Explain the four important elements of marketing mix.

The four important elements of marketing mix are:

(i) Product Mix: Product mix is related to the decisions regarding planning, developing and producing the right type of products and services for the consumers. It includes branding, labelling, trademark and packaging.

(ii) Price mix: Price mix involves different pricing methods, pricing strategies, pricing policies and price changes.

(iii) Place mix: Place or Physical Distribution mix includes activities that make firm’s products available to the targeted customers. It consists of all the activities involved in transferring ownership and physical possession of the product to the consumers.

(iv) Promotion mix: Promotion mix consists of all the activities aimed at persuading customers to buy the product through advertising, personal selling, sales promotion and publicity.

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