Also known as the 'four Ps' , the marketing mix elements are price, place , product, and promotion. Some commentators will increase the mix to the 'five Ps' , to include people . The term was coined by Neil H. Borden in his article 'The Concept of the Marketing Mix' in 1965. The concept is simple. Think about another common mix - a cake mix.
All cakes contain eggs, milk, flour, and sugar.
However, you can alter the final cake by altering the amounts of mix elements contained in it. It is the same with the marketing mix. The offer you make to you customer can be altered by varying the mix elements. So for a high profile brand increase the focus on promotion and desensitize the weight given to price. Have a look at the other topics in our Lessonstore.