ENTREPRENEURSHIP

Detailed explanation-1: -Balancing value and satisfaction for the customer is part of the price element-because marketers know listing a low price will not always attract the desired customer, but finding the best balance will. The other options are the other elements of the marketing mix.

Detailed explanation-2: -Price. Price-the amount of money a firm asks in ex-change for its products-is also an important element of the marketing mix. To be successful, marketers must find a good balance between customer value and satisfaction and between company cost and profit.

Detailed explanation-3: -Promotion refers to the various types of communication that marketers use to inform, persuade, or remind customers about their products.

Detailed explanation-4: -The 5 P’s of marketing – Product, Price, Promotion, Place, and People – are a framework that helps guide marketing strategies and keep marketers focused on the right things. Let’s take a deep dive into their importance for your brand.

Detailed explanation-5: -There are five elements of a marketing mix, otherwise known as “the five P’s, ‘’ of marketing: product, price, place, promotion, and people. Careful consideration of these five elements will help a business better craft marketing plans that effectively reach their target audience.