Marketing mix

The marketing mix is the combination of four decisions: product, price, place and promotion. Understanding customers helps a business make each decision appropriately.

The marketing mix is the combination of product, price, promotion and place decisions a business uses to meet customer needs and achieve its objectives. These are known as the 4 Ps. Marketing is therefore more than advertising: it also involves deciding what to sell, what to charge and how customers will obtain it.

A business needs more than a good idea to attract customers. It must offer something customers want, charge an acceptable price, make it available conveniently and communicate why customers should buy it. These decisions form the marketing mix, often called the four Ps: product, price, place and promotion.