Marketing mix refers to the combination of four basic elements, which constitute the core of a company’s marketing system. 4 Ps of marketing mix are as follows:
(i) Product It refers to goods or services or anything of value, which is offered in the market for exchange.
(ii) Price It refers to the amount of money, which the customer pays for the products or services.
(iii) Place It is concerned with the availability of products and services at right time and at right place, so that the customers find it convenient to purchase.
(iv) Promotion It refers to the use of communication tools to provide information to the customer about a product and persuade them to buy it.