The marketing mix consists of four different factors; product, place, price, and promotion. Product refers to the specifications of the product that is being marketed. Pricing refers to the act of setting a price, and making sure that the consumers will be willing to pay it. Promotion includes advertising, sales promotion, and publicity etc. Placement refers to the channel through which a certain product is being sold.
These four P’s are quite important for companies, especially when they intend to sell their particular product in a new market. The four P’s also help the company in determining the necessary strategies they will have to adopt in order to increase the sale of their product. Most companies also hire people having a marketing degree to develop marketing strategies for selling their products.