What is the marketing mix?

The marketing mix is a strategic planning tool used by companies to develop marketing goals, strategies and tactics. It is also known as the four P's of marketing, which are product, place, price and promotion. Place is also known as distribution.

The product element explores the particular product or service features that a company wants to promote. The place or distribution element looks at the convenience offered by a distribution system. The price point impacts whether a product is marketed as low-cost, value-oriented or high-end. The promotional element looks at the strategies and tactics used to inform potential customers about the offering.