Question

1)The marketing mix consists of the 4 Ps. Define each of these in detail

2) Define the exogenous factors outside the control of marketing managers and indicate how they can imagine on each of the marketing mix elements.

Answer 1

Answer 1:

Marketing Mix refers to the decisions a marketer needs to take. This includes 4Ps which include

PRODUCT- This refers to the tangible or intangible offering by the marketers which is capable of satisfying needs of the customer. The offering may be a product, service or idea.

PRICE refers to the for which the customer exhanges the product with the marketer. While setting the price of a product, the marketer has various objectives in mind such as cost, return on investment, competitor's pricing etc.

PLACE refers to the channels which a marketer chooses to take the product from the producer to the consumer. The channels of distribution can be direct or indirect depending upon various factors such as nature of product, persihability, geographical concentration etc.

PROMOTION refers to the tools that a marketer uses to make the consumer aware about the product and induce him to buy it. It includes a combination of advertising, sales promotion, personal selling, publicity etc.