ECONOMICS

Detailed explanation-1: -Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix-Price, Product, Promotion and Place.

Detailed explanation-2: -The marketing mix consists of the four key elements of a marketing strategy: product, price, place and promotion.

Detailed explanation-3: -A marketing mix is the blending of product, distribution, price and promotion to satisfy a target market. The different products and services a business sells is its product selection. Product features include color, size, quality, hours, warranties, delivery and installation.

Detailed explanation-4: -The four Ps of marketing-product, price, place, promotion-are often referred to as the marketing mix. These are the key elements involved in planning and marketing a product or service, and they interact significantly with each other.

Detailed explanation-5: -Place Mix: Place or distribution mix stands for physical distribution system and its matching with consumer needs and to assure safe and timely supply of goods to the consumers wherever they are located. It also includes the institution of middle men or channels of distribution.