Now a days when an industry or a farm marketing their products they need to create a successful mix of the written bellow:
a) The right product
b) Sold at the right price
c) In the right place
d) Using the most suitable promotion.
To create the right marketing mix, the modern businesses have to maintain the following conditions:1. The product has to have the right features - for example, it must look good and work well.2. The price must be right. Consumer will need to buy in large numbers to produce a healthy profit.3. The goods must be in the right place at the right time. Making sure that the goods arrive when and where they are wanted is an important operation.4. The target group needs to be made aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output.
The marketing mix comprises four components namely; Product, Price, Place and Promotion. These four components are popularly known as the4P's of marketing mix. A marketer has to use a combination of these4P's to develop a profit-yielding strategy. The problem is, there's no standard proportion. You have to work with different permutations and combinations of the4P's and find out what works for your product.
