Explain marketing mix

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Explain marketing mix

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  • 08 Dec, 2018

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The set of actions or strategies that are used by an organization in order to promote its products, services or brand in the market is known as marketing mix. A typical marketing mix consists of 4 Ps- Price, Product, Place, and Promotion.

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Marketing mix refers to the process of putting the right product or a combination of products in the right place, at the right time, and at the right place. For making use of marketing mix, an organization needs to understand each aspect of the business plan.

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The theory of marketing was first devised by E. Jerome McCarthy in the year 1960. Marketing mix is considered as one of the basics of marketing for everyone who is operating a business. It refers to a set of tactics which is utilized by a business to promote and sell the goods and services in the market. Marketing mix tactics include creating the product, framing its prices and places where it can be sold.  

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