Question

Explain the following elements of Marketing Mix :

(i) Product

(ii) Price

(iii) Promotion

Hint:

Product is what is offered, price is what the buyer pays, and promotion is how the firm talks to the buyer. Explain each with its features.

Answer 1

Step 1: Introduce the marketing mix:
The marketing mix is the set of decisions a firm takes to sell its offer. The main elements are product, price, place and promotion.
Here we explain three of them.

Step 2: (i) Product:
A product is the good, service or idea offered to satisfy a need. It covers more than the physical item.
It includes the quality, features, brand name, packaging, labelling and after-sale service.
Decisions on the product mix, range and life cycle form this element. A good product is the base of all other decisions.

Step 3: (ii) Price:
Price is the amount a customer pays to get the product. It is the only element that brings revenue to the firm.
The firm decides the base price, discounts, credit terms and payment period.
The price must cover the cost and also look fair to the customer. It affects demand and the image of the product.

Step 4: (iii) Promotion:
Promotion means communicating with buyers to inform and persuade them to buy.
It uses advertising, personal selling, sales promotion and publicity or public relations.
It builds awareness, creates interest and pushes the customer to act. It also keeps the brand in memory.

Final Answer:
Product is the offering with all its features, price is the money paid for it, and promotion is the communication that persuades people to buy it.