From Longman Business Dictionarymarketing mixˈmarketing ˌmixMARKETING the mix of marketing actions used by a company, which are usually known as the four Ps: product, price, place, and PROMOTION. The idea behind the four Ps is that a company should have the right products for each market it is in, price them correctly in relation to each other and to competitors’ products, use the best ways to deliver them, and advertise them to customers in an effective wayThe group is struggling to find a marketing mix that is cost-effective and appeals to its customer base.The four Ps – Product management is the way in which a company looks after a product during the four stages of its product lifecycle, which are called introduction, growth, maturity, and decline. Product marketing is the way in which a company markets a product to its customers and prospects (=people who are not customers now, but may become customers in the future). – Price discrimination is the practice of charging a different price for the same product, depending on where it is sold. A loss leader is a product or service that is sold at a loss, but which is intended to encourage people to buy other more profitable products or services. Skimming is the practice of charging a very high price for a new product in order to make as large a profit as possible before competing products appear on the market and force the company to lower the price. – Placement and distribution are the activities of making goods available to customers. – Marketing is the job or activity of deciding how to advertise a product, what price to charge for it, etc. A promotion is an activity intended to help sell a product, or the product that is being promoted. Positioning is the way in which people think about a product in relation to a company’s other products and competing products. Brand image is the opinion people have about a brand (=a name given to a product by a company so that the product can easily be recognized by its name or its design). → mix
