Question

Explain the importance of marketing mix.

Answer 1

1. It is decided, keeping in view the needs and desires of a target group of customers. Therefore, it helps the firm in increasing sales and profits.
2. It maintains a balance between various elements which are interrelated. Therefore, the marketing mix represents an integrated approach to marketing.
3. It serves as a link between the business firm and its customers. It helps in pursuing customer-oriented marketing.
4. The marketing mix changes to meet changing customer needs. It helps balance a business and its marketing environment.