Q. Explain elements of the marketing mix.
Ans. Elements of Marketing Mix: The four P’s of marketing: product, price, place, and promotion-are often referred to as the marketing mix. These are the key elements involved in marketing a good or service and they interact significantly with each other.
1. Product: Product is the simplest element of the marketing mix. This element accompanies the attributes, benefits and competitive advantage that the product presents to its customers. KNOWLEDGE BOOSTER KN The elements of a marketing mix are the factors that businesses should consider when they form marketing plans.
2. Price: The second element of the marketing mix is price. Price is the money value of a product or service paid by the customer. It is the most crucial element case it determines the sales volume and profit of the organization. It also influences the demand and supply of products in the market. The price determination should be in accordance with the other elements of the marketing mix.
3. Place: Place (distribution) is the third vital element of the marketing mix. Place is defined as a state of providing the right product, in the right place, at the right time for the consumers. 4. Promotion: Promotion is the fourth element of the marketing mix. It is the technique to communicate and inform customers about the product. Promotion is the ability of marketing managers o attracts Customers towards the offered product.