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Questions
Enumerate the elements of marketing mix.
Mention the four elements of marketing mix.
Solution
- Product Mix: Product mix refers to a combination of various features relating to the product or service to be offered for sale. It involves decisions concerning the quality, size, range, package, brand name, label, warranty and services, etc. These product-related activities are usually directed at a specific group of consumers (called the target market) rather than at consumers at large.
- Price Mix: Price mix involves decisions regarding the basic price of the product, discount, allowances, credit and terms of payment, etc. Price means the money value that the customer has to pay in exchange for the product.
- Place or Physical Distribution Mix: The place or distribution mix consists of all the activities involved in transferring ownership and physical possession of the product to consumers. Its purpose is to make the product or service available to customers at the right time and place.
- Promotion Mix: Promotion mix consists of all the activities aimed at persuading customers to buy the product.
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