Question

Discuss the main components of marketing mix.

Answer 1

Marketing mix refers to the combination of four basic elements,which constitute the core of a company;s marketing system.4 Ps of marketing mix are as follows:

(i) Product: It refers to goods or services or anything of value, which is offered in the market for exchange.

(ii) Price: It refers to the amount of money, which the customer pays for the products or services.

(iii) Place: It is concerned with the availability of products and services at right time and at the right place so that the customers find it convenient to purchase.

(iv) Promotion: It refers to the use of communication tools to provide information to the customer about a product and persuade them to buy it.