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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market3 Marks
Question
Define the term 'Marketing Mix'.
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Answer

Marketing mix is a plan which designs marketing strategy regarding controllable variables of market mechanism, i.e., obtaining the perfect blend of marketing elements - 4 P's, in a way that there are optimum sales and optimum profits, the entrepreneur needs to have the four P's. It presents the best possible combination of basic marketing variables:
  1. Product.
  2. Price.
  3. Place.
  4. Promotion.

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