What are the components of the marketing mix?

The components of the marketing mix, often referred to as the 4 Ps, include Product, Price, Place, and Promotion.

• Product pertains to the goods or services offered to meet the needs of consumers. It encompasses the design, features, quality, and benefits of the item.
• Price refers to the amount consumers are willing to pay for a product and is crucial because it impacts demand, revenue, and market positioning. The pricing strategy can include various factors like discounts, payment terms, and perceived value.
• Place involves the distribution channels through which a product is delivered to consumers. This includes the locations, logistics, and timing for making the product available.
• Promotion encompasses the activities that communicate the product’s benefits and features to the target audience. This includes advertising, sales promotions, public relations, and personal selling efforts.

Each component works together to influence consumer decisions and establish a competitive edge in the market, making C the correct answer in identifying the essence of the marketing mix.