Question

Describe any two elements of the marketing mix.

What are the main elements of marketing mix?

Mention the elements of the Marketing mix.

Explain the four important elements of marketing mix. 

Answer 1

The four elements of the marketing mix are:

1. Product Mix: This describes how different aspects of the goods or services that will be sold together are combined. Decisions about quality, size, brand, packaging, etc. are involved.
2. Price Mix: The Price Mix pertains to the determination of the product's base price, which includes factors like credit, allowance, discount, and conditions of payment.
3. Place of Physical Distribution Mix: This includes all operations related to giving customers actual ownership and control of the products. It covers both physical distribution and distribution channels.
4. promotion mix: The promotion mix is the culmination of all the efforts made to entice consumers to purchase a product, such as publicity, sales promotion, and advertising.

Answer 2

The following are the elements of the marketing mix.

1. Product: A product refers to any good or service that offers value and satisfies the needs of a customer. For example, a car, toothpaste, soap, services of a teacher, etc. are products. In marketing, a product relates not just to the physical product but also includes the satisfaction of various needs and utilities of the customer. For example, consumption of a product benefits a consumer in the form of satisfaction of consumers’ functional needs, social needs, and psychological needs. Such benefits also form a part of the product. In addition, a product also includes after-sale services such as taking feedback, redressing consumer complaints, etc. Important decisions regarding a product related to its design, quality, features, labelling, branding, and packaging.
2. Price: Price refers to the money paid by the customers to obtain a product. The price of a product affects its demand. As the price of a product increases, its demand falls and vice versa. The marketers must analyse properly the various factors that determine the price and decide a suitable price for the product. For example, the target customers, pricing policy followed by the competitors, objectives of the firm, etc. must be considered while deciding a price. The price set should be such that the customers find it at par with the value of the product. Suitable discounts and incentive schemes must also be decided.
3. Place: Besides the product decisions and pricing decisions, a firm must also take decisions regarding the availability of the product to the target customers. A firm must appropriately decide the dealers or intermediaries for the distribution of the goods. Other important decisions comprise of managing the inventory, warehousing, storage, and transportation of the goods.
4. Promotion: Promotion comprises those activities that communicate to customers regarding the availability of a product, its features, qualities, etc. so as to influence the customers to purchase the product. Organisations undertake various promotional activities such as advertising, sales techniques, personal selling, etc. An organisation must carefully decide the medium of promotion, thereby, taking the related actions. For example, the organisation must decide which of the sales techniques such as discounts, free gifts, sales, etc. should be used.