Elements of the marketing mix

A diagram showing the 7 elements of the marketing mix

The marketing mix is the combination of:

  • product - a business can adjust the features, appearance and packaging of a product to create competitive advantage.
  • price - production costs, competition and demand can all affect a business's pricing strategy
  • place - a business needs to decide where best to distribute a product
  • promotion - businesses use promotion methods to make customers aware of their products and services
  • people - any member of staff who is in contact with the customers of a business
  • process - the systems and procedures that are put in place to deliver a product or service to the customer
  • physical evidence - the physical environment experienced by the customer

These factors should be considered for any business venture.