In Figure 1.1 the first layer around the target market, or consumers, is
referred to as the marketing mix. The marketing mix has four components:
price, product, place, and promotion. These are often referred to as the four
P’s of marketing, and they are the variables that managers can control.
Firms will manipulate the marketing mix variables to formulate strategies
that are combined in a marketing program for a product or service. This
program is the basis on which the firm’s products and services compete
with the offerings of other firms in the competitive environment. The marketing
mix will be discussed in more detail later in this chapter. The product
component is covered in Chapters 7 and 8, the place (distribution) compointroduction
to marketing 11
Competitive
Political
and
legal
Economic
Target
market
Social Technological
Price
Promotion
Product
Place
figure 1.1 • The marketing mix.
nent is covered in Chapters 9 and 10, the promotion component is covered in
Chapters 11 through 15, and the price component is covered in Chapter 15.