Principles and Practices of Marketing

This is a framework which helps to structure the approach to each market. The mix is a bundle of variables offered to the customer. This is a tactical/operational part  of a marketing is composed of the elements below

  • Product -refers to anything that can be offered to a market for attention, use, or consumption that might satisfy a want or need
  • Price- This is the amount of money charged for a good or service.This is the sum of value consumers exchange for the benefit of having or using a good or service.
  • Place- refers to channel of distribution or the route or path followed by a product as it moves from the producer to the consumer/final user.
  • Promotion- Promotion is a function of marketing mix and is a technique used in creating awareness on the companys product as well as the company itself.
  • Process-involves taking into account all elements that translate to satisfaction of customer needs and wants.
  • People-this are the living creatures who are willing and able to transact.
  • Physical evidence-this are elements that can be seen,felt,heard or smelt.
  • Probe-this basically refers to asking questions or carrying out a market research.

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