Commercial Applications
"An appropriate marketing mix is necessary to enable an enterprise to meet its goals." Justify for or against, giving reasons.
Marketing Mix
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Answer
For the statement — An appropriate marketing mix is indeed necessary to enable an enterprise to meet its goals. Reasons:
- Customer satisfaction and increased sales — Marketing mix is decided keeping in view the needs and desires of a target group of customers. Therefore, an appropriate mix helps the firm in increasing sales and profits.
- Integrated approach to marketing — It maintains a balance between the four interrelated elements (product, price, place and promotion), representing an integrated approach to marketing.
- Link between firm and customers — It serves as a connecting link between the business firm and its customers, helping in pursuing customer-oriented marketing.
- Adaptability to environment — Marketing mix is changed with changes in the requirements of customers, helping maintain equilibrium between the firm and its marketing environment.
Hence, an appropriate marketing mix helps an enterprise position itself firmly in the market and achieve its profit goals.
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