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Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers partners, and society at large. However, the definition of marketing has evolved over the years.
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The marketing mix represents the basic tools that marketers can use to bring their products or services to the market.
The product aspects of marketing deal with the specifications of the actual relevant products, goods or services, and how it relates to the end-user's needs and wants.
The price need not be monetary it can simply be what is exchanged for the product or services energy or any sacrifices consumers make in order to acquire a product or service.
This refers to how the product gets to the custome and intermediaries such as wholesalers and retailers who enable customers to access products or services in a convenient manner.
In response to environmental and technological changes in marketing, as well as criticisms towards the 4Ps approach, the 4Cs has emerged as a modern marketing mix model.
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Businesses buy products in large volumes to distribute to consumers.
Consumers buy products in smaller volumes suitable for personal use.
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There are relatively fewer businesses to market to than direct consumers.
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The marketing audit is generally conducted by a third person, not a member of an organization.
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The macro-environment, over which a firm holds little control, consists of a variety of external factors that manifest on a large scale.
The micro-environment, over which a firm holds a greater amount control, typically includes Employees, Suppliers and the Media.
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