and services to the customer, Physical Evidence Refers to what the cust« rs see when interacting with your business. The 7Ps of marketing mixis a marketing model that modifies the 4Ps model. Itadds 3 more elements since marketing business needs deep understanding of the rise in new M, RKET] technology and concept. G MIX Submitted by: Y-anlah Sophia A. Lopez Section: GoldschmidtEssence of Marketing Mix in relation to Marketing Strategies The marketing mix is a remarkable instrument in building the right marketing strategy and its execution through effective tactics. By working through the elements of your business’ individual marketing mix, you will be able to develop a strategy that effectively reaches consumers, make sales, and expand your business. All the elements included in the marketing mix influence each other. They make up the business plan for a company and if handled right, can give it great success. You must make sure each element of the marketing mix works with the other elements to support your objectives. When even one element is off, you may find yourself handicapped. Identifying and arranging the elements of your business’ marketing mix, allows a business to make profitable marketing decisions. These decisions will help your business develop its strengths and limit its weaknesses, be adaptable in the market and become more competitive. benefits that make marketing mix important to businesses 1. Helps with planning, developing and executing effective marketing strategies 2. Provides a valuable guide for resource allocation 3. Helps businesses make use of their strengths to avoid unnecessary costs 4, Provides an opportunity to analyze cost benefit elasticity 5. Helps to be proactive in the face of risks 6. Facilitates communication process Marketing mix also helps marketers to forecast for the future, this is because through the 4Ps, a marketer would be able to forecast the future demand by improving the quality of products in order to maintain their customers.