The marketing mix is one of the most  popular marketing terms. The marketing mix is the tactical or operational part of a marketing plan. The successful business enterprise will flourish through the aggressive and pre-planned execution of a complete “Marketing mix” strategy in approaching revenues. All areas of the Marketing mix need to be pre-planned and then executed in a timely and disciplined fashion.

There is a theory of marketing mix. As with any recipe varying quantities of the principle ingredients will produce different results. It is the same with the marketing mix. The offer you make to your customer can be altered by varying the mix elements. For example, with a high profile brand you would increase the focus on ‘Promotion’ and desensitize the weight given to ‘Price’. Admittedly it is not easy. There are vast arrays of circumstances dictating which elements of the marketing mix should be employed and in which proportion. The most difficult ones are those marketings  where you decide not to do certain things; such as deciding certain market sectors are not key factors to your company’s success due to the difficulty in competing effectively. Various promotion methods can be used to advertise the product and generate awareness. Promotional costs are usually very high in the introduction stage of the product life cycle, however, as the product gains market share, the promotional costs reduce.The basic item of any marketing is Product. It could be defined as the unit that the business company wants to sell in the market. The business is equipped with marketing strategies to sell their products in the market. The core level of the product is a component that you experience and may not be necessarily tangible. You buy a particular toothpaste due to its properties of fighting sensitivity in teeth. The benefit that you derive as a consumer is relief from the tooth ache and shock sensation when you eat something that either hot or cold. A product is anything that satisfies a customer’s need. The product may be a tangible commodity like cars, accessories, gadgets, etc. or may be an intangible service like health care service, hotel service, etc..

Price determination is not child’s play. It is a popular belief that low prices lure large number of customers, thereby resulting in high sales ratios. However, this is not true. Price alone will not attract consumers.