Question

Name that elements of marketing mix which affects the revenue and profit of a firm explain any five factors which help in determining this element

Answer 1

Answer:

Elements of Marketing Mix

(i) Product It means goods or services or ‘anything of value’ which is offered to the market for sale.

(ii) Price It is the amount of money, which the customers have to pay to obtain the product.

(iii) Promotion It refers to all such activities which intend to inform customers about the products and persuade them to purchase these products.

(iv) Place or Physical distribution It includes all the activities that make firms’ products available to the target customers. Place mix refers to all decisions related to physical distribution of goods and services.: