What is marketing mix and what is the influence of marketing mix variables

The Marketing Mix is a business tool used in marketing and by marketers. It is often crucial when determining a product or brand's offer and is often associated with the 4 P's: price, product, promotion, and place.

1. Price: This refers to the process of setting a price for a product, including discounts. The price need not be monetary - it can simply be what is exchanged for the product or services, e.g. time, energy, or attention.

2. Product: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants.

3. Promotion: This includes all aspects of marketing communications. Advertising, sales promotion, including promotional education, public relations, personal selling, product placement, branded entertainment, event marketing, trade shows, and exhibitions.

4. Place: This refers to how the product gets to the customer; for example, point of sale placement or retailing.

The influence of marketing mix variables is significant as they help a business make strategic decisions and plan the marketing campaign effectively. They help in understanding what a specific target market needs and wants. By adjusting the elements of the marketing mix, a company can achieve its marketing and business objectives more effectively. For example, a company can increase its price to convey a quality image. Or, it can use specific distribution channels to reach its customers more efficiently.