WAEC Commerce 2006 Theory question 107

(a) The marketing mix is the combination of product, price, place and promotion decisions a firm uses to satisfy its target market.
(b) The marketing concept is the idea that a firm should first find out what customers want and then produce and deliver it to satisfy them better than competitors, at a profit; the customer is king.
(c) Product – the good or service, its quality, design, brand and packaging; Price – the amount charged, discounts and terms; Place – distribution channels and locations through which goods reach customers; Promotion – advertising, personal selling, sales promotion and publicity used to inform and persuade customers.

The four Ps: product, price, place, promotion.