Marketing

Marketing Mix

• The marketing mix is a set of 4 key variables (4Ps) that a business can control to influence customer behavior and achieve its marketing objectives.
• The 4Ps are: Product, Price, Place, and Promotion.
• Businesses must carefully consider how to optimize the 4Ps to best meet the needs of their target market and gain a competitive advantage.
• Exam tips: Understand the definition of each P and be able to provide relevant examples. Explain how the 4Ps are interrelated and how a business can adjust the mix to respond to changes in the market.