Marketing Mix Homework Help

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Marketing mix can be defined as a term that is used as a strategy by a company in order to promote its brand and to increase its profit in the market. Basically there are four elements in marketing mix that is also known as the four P’s of marketing mix. These four elements are price, product, promotion, and place. The company tries to fulfill its marketing objectives using marketing mix. It tries to achieve its pre set targets and obtain optimum profits by using the marketing mix as a tool. Now the marketing mix can be further extended to three P’s that are people process and physical evidence. It can further be extended to three C’s that are cost, consumer and competitor. Various companies have various strategies with which they want to excel in the market and maximize the profits. So a different set if approaches to each P will be carried out by different companies. The importance of Marketing Mix is described in Marketing Mix Homework Help. Clients looking for various notes regarding Marketing Mix can refer Marketing Mix Homework Help.
 

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Various elements of marketing mix

 

The various elements of marketing mix are explained in Marketing Mix Homework Help as follows
 

1. Price: It is the cost at which a product is put for sale in the market. Now the price is dependent on a various number of factors. It depends on the situation of the market, the segment targeted, the quality of the product, the demand and supply of the product and other direct and indirect factors. Price can also be used to categorize the product in terms of its quality. The costs may be variable according to the availability and the quality of the product. The following points given in Marketing Mix Homework Help describe regarding the foundational concepts involved in Marketing Mix.
 

2. Product: Product refers to the item that is being sold. Specific care has to be taken regarding the performance of the product. Optimum performance must be given by the product so that other elements can also work with complete coordination. If a satisfactory level of performance is not provided by the product, then the other elements cannot also compensate for the shortcoming in this element.
 

3. Place: It refers to the location where the product is being sold. Place is very much necessary because it provides vicinity to the buyer to purchase the product. Every company tries to attract the customers as much as possible. Therefore the company tries to sell the products at an appropriate place. Basic consumer products are easily available but premium products are available only in selected stores.
 

4. Promotions: promotions are the various marketing campaigns that are being used to sell a product. This is also referred to as promotional mix. It tries to encourage the sale of a product. Promotional activities help in better sale of the product and these include sales promotion, advertising and public relations.
 

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