Q.What is the Marketing Mix? Explain the meaning of each of the 4 P's.

The odd one is People, because the basic marketing mix (4 P's) consists of Product, Price, Place and Promotion, while People is an element of the extended mix.

The marketing mix is the set of controllable variables a firm blends to satisfy its target market. The classic marketing mix has four elements (the 4 P's):

• Product — the goods or services offered.
• Price — the amount charged to customers.
• Place — how and where the product reaches customers.
• Promotion — communicating with customers to persuade them to buy. …

People is the odd one out — the other three (Price, Promotion, Product) are part of the traditional Marketing Mix (4 P's).

The Marketing Mix is the set of controllable tools a firm blends to create the right offer for its target market. The traditional mix has four elements, popularly called the 4 P's:

• Product — the goods or services offered to satisfy customer needs.
• Price — the value charged for the product.
• Place — the channels and outlets through which the product reaches customers.
• Promotion — the communication used to inform and persuade buyers (advertising, sales promotion, etc.). …