Q35
Explain the term “marketing mix”. Give one example to illustrate your answer. [2 Marks]
Expert Answer
The marketing mix is a combination of 4 different factors and together they contribute towards the creation of an effective marketing strategy. The 4 factors are price, promotion, place, and product. For example, we can take the launch of a new drug on the market. Let’s discuss how we can create a marketing mix for the product launch.
Price: The company needs to analyze the pricing strategy used by the competitors in the market and also need to consider their investment in the drug.
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