THE MARKETING MIX REFERS TO A UNIQUE BLEND OF MARKETING VARIABLES...
13. The marketing mix refers to a unique blend of marketing variables known as the four Ps. Name and
briefly describe each of the 4 Ps.
ANS:
PRODUCT. The firm's product offerings are the heart of the marketing mix. The Product P includes
product development, production assistance, packaging, warranties, servicing, branding, company
image, and other components in addition to the physical unit.
PLACE (or DISTRIBUTION). Distribution strategies make products available when and where
customers want them. Products move through a channel of distribution that may include wholesalers
and retailers. Physical distribution (stocking and transportation logistics) is also part of the Place P.
PROMOTION. Promotion includes personal selling, advertising, sales promotion, and public relations.
Promotion serves to inform, educate, persuade, and remind target markets about product benefits.
PRICE. Price strategies are an important competitive weapon. Pricing is an important component of
the marketing mix because it is flexible and allows revenue to be estimated and measured.
PTS: 1
REF: 39-40
OBJ: 02-9
TOP: AACSB Communication
KEY: CB&E Model Strategy
MSC: BLOOMS Level V Synthesis