Question

What is Marketing Mix? Explain 7 Ps of Marketing Mix.

Hint:

The marketing mix helps businesses align their strategies with consumer needs and market demands.

Answer 1

The marketing mix refers to the set of controllable factors that a company uses to influence consumer purchase decisions. Traditionally, it included 4Ps (Product, Price, Place, Promotion), but now it has been extended to 7Ps in modern marketing:
Product: The goods or services offered by a business to satisfy consumer needs. Includes features, design, quality, and branding.
Price: The value consumers pay for the product. Pricing strategies include penetration pricing, skimming, and competitive pricing.
Place: The distribution channels used to make products available to consumers at the right time and place.
Promotion: Activities like advertising, sales promotion, and publicity used to inform and attract customers.
People: Refers to all individuals involved in the delivery of service—employees, sales staff, and customer service representatives.
Process: The procedures and flow of activities by which services are consumed, ensuring consistency and efficiency.
Physical Evidence: The tangible cues (packaging, store design, website) that reassure customers about quality and trustworthiness.
Final Answer: \[ \boxed{\text{Marketing Mix includes 7 Ps: Product, Price, Place, Promotion, People, Process, Physical Evidence.}} \]