Theory question 101
Marketing Mix(a) What is pricing? (b) Explain marketing concept. (c) List and explain the four elements of marketing mix.
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(a) Pricing is the process of deciding the amount of money a firm will charge for its product.
(b) The marketing concept is the business philosophy that a firm achieves its goals by finding out the needs and wants of its target market and satisfying them better than competitors; the customer is the centre of all its activities.
(c) Product: the good or service offered to satisfy needs (quality, design, brand, packaging).
Price: the amount the customer pays for the product.
Place: the channels and physical distribution that make the product available where and when needed.
Promotion: communicating with customers to inform and persuade them (advertising, sales promotion, personal selling, publicity).
Name all four Ps and say what each one covers.