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Question
What do you understand by marketing mix?
Solution
Marketing mix refers to a combination of four basic elements, viz. product, price, promotion and place, popularly known as four P's of marketing. Marketing mix involves the selling of satisfaction rather than selling a product. Hence, it is found out what the customer wants, and it is ensured that they get the maximum satisfaction. As the needs of the customers change, marketing mix may have to be changed from time to time. Hence marketing mix is a dynamic concept.
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