The marketing mix is comprised of four variables: Product, Place, Price, and Promotion. The consumer is the target of the marketing mix. A group of consumers that a company wishes to target is known as the target market for a good or service. The marketing mix variables are controllable. A company can use these variables to target specific groups as opposed to mass marketing where the target is every consumer.
Each variable of the marketing mix has an impact on the overall success or failure of marketing a product or service. The product variable centers on finding the right product or service for a specific target market. Without finding the appropriate product or service a target market desires, marketing resources expended on that market will prove ineffective. The place variable involved getting the chosen product or service to the target market through the most effective distribution channel. The promotion variable involves informing the target market about the chosen product or service. This includes personal selling, mass selling, and sales promotion. Sales promotions are a distinct part of marketing communications. As noted by Lamb and Hair (536), “Sales promotion is marketing communication activities, other than advertising, personal selling, and public relations, in which a short-term incentive motivates consumers or members of the distribution channel to purchase a good or service immediately, either by lowering the price or by adding value.”
The price variable is also an important component of the marketing mix. The price variable involves constructing a price for a product or services that is competitive, appeals to customers, and also returns a worthwhile profit to the organization. Mass selling, publicity, and sales promotion are all involved in promoting a good or service to the target market using market mix variables. Mass selling is communicating with large num
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