The marketing mix refers to the operational components of your marketing strategy. They are often called ‘the four Ps’— product, place, promotion and price. Managing the marketing mix is analogous to baking a cake. The marketing strategy is your recipe and the four Ps are your ingredients. When the ingredients are mixed according to the recipe, the result is a cake. Just as there are different cakes to suit different tastes, there are different marketing mix configurations to suit different market positions. The objective is to select a marketing mix that gives you the most direct and least expensive access to your target market.
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