How to use the marketing mix? Why its often called the 4Ps of Marketing ? Experts pls explain

Marketing mix is a marketing tool that helps marketing to put the right product, at the right price, via the right outlets (place) and presented in the right way (promotion).

In other words, the marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the4 P’s of marketing: Price, Product, Promotion, and Place.

Product: The goods and/or services offered by a company to its customers.

Price: The amount of money paid by customers to purchase the product.

Place (or distribution): The activities that make the product available to consumers.

Promotion: The activities that communicate the product’s features and benefits and persuade customers to purchase the product.

To put it into work, you should identify how each of the4P's  contribute to the Marketing Mix:

• Product: variety, quality, design, features, brand name, packaging, services
• Price: list price, discounts, allowance, payment period, credit terms
• Place: channels, coverage, assortments, locations, inventory, transportation, logistics
• Promotion: advertising, personal selling, sales promotion, public relations

Now it is not on4 ps its going to on6 ps it is called marketing mix because it is the mixture of whole marketing

TARGET MARKET

PRODUCTWhat does the customer want from the product?What features does it have to meet these needs?How and where will the customer use it?What does it look like?What size(s), color(s), should it be?What is it to be called? How is it branded?How is it differentiated versus your competitors?

PRICEWhat is the value of the product or service to the buyer?Are there established price points for products or services in this area?Is the customer price sensitive? What discounts should be offered to trade customers?How will your price compare with your competitors?

PLACEWhere do buyers look for your product or service? If they look in a store, what kind?How can you access the right distribution channels? Do you need to use a sales force? What do you competitors do, and how can you learn from that and/or differentiate?

PROMOTION Where and when can you get across your marketing messages to your target market? Will you reach your audience by advertising in the press, or on TV, or radio, or on billboards?When is the best time to promote?How do your competitors do their promotions? And how does that influence your choice of promotional activity?