Answered: What are the four marketing mix…

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter2: Strategic Planning In Contemporary Marketing

Section2.2: Marketing Plan Components

Problem 1LO

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What are the four marketing mix elements that make up the organization’s marketing program?

Expert Solution

Step 1 INTRODUCTION

Marketing refers to the various activities concerned with the promotion of the product. It deals with various activities concerned with communicating the various features and advantages of products to convince the potential costumers to purchase

Step 2 EXPLANATION

MARKETING MIX

The 4 P's of marketing are like the four pillars of every marketing strategy. The idea behind the theory of marketing mix is to increase the sales of the product.

Product

It is the first element of the marketing mix. The product refers to anything that can be offered for sales in marketing.
A product can be a good or a service that has some value in the market.
The marketing objective tries to design a product that is different from others in the market.

Price

Price refers to the value at which a product is sold in the market.
The price of the product is fixed based on the demand and supply factor of the market.
The price of pf a product includes the product cost and the profit margin of the seller. Hence determining the right price for the product is essential.

Place

It refers to the various location at which product is available for sale.
Place refers to the number of markets in which the product is sold.
Companies have to pick up the right place for their product, which has high demand and lots of buyers.

Promotion

Promotion refers to the various advertisement activities undertaken by the companies to promote its product.
Promotions deals with spreading awareness about the product and convincing the people to purchase them.
An excellent promotional strategy helps in increasing the sale of the product. Hence it plays a vital role in achieving the marketing objective of the company.

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