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    Marketing mix

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    All questions are essay questions. Two or three word responses will not suffice.

    1. What is the marketing mix?

    2. What are the key functions of management?

    3. Please define utility and identify the types of utility.

    4. What are the five elements of a business environment?

    5. What are the four characteristics of useful information?

    6. Please explain how prices are determined in the free market.

    Thank you.

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    Solution Preview

    1. What is the marketing mix?

    Marketing mix includes the combination of product, place, promotion and distribution. These elements make up the marketing mix essential to achieve the marketing objective of any organization. These marketing mix now known as 4P's of marketing. The core of this marketing mix is target customer. These are the parameter that control subject to the internal and external environment. These are explained as follows:
    1. Product: it refers to tangible, physical product as well as services. The product decision includes the brand name decision which creates loyalty. It also includes functionality, style, quality, safety, accessories extra. It involves all those things that involves with the core benefits delivered by the products.
    2. Price: here pricing strategy set by the management. It strives for setting up of competitive price and profitable one for the customers as well as for the company. Pricing strategy may include the penetration and skimming strategy. It also includes determining the retail price. Price bundling, discount decision and price discrimination is also the determining factor in the pricing decision. It is one of the important determinant factors that differentiate one marketer from other one.
    3. Promotion: promotion represents the various aspects of marketing communication. The communication of information about the products with the objective of delivering positive customer response. The decision includes the promotion strategy that might be push or pull strategy. It also includes the advertising, personal selling, sales promotion, public relation etc.
    4. Place (distribution): it is about delivering the product to the final consumer. It includes the combination of various channels through which product finally reaches to the consumers. Here firm make decision regarding the market coverage, distribution channels, number of channels, channel members, inventory management, warehousing, order processing, and ...

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