Please paraphrase this Marketing MIX statement BELOW...

A marketing mix is the set of marketing tools that a business uses to sell products or services to its target customers.

What Is Marketing Mix?

Businesses have technically always usedmarketing toolsto promote and sell their work, but the term "marketing mix" was coined in the mid-20th century. One of its first uses was in a 1953 address to the American Marketing Association, in which Harvard professor and marketing expert Neil Bordon outlined how marketers develop and execute a successful marketing plan.¹

Identifying and arranging the elements of its marketing mix allows a business to make profitable marketing decisions at every level. These decisions help a business:

• Develop its strengths and limit its weaknesses
• Become more competitive and adaptable in its market
• Improve profitable collaboration between departments and partners

Since the 1950s, the elements of marketing mix have undergone various transformations in response to new technologies and other changes in marketing best practices.

The Four Ps of Marketing Mix

Since the 1960s, marketing mix as been associated with thefour ps: price, product, promotion, and place.²

• Price. The cost to purchase a product. Price depends on the customer's perceived value of the product, and it can dramatically change your marketing strategy. A lower price makes a product accessible to more customers, while a higher price appeals to customers seeking exclusivity. Either way, the price must be greater than the cost of production so your business can make a profit.
• Product.What is being sold. Marketers must consider thelife cycle of the productto address any challenges that may arise once it's in the hands of the consumer. For example, the earliest version of the iPod had a battery life problem that was only noticeable after a certain amount of time, and Apple needed to develop ways to combat that problem.
• Promotion. Advertising, direct marketing, and sales promotion. TV commercials, Internet ads, catalogs, trade fairs, billboards, and even ads on the top of taxi cabs are all types of promotion. This category also includes public relations, such as the distribution of press releases or ongoing relationships with the media. Promotion encompasses what is communicated, who it is communicated to, how that audience is reached, and how often promotion happens.
• Place. Any physical location where the customer can use, access, or purchase a product. This includes distribution centers, transport, warehousing, inventory decisions, and franchises.