Describe the marketing mix in detail

What will be an ideal response?

The marketing mix is the method by which firms manage the purchase decision-making process of consumers and business customers. The marketing mix is also known as the Four Ps — product, price, place and promotion. Product is the good or service being marketed and includes such aspects as product packaging, design, benefits and quality. Price refers to the product's cost to customers, including the price and all other factors that contribute to the perceived value of the good or service. Place means the distribution of the product — the ways in which a product gets to market and into the hands of customers. Promotion is the last category, and includes the various forms of marketing communication for a product. Promotion may be controlled, where marketers pay for messages, such as in advertising, personal selling or trade promotions. Promotion may also be uncontrolled, where marketers surrender their messages to intermediaries in the expectation of the messages making their way to ultimate consumers of a firm's goods and services. Public relations and MPR are examples of this type of promotion.