Commercial Applications
Enumerate the elements of marketing mix.
OR
Mention the four elements of marketing mix.
OR
Mention the elements of the Marketing mix.
Answer
The four elements of the marketing mix (popularly known as the 4 P's) are:
- Product Mix — refers to the combination of various features relating to the product or service offered for sale, including quality, brand, packaging, labelling and after-sale service.
- Price Mix — involves decisions regarding the basic price, discounts, allowances, credit and terms of payment.
- Place Mix (Distribution Mix) — consists of all activities involved in transferring ownership and physical possession of the product to consumers.
- Promotion Mix — consists of all activities aimed at persuading customers to buy the product, including advertising, personal selling, sales promotion and publicity.
Related Questions
Direct selling, as a channel of distribution, has become popular due to the ……………
- availability of expert services of middlemen
- concentrated markets
- relief from the problem of distribution
- increasing cost of distribution
With reference to growth stage of Product life cycle, which statement is/are NOT correct?
(1) New models of products are introduced.
(2) Sales fall down sharply.
(3) Distribution is widened.
(4) Prices are at competitive levels.
- 1 and 3
- 2 and 3
- 3 and 4
- Only 2
What are the components of 'price mix'?
"Parity pricing is not relevant under the present marketing conditions." Justify either for or against by giving two reasons.