Marketing Mix

Definition

Marketing mix refers to the combination of controllable marketing variables that the firm uses to pursue the desired level of sales in the target market.

The most common classification of these factors is the four-factor classification called the 4 Ps: price, product, promotion, and place (or distribution).

Optimization of the marketing mix is achieved by assigning the amount of the marketing budget to be spent on each element of the marketing mix so as to maximize the total contribution to the firm. Contribution may be measured in terms of sales or profits or in terms of any other organizational goals.[1]

References

  1. ^ American Marketing Association, AMA Dictionary.

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