Question

What is meant by marketing mix and why do the 7 Ps comprise the marketing mix?

Answer 1

Answer:

a. The marketing mix is a set of actions or strategies that are implemented for the purpose of promoting a product or brand. This is usually done to increase sales by expanding the target customers.

b. The 7 Ps comprise the marketing mix since they are specific rules that can be used to assess how the product is doing in the market in terms of sales. They can help determine areas that need evaluation and also provide for a way to find solution to the problem.

Explanation:

The marketing mix is a set of actions or strategies that are implemented for the purpose of promoting a product or brand. This is usually done to increase sales by expanding the target customers.

The 7 Ps are the specific guidelines that one can utilize to achieve higher sales. They are as follows;

1. Product : this is every improvement made on the product to increase it's quality above the competition

2. Prices : the prices should be adjusted in such away that it shouldn't be too high to reduce the number of customers, neither should it be too low to cause losses

3. Promotion : this is the way in which you provide information about your product to the customers and at the same time get feedback according to the type of questions the customers ask.

4. Place : in the marketing mix, location of where the product is very important. The location should be in a place where the product is highly visible and also very accessible.

5. Packaging : the product has to be packaged in a way that is visually attractive most people make judgement on a product from how the product looks.

6. Positioning : one needs to know also how the product is viewed by the customers in comparison to other products from the competition.

7. People: the product is to be made by people, sold by people and bought by people. This means that there has to be considerable focus on the people at all levels of engagement.

The 7 Ps comprise the marketing mix since they are specific rules that can be used to assess how the product is doing in the market in terms of sales. They can help determine areas that need evaluation and also provide for a way to find solution to the problem.