WHICH MARKETING MIX ELEMENT DEALS SPECIFICALLY WITH RETAILING AND MARKETING CHANNEL MANAGEMENT?

Marketing mix is basically a set of actions and strategies that the companies use to promote their products or services. Marketing mix is the combination of 4Ps – Price, Product, Promotion and Place. Each of this aspect deals with different things and have different objectives. Place is the marketing mix element that deals specifically with the retailing and marketing channel management. Retailing is the first point for the consumers to reach out to buy products and it is where marketers effectively communicate and influence the people. Anything we go out and buy is typically because of the place factor. And for any product or service to be successful it is important to take all the four marketing mix factors into consideration. For example, a retail store selling sweaters in a desert doesn’t fetch any profits. Same way each factor has its own importance and place is the factor that deals with retailing and marketing channel management.