Questions and Answers
What does the 'price mix' consider when fixing the price of a product?
Cost of production, competitors’ price, objectives of the firm
What are the popularly known 4P elements of the marketing mix?
Product, Price, Place, Promotion
What is the main aim of the 'product mix' strategy?
To prepare product elements based on market research and consumers’ needs
What does the 'place mix' of the marketing mix include?
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What is the role of 'promotion' in the marketing mix?
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