Question

Describe the benefits from marketing mix.

Answer 1

Explanation:

It provides a valuable guide for resource allocation: Every marketingeffort warrants the judicious allocation of resources both human and financial. ... These needed resources depend on the nature of marketing mix that maximizes not only consumer satisfaction or delight on one hand and profit to the firm.

Answer 2

Answer:

Marketing mix refers to the combination of elements that shape how a business delivers value to its customers. These elements are called the 7Ps: Product, Price, Promotion, Place, People, Process, and Physical evidence.

The importance of marketing mix in achieving business objectives cannot be overstated. As we mentioned, you must make sure each element of the marketing mix works with the others to support your objectives. For example, you need to support a premium product with premium pricing and location, and your promotion must communicate that value. When even one element is “off,” you may find yourself handicapped.

Some companies with standout growth are experiencing the effects of leveraging individual elements of the marketing mix.