MANAGEMENT

Detailed explanation-1: -The marketing mix consists of the four key elements of a marketing strategy: product, price, place and promotion.

Detailed explanation-2: -Importance of Marketing Mix Helps understand what your product or service can offer to your customers. Helps plan a successful product offering. Helps with planning, developing and executing effective marketing strategies. Helps businesses make use of their strengths and avoid unnecessary costs.

Detailed explanation-3: -By putting the customer at the centre of your marketing strategy, and navigating towards becoming a customer-centric business, you can differentiate your brand, drive growth, and create lifetime value from customers who love you beyond the products you sell.

Detailed explanation-4: -This lesson revealed that place in marketing mix plays a major role in the distribution and flow of goods, because it ensures that the product is in the right place at the right time. Without proper product placement, customers are likely to look elsewhere for what they need or desire.