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Marketing Mix and Elements of Marketing Mix 1 Product Video Lecture | Business Studies (BST) Class 12 - Commerce

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FAQs on Marketing Mix and Elements of Marketing Mix 1 Product Video Lecture - Business Studies (BST) Class 12 - Commerce

1. What is the marketing mix?
Ans. The marketing mix refers to the set of tools and strategies that a company uses to promote its products or services to its target market. It consists of four key elements, known as the 4Ps: product, price, place, and promotion.
2. What is the role of product in the marketing mix?
Ans. The product is one of the key elements of the marketing mix. It refers to the actual goods or services that a company offers to its customers. The product element involves decisions regarding product design, features, quality, branding, and packaging.
3. How does commerce relate to the marketing mix?
Ans. Commerce plays a crucial role in the marketing mix as it involves the distribution and selling of products or services to customers. The place element of the marketing mix focuses on selecting the right distribution channels, logistics, and retail locations to ensure that the product reaches the target market effectively.
4. What does the term "price" signify in the marketing mix?
Ans. Price refers to the amount of money that customers are willing to pay for a product or service. It is a critical element of the marketing mix as it directly affects the company's revenue and profitability. Pricing decisions involve determining the right pricing strategy, setting the initial price, and implementing pricing tactics such as discounts or promotions.
5. How does promotion fit into the marketing mix?
Ans. Promotion is another important element of the marketing mix, which involves all the activities a company undertakes to communicate and promote its products or services to its target market. This includes advertising, sales promotions, public relations, direct marketing, and personal selling. The promotion element aims to create awareness, generate interest, and persuade customers to purchase the product.
53 videos|205 docs|49 tests
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