Every marketer is aware of the marketing mix. Since, its inception in the mid 20th century, it is still being used in all arrays of business and corporate houses. The marketing mix, also known as 4Ps, included Price, Product, Promotion, and Place. Recently the club has been joined by a new member, “Packaging”. The marketers are realizing the power of packaging and consider it as the ultimate tool in the marketing mix. Let’s understand how this new member and the older ones gel together:
Now that we know how packaging has affected all the other elements of the marketing mix, it is pretty obvious how this new element has gained a position in the marketing mix. Marketers have already considered it as the fifth P in the marketing mix due to its huge potential in marketing.
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