Question

Write short notes on the following.

Marketing mix

Answer 1

Marketing mix refers to a set of marketing tools that are used to achieve the various objectives of marketing. A marketing mix combines four elements, namely, product, price, place and promotion in a manner that helps meet organisational objectives. These elements are discussed below.

Elements of a marketing mix:
i. Product- Any good or service that offers value to the customer and satisfies his needs is regarded as a product.

ii. Price- It refers to the money paid by customers to obtain a product. The demand for a product has an inverse relationship with its price.

iii. Place- This involves decisions regarding availability of the product to the target customers, deciding on dealers or intermediaries for the distribution of goods, managing inventory, warehousing, storage and transportation of the goods, etc.

iv. Promotion- It comprises those activities that inform the customers regarding the availability of a product, its features, quality, etc. so as to influence them to purchase the product.