The Marketing mix

Question 1

What are the 4 P’s in marketing?

Answer 1

Product, Price, Promotion and Place.

Question 2

Explain Product in terms of marketing.

Answer 2

Firm must identify customers’ needs. Then it needs to come up with a product that will fulfil some of these needs.

Question 3

Explain Price in terms of marketing.

Answer 3

Price must be one that the customer thinks is a good value for money.

Question 4

Explain Promotion in terms of marketing.

Answer 4

Product must be promoted so that potential customers are aware that it exists.

Question 5

Explain Place in terms of marketing.

Answer 5

Must be sold in a place that the customer will find convenient. Place can also refer to the channel of distribution used for a product.