Explain the main elements of Marketing Mix.

1.	Explain the main elements of Marketing Mix.
Answer» Marketing Mix is the set of controllable variables that the firm can use to influence the Buyer’s Mix . The main elements of marketing mix are : Product : A Product refers to an item that satisfies the consumer’s needs or wants . 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 . Price : Price refers to the value of a product in monetary terms . Price is the only variable that has its affect on the revenue . Place : Place or Physical Distribution are all those activities that ensures the availability of the product at the right place , at the right time and the right position to the target customer . Promotion : Promotion includes the set of activities that are undertaken by the prospective buyers .

Answer»

Marketing Mix is the set of controllable variables that the firm can use to influence the Buyer’s Mix . The main elements of marketing mix are :

Product : A Product refers to an item that satisfies the consumer’s needs or wants . 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 .
Price : Price refers to the value of a product in monetary terms . Price is the only variable that has its affect on the revenue .
Place : Place or Physical Distribution are all those activities that ensures the availability of the product at the right place , at the right time and the right position to the target customer .
Promotion : Promotion includes the set of activities that are undertaken by the prospective buyers .

Discussion

No Comment Found

Related InterviewSolutions

What is the difference between multimolecular and macromolecular collids ? Give one example of each . How are associated colloids different from these two types of colloids ?
Gastrointestinal irritation, cardiovascular effects, including tachycardia,arrhythmias, and orthostatic hypotension, mental disturbances, and withdrawalare possible adverse effects of: A. Amantadine B. Benztropine C. Levodopa D. selegiline
Match the column I and IIColumn-IColumn-II(a)Parasitism(i)++(b)Commensalism(ii)+ –(c)Amensalism(iii)0 + (d)Mutualism(iv)0 –(1) (a) - iii, (b) - ii, (c) - iv, (d) - i (2) (a) - i, (b) - ii, (c) - iii, (d) - iv (3) (a) - ii, (b) - iii, (c) - i, (d) - iv (4) (a) - ii, (b) - iii, (c) - iv, (d) - i
Assertion: In commensalism, one organism is benefitted and other is unaffected Reason: Cattle egret bird and cattle is an example of commensalism (1) If both assertion and reason are true and reason is the correct explanation of assertion. (2) If both assertion and reason are true but reason is not the correct explanation of assertion. (3) If assertion is true but reason is false. (4) If both assertion and reason are false.
In charge of Calcutta Mint between 1832 to 1838, he studied and deciphered Ashokan rocks and pillars. His essays on antiquities are considered as classics. Hint: Varanasi. Who are we referring to?
Nature of climax community depends upon(A) Climate (B) Water (C) Soil fertility (D) Temperature
How do biofertilisers enrich the fertility of the soil?
Read carefully the passage and select the correct answer out of given four options:Biofertilizers are organisms that enrich nutrient quality of the soil. The important sources of biofertilizers are bacteria, fungi and cyanobacteria. The symbiotic association of Rhizobium with the root nodules of leguminous plants is the common example. These bacteria convert atmospheric nitrogen into nitrogenous compound and fix in the soil.The organisms which enrich the nutrient quality of the soil are called(a) Microbes(b) Biofertilizers(c) Yeast(d) Biopesticides
Electrophoresis is an essential procedure that needs to be employed in genetic fingerprinting why?
Assertion: Angiosperms form endosperm after fertilization and is diploid. Reason: In gymnosperms, endosperm is formed before fertilization and is triploid. a. Both assertion and reason are true, and reason is the correct explanation of assertion. b. Both assertion and reason are true, but reason is not the correct explanation of assertion. c. Assertion is true but reason is false. d. Both assertion and reason are false.

Explain the main elements of Marketing Mix.

Discussion

No Comment Found

Related InterviewSolutions

Reply to Comment