Product mix decision refers to the decisions regarding adding a new or eliminating any existing product from the product mix, adding a new product line, lengthening any existing line, or bringing new variants of a brand to expand the business and to increase the profitability.
What is marketing of a product
Marketing refers to activities a company undertakes to promote the buying or selling of a product or service.
Marketing includes advertising, selling, and delivering products to consumers or other businesses.
What is price in marketing mix
Price: refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply – demand and a host of other direct and indirect factors.
There can be several types of pricing strategies, each tied in with an overall business plan.
What is service mix
The service marketing mix is a combination of the different elements of services marketing that companies use to communicate their organizational and brand message to customers.
The mix consists of the seven P’s i.e. Product, Pricing, Place, Promotion, People, Process and Physical Evidence.
What is price mix
Price mix is the combination of different ‘price-related variables’ determined by a producer to fix the price of the product or service he offers.
These variables include the cost of making the product, the factors that influence the pricing decisions, the various pricing strategy, the pricing objectives, etc.
What are marketing controls
What are controls in marketing plans? Controls in marketing plans are metrics that allow you to measure how a company is performing with the strategies and goals detailed in the marketing plan.
Having controls to observe helps you ensure the company is on track with meeting its goals.
What are product mix variables
Product mix, also known as product assortment, refers to the total number of product lines a company offers to its customers.
The four dimensions to a company’s product mix include width, length, depth and consistency.
What is product mix components
A product mix has four elements: Width: the total number of product lines in a business.
Length: the total number of products in the mix. Depth: number of variants of a product line.
Consistency: the degree each product relates to the other in a product mix.
What is the basis of marketing
Defining marketing Marketing is about planning and executing the development, pricing, distribution and promotion of products and services to satisfy the needs of your customers.
The main role of marketing is to deliver customer value to attracting new customers and keeping existing ones.
Which is type of marketing
Several marketing strategies include content marketing, search engine optimization, social media marketing, email marketing, retargeting, influencer marketing, database marketing, event marketing, and product marketing.
What is the importance of product mix analysis
Product mix helps determine in which direction your company is heading, and the data accumulated by it helps you determine where you want to lead the company.
It also helps you to be consistent with your targeted customers.
What is the function of marketing
In the marketing world there are seven functions of marketing and they are as follows: distribution, financing, market research, pricing, product and service management, promotion and selling.
What are marketing processes
A marketing process is: “A series of steps that allow organizations to identify customer problems, analyze market opportunities, and create marketing materials to reach the desired audience.”
What are marketing basics
For all its complexity, at its core, marketing revolves around four things: product, price, promotion, and place.
Tactics and channels change, but these are the concepts everything else revolves around, and they’re principles that never change.
Some models expand these basic principles to 7 P’s, or another variation.
What is people mix
6. People. People, in the marketing mix, refers to anyone directly or indirectly involved in the business side of the enterprise.
That means anyone involved in selling a product or service, designing it, marketing, managing teams, representing customers, recruiting and training.
What are the key factors for product mix?
- Profitability: Every business unit tries to maximize its profits
- Objectives and Policy of Company: Company frames its product mix to achieve its objective
- Production Capacity:
- Demand:
- Production Costs:
- Government Rules and Restriction:
- Demand Fluctuation:
- Competition:
What is the example of marketing
Common examples of marketing at work include television commercials, billboards on the side of the road, and magazine advertisements.
But not all businesses approach the need to market their goods and services the same way.
What are the 2 types of marketing?
- Business to business (B2B) marketing
- Business to consumer (B2C) marketing
What is the right product mix
A product mix is the assortment or variety of products offered by a retailer and can be described in terms of breadth, length, depth and consistency.
Breadth or width refers to the number of different product lines or categories a retailer offers customers.
What is a marketing concept
The marketing concept is the use of marketing data to focus on the needs and wants of customers in order to develop marketing strategies that not only satisfy the needs of the customers but also the accomplish the goals of the organization.
What are the features of marketing
Marketing is Goal Oriented: The ultimate goal of marketing is to generate profits through the satisfaction of the customer.
Marketing is a continuous process: marketing is not an isolated, static process but is a complex, continuous and interrelated process.
It involves continuous planning, implementation and control.
What are the 4 concepts of marketing
The marketing concept rests on four pillars: target market, customer needs, integrated marketing and profitability.
Is not a type of marketing concept
Answer: The Supplier Concept is not a type of Marketing Concept.
Who introduced marketing
Philip Kotler is widely acknowledged as the father of modern marketing and with 57 books to his name it’s not hard to understand why he is such an authority.
As an author, consultant and professor, Kotler has been one of the leading voices in marketing for the past 50 years.
What are the 4 types of marketing?
- Cause Marketing
- Relationship Marketing
- Scarcity Marketing
- Undercover Marketing
Who defined marketing concept
Robert Katai, an experienced marketing strategist, provides the definition of a marketing concept: “A strategy that companies and marketing agencies design and implement in order to satisfy customers’ needs, maximize profits, satisfy customer needs, and beat the competitors or outperform them.”
The main five include
What are the 4 types of marketing
The four Ps of marketing—product, price, place, promotion—are often referred to as the marketing mix.
These are the key elements involved in planning and marketing a product or service, and they interact significantly with each other.
What is the basis of marketing Mcq
Marketing mainly emphasizes on customer value and satisfaction.
What are the three main marketing functions
All types of marketing communications are essential to establish a flow of understanding or communication between sellers and buyers.
Promotional activities can be grouped into three basic categories- (i) personal selling, (ii) advertising and publicity and (iii) specialised sales promotion.
Which marketing concept is best
The selling concept is one of the most popular marketing concepts available because it takes into account the realities of businesseven loyal customers may not be enough to keep you going.
With the selling concept, businesses must be good at finding potential customers and persuading them to buy.
Sources
https://wearegrow.com/10-steps-to-building-the-perfect-marketing-mix-for-your-business/
https://hawkemedia.com/insights/the-3-principles-of-marketing-awareness-nurturing-and-trust/
https://adept-plm.com/what-is-a-product-line-strategy/
