1
Question
Write a short answers of the following.
What are the elements of marketing mix or 4'P's of marketing mix?
What are the elements of marketing mix or 4'P's of marketing mix?
Open in App
Solution
The following are 4'P's or the elements of marketing mix.
i. Product: A product refers to any good or service that offers value and satisfies needs of a customer. In marketing, a product relates not just to the physical product but it also includes the satisfaction of various needs and utilities of the customer.
ii. Price: Price refers to the money paid by the customers to obtain a product. Price of a product affects its demand. As the price of a product increases, its demand falls and vice versa. The marketers must analyse properly the various factors that determine the price and decide a suitable price for the product.
iii. Place: Besides the product decisions and pricing decisions, a firm must also take decisions regarding the availability of the product to the target customers. A firm must appropriately decide the dealers or intermediaries for the distribution of the goods.
iv. Promotion: Promotion comprises of those activities that communicate customers regarding the availability of a product, its features, qualities, etc. so as to influence the customers to purchase the product. Organisations undertake various promotional activities such advertising, sales techniques, personal selling, etc.
i. Product: A product refers to any good or service that offers value and satisfies needs of a customer. In marketing, a product relates not just to the physical product but it also includes the satisfaction of various needs and utilities of the customer.
ii. Price: Price refers to the money paid by the customers to obtain a product. Price of a product affects its demand. As the price of a product increases, its demand falls and vice versa. The marketers must analyse properly the various factors that determine the price and decide a suitable price for the product.
iii. Place: Besides the product decisions and pricing decisions, a firm must also take decisions regarding the availability of the product to the target customers. A firm must appropriately decide the dealers or intermediaries for the distribution of the goods.
iv. Promotion: Promotion comprises of those activities that communicate customers regarding the availability of a product, its features, qualities, etc. so as to influence the customers to purchase the product. Organisations undertake various promotional activities such advertising, sales techniques, personal selling, etc.
Suggest Corrections
2
Similar questions