ENTREPRENEURSHIP

Detailed explanation-1: -The four Ps are a “marketing mix” comprised of four key elements-product, price, place, and promotion-used when marketing a product or service. Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience.

Detailed explanation-2: -Strategic planning involves selecting goals. Most planning uses SMART goals–specific, measurable, achievable, realistic and time-bound–or other objectively measurable goals.

Detailed explanation-3: -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-4: -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.