Definitions [3]
Define the term ‘marketing mix’.
Marketing mix refers to a combination of four P's, viz. product, price, promotion, and place. These are closely interrelated because decisions in one area influence those in others. These constitute the core of a company’s marketing system.
Define the term ‘product mix’.
Product mix is a component of marketing mix which involves developing new products and improving the existing products as per the requirements of the consumers.
Define a channel of distribution.
A channel of distribution is a route along which products flow from the point of production to the point of consumption or use.
