ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Allows customers to gain an advantage over competitors
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Allows suppliers to gain an advantage over competitors
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Allows consumers to gain an advantage over competitors
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Allows the business to gain an advantage over competitors
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Detailed explanation-1: -Marketing mix modeling can help resolve some of the challenges that marketers face each day, such as: Determining marketing effectiveness and return on investment (ROI) Establishing effective insights on future trends and variables. Managing and allocating an effective budget.
Detailed explanation-2: -The four primary elements of a marketing mix are product, price, placement, and promotion. This framework aims to create a comprehensive plan to distinguish a product or service from competitors that creates value for the customer. Often, these elements are dependent on each other.
Detailed explanation-3: -It plays a significant role in creating value and satisfaction for the customer. In particular, the marketing mix or 4Ps (product, price, promotion, and place) operates as the main forces when it comes to meeting the demands of customer and creating a long, profitable relationship with them.