(a) Define marketing mix (b) Explain the term marketing concept. (c) List and describe the four elements of marketing mix.

Answer Details

(a) Define marketing mix

Marketing mix is the combination of the controllable elements (product, price, place and promotion) that a firm blends together to satisfy the needs of its target customers and to achieve its marketing objectives.

(b) Marketing concept

The marketing concept is the business philosophy which holds that the firm should first find out the needs and wants of customers and then produce goods and services to satisfy those needs at a profit. It puts the customer, rather than the product, at the centre of all business decisions.

(c) The four elements of marketing mix (the 4 Ps)

1. Product: the good or service offered for sale, including its quality, design, brand, packaging and after-sales service, made to satisfy customer needs.
2. Price: the amount of money charged for the product; it must be set to attract customers and yet earn profit, using methods such as discounts and credit terms.
3. Place (distribution): the channels and methods used to make the product available to customers at the right place and time, including wholesalers, retailers and transport.
4. Promotion: the activities used to inform and persuade customers to buy the product, such as advertising, sales promotion, personal selling and publicity.