The least flexible variable in the marketing mix is probably distribution, because there are many moving pieces (transportation, warehousing, and handling materials) that go into distribution, and once a product is set up to be distributed to a certain place it is very difficult to get all of those moving pieces to a
They are the product, price, place, and promotion of a good or service. Often referred to as the marketing mix , the four Ps are constrained by internal and external factors in the overall business environment, and they interact significantly with one another.
Price is important to marketers because it represents marketers ‘ assessment of the value customers see in the product or service and are willing to pay for a product or service. Both a price that is too high and one that is too low can limit growth. The wrong price can also negatively influence sales and cash flow.
ADVERTISEMENTS: Seven elements used in marketing mix for service are as follows: (1) Product (2) Price (3) Place (4) Promotion (5) People (6) Physical evidence (7) Process . The marketing concept dictates that marketing decisions should be based upon customer needs and wants.
Why? Distribution is probably the least flexible marketing mix variable . Distribution decisions are among the least flexible marketing mix decisions because they involve committing resources and establishing contractual relationships. They are difficult or impossible to change.
The most flexible promotional method is personal selling.
Which of the following is the best example of decoding ? Watching a TV commercial is the best example of decoding .
In general terms, marketing mix is a variety of different factors that can influence a consumer’s decision to purchase a product or use a service. It most commonly refers to the 4Ps of marketing ─product, price, promotion and place. These four factors can be controlled by a business to a certain extent.
The first element of the marketing mix is your product . In today’s environment, a product can be an item or service that’s built to satisfy the needs of a consumer group.
The 4Ps make up a typical marketing mix – Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning , People and even Politics as vital mix elements.
Target market is not an element of the marketing mix. A target market refers to a group of potential customers to whom a company wants to sell its products and services .
Customer-driven marketing strategy includes selecting the right customers to serve and deciding upon a unique value proposition. Segmentation, targeting, differentiation , and positioning are four distinct steps that should be included in customer-driven marketing.
What must companies do to create successful new products ? A. Understand its consumers, markets, and competitors and develop products that deliver superior value.