The four elements of marketing mix, i.e., price, promotion, place and product, are the heart and soul or core elements of the overall marketing strategy and tactics and thus, it is impossible to develop marketing strategy and tactics without involving these four core elements. Each of these elements are closely interrelated to each other and any changes in each of these elements affect the development of overall marketing strategy and subsequent tactical plans to accomplish those strategies.
For example, any change in pricing strategy affects each element of the marketing strategy, be it advertising and promotion, distribution, marketing communications, etc. Pricing affects the overall positioning that the ...
This solution discuses how a marketing mix affects development of an organization's marketing strategy.