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