Saved Bookmarks
| 1. |
Explain the elements of marketing mix. |
|
Answer» “Marketing Mix is the set of controllable variable that the firm can use to influence the buyer’s response – Element of marketing mix (i) Product (ii) Price (iii) Place (iv) Promotion Four elements (i) Product – a. A product refers t an item that satisfies the consumer’s needs or wants. b. From the customer’s point of view, a product is perceived as a bundle of utilities i.e. functional benefits, psychological benefits and social benefits. (ii) Price - a. Price refers to the value of a product in monetary terms. b. Price is considered to be the regulator of demand. c. Price is the only variable that has affects the revenue. (iii) Place – a. Place or physical distribution all those activities that ensure availability of the product at the right place at the right time and the right position to the target customers. (iv) Promotion – a. Promotion includes the set of activities that are undertaken by the prospective buyers. |
|