ELEMENTS OF MARKETING MIX
Marketing mix is a collection of controllable factors that can be used to influence the behaviour of customers or consumers. In other words, marketing mix is a combination of controllable variables such as, product, price, distribution place and promotion which…
PRODUCT MIX
A product may be defined as a bundle of physical and psychological satisfaction that a buyer receives from a purchase, e.g. sugar. It can be an idea, service or goods. Products can fall into two categories: Consumer Product: These…
PRICE MIX
Price is the money consideration for goods and services, i.e ., the exchange value, whereas price mix is the placing of price on a particular product that will suit the customers and fetch higher revenue to the manufacturer. The components…
PLACE MIX
Place mix is concerned with the distribution of goods and services to the consumers at the required place. The components are selecting and managing the middlemen, choice of channel, establishment of a logistic system of storing, handling, transporting and channel…
DEFINITION OF PROMOTION MIX
Promotion mix deals with the communication aspect. The purpose is to make the goods and services known to prospective customers, i.e ., creation of awareness. It stimulates market interest in the product by determining the relative contributions to be made…
Study Guide
