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Question
Write a short note on any two P's of marketing.
Solution
Elements of Marketing Mix
- Product mix: It is the starting point of marketing activities. It involves developing new products and improving the existing products as per the requirements of the customers.
- Price mix: It involves decisions regarding the price of the product, discount, credit and terms of payment.
- Place mix: Place mix includes channels of distribution, i.e., routes through which goods move from a producer to consumers and physical distribution, e.g., transportation, warehousing.
- Promotion mix: It includes advertising, personal selling and sales promotion. Promotion mix helps to increase demand for a product, enhance brand image, raise awareness for a product and increase its market share.
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