Explain the elements of Marketing mix.

1.	Explain the elements of Marketing mix.
Answer» (a) Product mix: Product means goods or services or ’anything of value’, which is offered to the market for sale. In other words, product means anything that satisfies needs of the consumers. (b) Price mix: Price is the exchange value of goods and service represented in terms of money. Pricing is the process of fixing or determining reasonable price to the product or service. (c) Place mix: Place or distribution mix refers to providing the product at a place which is convenient for consumers to access. It includes two aspects viz: Physical distribution Channels of distribution. (d) Promotion mix: Promotion is a process of communication with the potential buyers involving information persuasion and influence.

Answer»

(a) Product mix: Product means goods or services or ’anything of value’, which is offered to the market for sale. In other words, product means anything that satisfies needs of the consumers.

(b) Price mix: Price is the exchange value of goods and service represented in terms of money. Pricing is the process of fixing or determining reasonable price to the product or service.

(c) Place mix: Place or distribution mix refers to providing the product at a place which is convenient for consumers to access. It includes two aspects viz:

Physical distribution
Channels of distribution.

(d) Promotion mix: Promotion is a process of communication with the potential buyers involving information persuasion and influence.

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