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Q.What is meant by marketing mix? Explain the different components of marketing mix. (2+4=6)

Meghalaya MboseMBOSE Meghalaya Intermediate Board (Commerce) 2024Subjective· 6mImportance★★★★★
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Marketing mix is the set of controllable marketing tools or variables that a firm blends together to produce the response it wants from its target market. It is traditionally organised into the four Ps: Product, Price, Place, and Promotion.

Meaning of marketing mix: Marketing mix refers to the combination of elements a firm uses to pursue its marketing objectives in a target market — essentially the practical levers a marketing manager can adjust (what to sell, at what price, through which outlets, and how to communicate about it) to satisfy customers profitably.

1. Product: This covers everything related to the actual good or service offered — its design, quality, features, branding, packaging, labelling, and after-sale service. The product must genuinely satisfy the target customer's need, since no amount of pricing, distribution or promotion can compensate for a product that fails to deliver value.

2. Price: This is the amount of money a customer must pay to acquire the product. Pricing decisions must account for cost, competition, demand, government regulation and the firm's own objectives (discussed earlier), and price is often the most flexible element of the mix since it can usually be changed faster than product design or distribution networks.

3. Place (Physical distribution): This covers how the product actually reaches the customer — the choice of distribution channels (direct, or through wholesalers/retailers), transportation, warehousing, and inventory management, all aimed at making the product conveniently available where and when customers want it.

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