Question

TOPIC : The Marketing Mix and Decisions That Create it

1) Why must the marketing mix begin with decisions made relating to the product?

2) What is the most important of the key areas of consideration for determining the product? Why?

3) What is the most important of the key areas of consideration for determining the price? Why?

4) What is the most important of the key areas of consideration for determining the place? Why?

5) What is the most important of the key areas of consideration for determining the promotion? Why?

Answer 1

1.) A marketing mix is a tool composed of four unique but interlinked variables that are mutually dependent. These are called the 4P's and are product, price, promotion, and location. The marketing mix starts with the decisions relating to the Product as it is a vital component of the marketing mix. Product has a crucial role to play in developing the holistic marketing mix strategy which includes place price and promotion.

The product is the first tool in the marketing mix, without developing the product it is impossible to design the marketing activities. All the decisions related to the other elements of the marketing mix will be based on the product mix of the organization. All the marketing activities will be chalked out as per the product that the company is willing to offer in the market, it is the basis of all the marketing activities.

Thus, the product is the most important element in the marketing mix because:

• Product is a center or a pivot of decision making, without product further decisions can't be made.
• It is the starting point of the planning of all marketing plans prepared by the company.
• Product aims at satisfying the needs and wants of the customers if the product is not available it is impossible to satisfy the consumer wants.

As a marketing manager, all the activities of the marketing mix will first begin with the product followed by other steps.

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