ITPEC IP October 2018 Question 82
Which of the following is the marketing technique that is composed of four components: product, price, place, and promotion?
Explanation
Marketing mix — the combination of four controllable elements, the 4P, used to carry out a marketing strategy.
The marketing mix decides Product (what to sell), Price (at what price), Place (through which channels and where) and Promotion (how to communicate with the target market) together, so that each element supports the others for the chosen segment.
Answer (d)
Why not others:
- •(a) — social marketing applies marketing ideas to social goals such as health or the environment, or takes society's interests into account; it is not the 4P framework
- •(b) — direct marketing reaches individual customers directly, by mail, phone or online, without intermediaries, and measures their response; it is one way of doing promotion and distribution
- •(c) — a marketing channel is the route by which products reach customers, which is only one element (Place) of the mix
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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