ENTREPRENEURSHIP

Detailed explanation-1: -The components of the marketing mix consist of 4Ps Product, Price, Place, and Promotion. In the business sector, the marketing managers plan a marketing strategy taking into consideration all the 4Ps. However, nowadays, the marketing mix increasingly includes several other Ps for vital development.

Detailed explanation-2: -Ambit and Scope The marketing mix is a broad term encompassing product, price, promotion, place, product development, and product life cycle. On the contrary, the product mix is a much narrower term defining individual product lines.

Detailed explanation-3: -The role of product in the marketing mix is one of the key components that makes the entire process of connecting with consumers and generating sales possible. Along with price, place, and promotion, the product provides the ultimate value to the customer and serves as the entire reason for the marketing effort.