ITPEC IP April 2018 Question 82
Which of the following is the method for implementing marketing strategies by combining multiple marketing elements?
Explanation
Marketing mix — the combination of controllable marketing elements used to carry out a strategy.
A marketing strategy is put into practice by combining several elements aimed at the target market. The classic set is the 4P: Product, Price, Place (distribution) and Promotion. Deciding them together, so that each supports the others, is the marketing mix.
Answer (c)
Why not others:
- •(a) — the marketing concept is the underlying philosophy of starting from customer needs, not a method of combining elements
- •(b) — a marketing channel is the route by which products reach customers, which is only one element (Place) of the mix
- •(d) — merchandising is planning which products to offer, in what quantity, at what price and when, to meet demand; it is product planning, not a combination of all the marketing elements
Key rule: The marketing mix is the 4P (Product, Price, Place, Promotion) seen from the seller; the 4C (Customer value, Cost, Convenience, Communication) is the same mix seen from the buyer.
Business Strategy Management · AI-written, may contain errors
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