Advertisements
Advertisements
Question
Explain the following term/concept.
Marketing Mix
Solution
Marketing Mix is the combination of different marketing variables that the firm blends and controls to achieve the desired result from the target market. In simple words, the marketing mix is putting the right product, at the right time, at the right price in the right place. It is one of the important tools of marketing. The 4P's of the marketing mix was introduced by E. Jerome McCarthy in 1960. It was further extended by Booms & Bitner in 1981 by adding 3 new elements to the 4 Ps Principle.
APPEARS IN
RELATED QUESTIONS
What is the importance of marketing from a farmers ‘point of view’?
Study the following case/situation and express your opinion.
Mr. X deals in import and export business so he needs different foreign currencies. For the expansion of his business, he borrows money from the bank. He invests his funds in the equity shares.
- Name the market from where does Mr.X borrow money?
- Name the market where does Mr. X invests his funds?
- Which type of currency is required for the international market?
Explain in detail the significance of marketing to society.
Justify the following statement.
Marketing is significant to consumers.
Justify the following statement.
Marketing helps in increasing consumer awareness.
State the importance of marketing to the firm.
Explain the importance of marketing to the consumers.
Explain importance of marketing to firm.
Explain in detail the significance of marketing to the firm.
Study the following case/situation and express your opinion:
Mr. A deals in import and export business so he needs different foreign currencies. For the expansion of his business, he borrows money from a commercial bank. He invests his funds in the equity shares.
- From where does Mr. A borrow money?
- Name the market where does Mr. A invest his funds.
- Which type of currency is required for the international market?
Marketing is essential for the success of a business organisation. Give five reasons to support your answer.
Briefly explain the importance of marketing.
How marketing helps in improvement of standard of living of people?
