This is a management principle of a marketing outfit. This concept is aimed at knowing consumer’s needs and at the same time satisfying some of these needs and still upholding the objectives of the organization.
CONCEPT OF MARKETING MIX
This is a marketing concept that deals with the four controlling variables a firm adopts to establish its marketing policies and programmes in order to influence buyers’ choice and promote its sales. This concept is known as the “4p’s”. The 4p’s are
(a) Product: This could be consumer products or capital products. Consumer products are goods and services capable of satisfying consumers’ immediate wants. While capital products are goods and services meant for the production of further goods and services, e.g machinery, equipment, cars etc.
(b) Price: This determines the extent to which a particular product/good will be demanded. Price serves as the mechanism of exchange.
(c) Place: This talks about the location of consumers i.e. where the goods could be distributed. Place helps to make a product physically available when and where they are needed.
(d) Promotion: This talks about the ways in which goods and services are made known to the right people. This is mostly achieved through advertising, public relations, trade fair and exhibition.
The term consumers’ sovereignty shows that in any business transaction, the consumer is supreme because they (consumers) hold the key to the existence of the business.