MANAGEMENT

Detailed explanation-1: -When is a marketing strategy adjusted? Businesses are most likely to adjust their marketing strategy in situations like a shift in market trends, a change to the company’s budget, or when they’re introducing new goods or services to their line of products.

Detailed explanation-2: -Businesses have had to alter their marketing mix by developing or adapting new or existing products to suit this consumer need. An example of convenience is a restaurant chain offering ready-made versions of its meals in supermarkets, allowing consumers to eat the food they enjoy, but at home.

Detailed explanation-3: -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-4: -Place, an element of marketing mix, deals with the channels through which raw products are converted to finished goods and then transported to the customers. It involves various intermediaries like distributors, wholesalers and retailers and even the Internet.