List the marketing mix and explain each of them. – NABTEB QUESTION

The marketing mix commonly called 4ps are:

(i) Price
(ii) Place
(iii) Product
(iv) Promotions

EXPLANATION

1. PRICE: This is the money consideration which the buyer provides in exchange for transfer of the property in the goods. The producer takes decisions on the right, profitable, reasonable and realistic price to sell the goods.

2. PLACE: This is the area where the action market takes place. It is an organized place where products are been offered for sale. It involves distribution of goods to consumer at the right place

3. PRODUCT: This is the goods that a producer wants to sell. It takes it to designated place where buyer will purchase the goods. It involves taking decisions on planning, packaging branding trade mark, etc.

4. PROMOTION: This is a way to make people be aware of the goods and services through advertising, public relations, sales promotions etc.