Question

Write a short note on any two P's of marketing.

Answer 1

Elements of Marketing Mix

1. Product mix: It is the starting point of marketing activities. It involves developing new products and improving the existing products as per the requirements of the customers.
2. Price mix: It involves decisions regarding the price of the product, discount, credit and terms of payment.
3. Place mix: Place mix includes channels of distribution, i.e., routes through which goods move from a producer to consumers and physical distribution, e.g., transportation, warehousing.
4. Promotion mix: It includes advertising, personal selling and sales promotion. Promotion mix helps to increase demand for a product, enhance brand image, raise awareness for a product and increase its market share.