Question

Describe the importance of marketing mix in marketing planning.

Answer 1

Marketing mix constitutes of the 4 P’s in case of products – Product, price, place and promotion. In case of services it constitutes of 3 more P’s – People, process and Physical evidence. Furthermore, in recent years, Packaging is also considered as an important P and is said to be the 5th P of the Marketing mix.

Answer 2

Helps with planning, developing and executing effective marketing strategies. Helps businesses make use of their strengths and avoid unnecessary costs. Helps be proactive in the face of risks. Help determine whether your product or service is suitable for your customers