Marketing is the performance of business activities directed toward the flow of goods and services from producers to customers. Marketing includes buying and selling, transporting and storing, product planning, market research, product support, customer service, financing and other activities.
The various factors a company must take into consideration when developing its marketing objectives are referred to as marketing mix. Traditionally the important elements that make up the marketing mix are know as the four Ps: product, price, place, and promotion.
The product element of marketing refers to the goods and services that a company wants to sell.
When setting the price of a product many manufactures start with their unit production cost, the expense of making one unit of the item. They add a percentage of this cost to provide a profit for themselves. Price refers to how much money a company charges for its product.
Place is the movement of goods and services from producer to customer.
Promotion means presenting the prodact to the customer. It includes all kind of communication in marketing: advertising, sales, direct mail, in-store display, catalogues, and testers.
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