Answered: Define marketing mix and its elements…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

See similar textbooks

Related questions

Question

Define marketing mix and its elements in detail?

Expert Solution

Step 1 Introduction

The four essential components of a marketing strategy are referred to as the marketing mix, also known as the four P's of marketing.product, cost, location, and promotionA company can increase its chances of a product being recognized and purchased by customers by paying attention to the following four components of the marketing mix:

Product.A product or service must meet a customer's need or desire.
Price.A product ought to be sold at a price that is neither too low nor too high in relation to consumer expectations.
Promotion.In order to comprehend how the product fulfills the requirements or desires of the general public, information about the product's features is required.
Place.For the purpose of increasing sales, the location from which the product can be purchased is crucial.

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, marketing and related others by exploring similar questions and additional content below.

Similar questions