MANAGEMENT

Detailed explanation-1: -The marketing mix can be divided into four groups of variables commonly known as the four Ps: Product: The goods and/or services offered by a company to its customers. Price: The amount of money paid by customers to purchase the product.

Detailed explanation-2: -Place. This is where your business sells its products or services and how it gets those products or services to your customers. It’s also known as “distribution."

Detailed explanation-3: -Definition: Product mix refers to the complete set of products or services offered by a business. These products or services are usually grouped within product lines, representing the different types of products offered.

Detailed explanation-4: -Traditional marketing mix elements are composed of product, price, place, and promotion. These 4Ps also apply to service organizations. However, in addition to the traditional four Ps, the services-marketing mix includes three more factors: people, physical evidence, and process.