(a) Define marketing mix
(b) Explain the term marketing concept.
(c) List and describe the four elements of marketing mix.
Explanation
(a) Marketing mix is a collection of controllable factors that can be used to influence the behaviour of customers or consumers.
(b) (i) Marketing concept is the idea of belief that consumers/customers should be treated as 'Kings'.
(ii) The interest and desires of consumers/customers must be taken into consideration in bringing out products or any business activities.
(iii) The basic idea behind marketing concept is consumer orientation.
(c) The elements of marketing mix are as follows:
(i) Product: This is the merchandise/goods and services offered for sale. - Product features, Packaging, Labeling Product equality etc.
(ii) Price: This is the value placed on a product. It includes: - Price level, Discounts , Payment terms.
(iii) Promotion: This is concerned with informing customers of product features and persuading them to buy the product. It consists of: - Advertising, Sales promotion , Personal selling, Public relations.
(iv) Place: This is concerned with putting the right quantity of products in the right location at the appropriate time. It comprises: Market overage, Channels of distribution , Inventory planning, Physical distribution (warehousing) Transport etc.