BUISENESS MANAGEMENT
PACKAGING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A product mix refers to all the products a company sells; whereas the marketing mix describes a plan of action for marketing a product
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A product mix consists of decisions made about each of the 4 P’s whereas a marketing mix describes the products a company sells
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A product mix refers to the plan of action for marketing a product, whereas a marketing mix consists of decisions made about each of the 4 P’s
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A product mix refers to the plan of action for marketing a product, whereas a marketing mix describes the product a company sells
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Detailed explanation-1: -The key difference between Marketing Mix and Product Mix is that Marketing Mix is a broader term which includes the complete array of marketing tactics while product mix only refers to few elements of the product variable from the whole marketing mix.
Detailed explanation-2: -In a product marketing, only 4 P’s of the marketing mix are applicable which are product, price, place and promotion, but in the case of service marketing, three more P’s are added to the conventional marketing mix, which are people, process and physical existence.
Detailed explanation-3: -The Marketing Concept represents the major change in today’s company orientation that provides the foundation to achieve competitive advantage. Marketing Mix is a set of marketing tool or tactics, used to promote a product or services in the market and sell it.
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.