Question

A combination of product, price, place and promotion in order to promote sales and satisfy needs of customers. Answer in a word / phrase / term.

Answer 1

A combination of product, price, place and promotion in order to promote sales and satisfy needs of customers is known as Marketing Mix. This can be explained as follows:

Explanation: Marketing mix refers to the actions or plans formulated by the company with a combination of product, price, place and promotion in order to promote sales and satisfy needs of customers. These are also knows as 4 P's which can be explained as follows:

• Price: It refers to the value for which the product is being sold. It depends on various factors such as cost of production, competitors pricing strategies etc.
• Product: It refers to the actual commodity which is the base of any company. It is always being formulated by keeping in view the needs of the customers.
• Place: It refers to the point where the product is being available to the ultimate customers.
• Promotion: It refers to the different strategies formulated by the company such as Ads, promotional tools etc. in order to increase the sales.

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Answer 2

A combination of product, price, place, and promotion in order to promote sales and satisfy the needs of customers is marketing Mix.

Explanation:

• In order to satisfy the wants and needs of its customers, every business firm must develop an appropriate marketing mix.
• The marketing mix mentions the compound of four basic elements that constitute the core of a company's marketing system.
• These four elements are the product, the price structure, the promotional activities and the distribution system (place).
• These four ps are closely interrelated because of decisions in one area influence actions in others.

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What is marketing mix

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Which parameter of the marketing mix includes decisions on distribution channels?

A. people

B. place

C. price

D. promotion

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