define marketing mix & explain the types of marketing mix.
Answers
Hey Mate !
ΔMarketing mix Δ
→Marketing may refer to the process of value exchange that is facilitate by the 4 Ps. The term 'marketing mix' is a foundation model for businesses, historically centered around product, price, place, and promotion.
Price: refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.
Product: refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good.
Promotion: this refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes.
Place: refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location, location, location'.
Hope it helps u !
Answer:
according to Philip Kotler marketing mix is a combination of 4 elements called 4 ps product price place promotion which the company has an option to add subtract or modify according to the marketing strategy
Explanation: