Question

State any two elements of marketing.

Hint:

The 4 Ps of marketing — Product, Price, Place, and Promotion — form the foundation of all marketing strategies.

Answer 1

Step 1: Understanding Marketing Elements.
Elements of marketing, commonly referred to as the marketing mix, are the basic tools or variables a business uses to influence consumer demand and achieve its objectives.
Step 2: Two Key Elements.
1. Product: It refers to what the business offers to satisfy consumer needs — goods, services, or ideas.
2. Price: It represents the amount customers are willing to pay for a product and affects demand and profitability.
Step 3: Conclusion.
Hence, product and price are essential elements that determine the success of any marketing strategy.