which of the following is not a component of the marketing mix
Answer Details
The component of the marketing mix that is not related to the four P's (Product, Price, Place, and Promotion) is "population." This is because population refers to a group of people or a demographic segment, which is not a controllable element of the marketing mix.
The marketing mix is a set of controllable marketing tools that a company uses to promote its products or services to its target customers. The four P's of the marketing mix include:
1. Product: This refers to the goods or services that a company offers to its customers. It includes the features, quality, packaging, and branding of the product.
2. Price: This refers to the amount of money that customers have to pay for the product or service. It includes the pricing strategy, discounts, and payment options.
3. Place: This refers to the location where the product or service is sold. It includes the distribution channels, retail stores, and online platforms.
4. Promotion: This refers to the marketing communication strategy that a company uses to promote its product or service. It includes advertising, sales promotion, public relations, and personal selling.
In summary, the marketing mix consists of controllable variables that a company can adjust to meet the needs of its target customers. Population, on the other hand, is a non-controllable element that represents a group of people with common characteristics such as age, gender, income, and location.