ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the products need to be explained to the consumers
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a high quality image will be needed as goods are expensive
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the products are perishable
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the products will be purchased infrequently.
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Detailed explanation-1: -It refers to the thoughtfully designed blend of strategies and practices a company uses to drive business and successful product promotion. Initially 4, these elements were Product, Price, Place and Promotion, which were later expanded by including People, Packaging and Process.
Detailed explanation-2: -A company’s marketing mix is the combination of products, pricing, places and promotions it uses to differentiate itself from the competition. These four elements are commonly referred to as the “four Ps.” There is strong dependency between each of the Ps.
Detailed explanation-3: -According to Philip Kotler “Marketing Mix is the set of controllable variables that the firm can use to influence the buyer’s response”. The controllable variables in this context refer to the 4 ‘P’s [product, price, place (distribution) and promotion].