What help is a marketing mix for an entrepreneur
long ans for 5 marks pls
Answers
The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.
Answer:
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place.
Explanation:
Helps understand what your product or service can offer to your customers. Helps plan a successful product offering. Helps with planning, developing and executing effective marketing strategies. Helps businesses make use of their strengths and avoid unnecessary costs.
The marketing mix helps you define the marketing elements for successfully positioning your market offer. One of the best-known models is the 4Ps of Marketing, which helps you define your marketing options in terms of product, place, price, and promotion.
Importance of marketing mix for an entrepreneur:
All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.