ENTREPRENEURSHIP

Detailed explanation-1: -Over time, a business may adapt its marketing mix to suit the business climate, changes in trends relating to customers’ wants and needs, changes in the size and scale of the business, changes in the business’ aims and objectives, or changes in demand for a product or service.

Detailed explanation-2: -How do the marketing mix elements affect each other? The marketing mix elements all work as a unit, and as one is changed they are all affected. For example, if place is simplified the price is decreased.

Detailed explanation-3: -Pricing is the most important element of your marketing mix. The price you set for a product or service will significantly influence your potential customers’ choice to purchase it. Pricing will also affect consumer confidence in the benefits your product or service provides.

Detailed explanation-4: -Promotion is the set of activities that raise awareness of a product. Promotion ensures that the product is sold to the target customers. In service marketing, the 4Ps of the marketing mix are extended into the 7Ps. These comprise the original 4Ps, in addition to the process, people, and physical evidence elements.