How to explain the concept of marketing mix?

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How to explain the concept of marketing mix?

Cost to the customer instead of the price. Convenience rather than Place. Communication instead of Promotion. As you can see, they are the same elements, but they are looked at by the customer, not by the company. Instead of thinking about the price of the product to us as marketers, we think of its cost to the customer.

Q. Who gave the concept of marketing mix?

E. J. McCarthy
The 4Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E. J. McCarthy in his book, “Basic Marketing – A Managerial Approach.”

Q. How did the concept of the marketing mix start?

The 4 Ps, in its modern form, was first proposed in 1960 by E. Jerome McCarthy; who presented them within a managerial approach that covered analysis, consumer behavior, market research, market segmentation, and planning. Phillip Kotler, popularised this approach and helped spread the 4 Ps model.

Q. What is the concept of marketing?

Definition: A marketing concept is a philosophy that encourages companies to develop products based on the market’s needs and preferences. This theory states that successful products and services are those that actually supply something that the customer is actually requiring.

Q. What do you need to know about product mix?

The management must, first decide the products to be produced, by knowing the needs of the consumers. The product mix combines the physical product, product services, brand and packages. The marketing authority has to decide the quality, type of goods or services which are offered for sale.

Q. Which is the most important element of a marketing mix?

Price is a very important component of the marketing mix definition. The price of the product is basically the amount that a customer pays for to enjoy it. Price is the most critical element of a marketing plan because it dictates a company’s survival and profit.

Q. Why is price important in a marketing mix?

Price in Marketing Mix: Price is a very important component of the marketing mix definition. The price of the product is basically the amount that a customer pays for to enjoy it. Price is the most critical element of a marketing plan because it dictates a company’s survival and profit.

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