The combination of product, price, promotion and distribution decisions employed by a company is referred to as
Answer Details
The combination of product, price, promotion, and distribution decisions employed by a company is referred to as the marketing mix.
Marketing mix is a term used to describe the combination of factors that a company can control in order to influence customers to purchase its products or services. The four elements of the marketing mix are product, price, promotion, and place (distribution).
Product refers to the design, features, and packaging of a company's offering. Price refers to the amount charged for the product or service, taking into account the cost of production, competition, and other factors. Promotion refers to the communication strategies used to reach customers, such as advertising, sales promotions, public relations, and personal selling. Place (distribution) refers to the channels used to make the product or service available to customers, such as retail stores, online sales, or direct marketing.
By combining these four elements, a company can create a marketing mix that effectively meets the needs and wants of its target customers. A well-designed marketing mix can help a company to stand out from competitors and generate sales and profits.
Therefore, the combination of product, price, promotion, and distribution decisions employed by a company is referred to as the marketing mix.