"Marketing mix" is a concept used by business owners, marketing executives and operations managers to describe the essential elements of a marketing strategy.

Traditionally, four Ps are associated with the marketing mix -- product, price, promotion and place. The marketing mix's importance lies in its ability to help a business determine the suitability of a product or service for a particular target consumer base. Studying the marketing mix for your specific product or service starts by grasping the nuances of the four Ps.

Product is the most basic building block. When you think of your business' product, the goal is to visualize what consumers need or want.

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