Question

Why is it important for producers to develop an effective marketing mix, and why have the “4Ps” been such an important part of that mix?

Answer 1

Answer:

Explanation:

Marketing for an organization is usually characterized by the four Ps. They are product, price, place, and promotion. These are basically the factors that the firm can control and make their product appealing to maximize their profit and revenues.

Choosing marketing mix is an important step for product/service marketing. It takes into consideration the segment of the market that the product is meant for. It attempts to position the product into the target audiences preference set.

Without marketing mix, the organization does not have a strategic handle on the product and decision making cannot be streamlined. For example, if an organization faces low sale volume, they may try to reduce the price and see if the product does well. If they have not created a marketing mix and have a strategic approach then they will unlikely be able to attempt different strategies to correct their marketing efforts.

Hence, marketing mix is an extremely important set of data and tool for the overall marketing plan of the product/service.