What is marketing mix? What are its main elements? Explain.
Answers
SOLUTION :
Marketing mix :
It refers to the combination of four basic elements i.e. product, price, promotion and the place. The core purpose of determining marketing mix is to meet the requirements of customers.
The main elements of marketing mix are :
Product mix :
Planning and development of the marketing mix normally begins with a clear idea of the firm's product or service. Product component of marketing mix involves planning and developing the right type of product that will satisfy fully the needs of customers.
Price mix :
Price of a product refers to the amount of money that the customer has to pay in the market to obtain the product. The marketer have to take a number of decision regarding price level, pricing strategy, pricing objectives, discounts together known as price mix.
Place mix :
Under this, the producer decide on the strategies of distributing goods to the customers located in different places. The importance of Place mix arises from the necessity of making the goods available to the customers in the right price, at the right time.
Promotion mix :
Promotion mix refers to the activities related to persuading and motivating customers to buy the product. The different elements of promotion include Advertising, Publicity, Personal selling, Sales promotion and Public relations.
HOPE THIS ANSWER WILL HELP YOU…
Here are more questions of the same chapter :
Define Marketing. How is it different from selling? Discuss.
https://brainly.in/question/9357430
What is the Marketing concept? How does it help in the effective marketing of goods and services.
https://brainly.in/question/9358135
Hello sis/bro..... ✳️❇️✳️
Good evening..... ✴️✴️✴️
Here is ur answer..... ⬇️⬇️⬇️
ANSWER :-✔️✔️✔️
- The marketing mix is a Foundation model. marketing mix has been defined as the set of marketing tools that the firms uses to pursue its marketing objectives in the target market....
- It's main elements are :-
- It is made up of customers needs and wants, convenience and communication.
- In its article we focus on 4Ps model as it is the most well reco-gnised and contains the core elements of good marketing mix....