Which o the following is not a component of a company's marketing mix?
Answer Details
The component that is not part of a company's marketing mix is the "Economic plan." The marketing mix consists of the various elements that a company uses to promote its products or services to its target market. These elements are commonly referred to as the 4 Ps: Product, Price, Place, and Promotion. The Economic plan is not a part of the marketing mix because it does not directly relate to the product, its price, distribution, or promotion.
Production planning and price structure are two important components of a company's marketing mix. Production planning involves determining how much of a product to produce and when to produce it. The price structure involves setting a price for the product that is competitive and meets the company's financial goals.
Promotional plan is another component of a company's marketing mix. It includes the various methods used to promote the product, such as advertising, sales promotions, personal selling, and public relations.
Distribution plan is also a critical component of the marketing mix. It involves determining the best channels to use to get the product to the customer, such as through retail stores, online sales, or direct sales.
Finally, the public relations plan involves managing the company's reputation and building positive relationships with customers, stakeholders, and the general public.
In summary, the marketing mix consists of the four Ps: Product, Price, Place, and Promotion, along with public relations plan, and the economic plan is not part of it.