Tom's Drug Store chooses to increase the price of the toothpaste it purchases from $1 to $1.50. The marketing mix is where this strategic choice belongs.
Product, pricing, place, and promotion have historically been the four main components of the "marketing mix," which is a foundational business strategy (also known as the "4 Ps").
The early twenty-first century saw the emergence of marketing theory. First published in 1984, the modern marketing mix has now evolved into the preeminent framework for marketing management decisions. An extended marketing mix is employed in the services industry, often consisting of 7 Ps (product, pricing, promotion, place, packaging, positioning, and people), which are the basic 4 Ps plus process, people, and tangible evidence.
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