Which of the following would be considered part of a firm's marketing mix? a. Designing the most efficient production plan b. Identifying the best source of funds to finance a firm's marketing activities c. Establishing a production schedule that enables the firm to meet forecasted sales d. Determining the best pricing strategy for a product

Question

Business

Emmett

13 January, 21:41

Which of the following would be considered part of a firm's marketing mix? a. Designing the most efficient production plan b. Identifying the best source of funds to finance a firm's marketing activities c. Establishing a production schedule that enables the firm to meet forecasted sales d. Determining the best pricing strategy for a product

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Answers (1)

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Heidy · Answer 1

d. Determining the best pricing strategy for a product

Explanation:

Marketing mix entails a set of activities carried out by an organisation to ensure its product is strategically placed in the market place.

There are basically four interrelated activities that make up the marketing mix, popularly referred to as the 4ps of marketing, these are Price, product, place and promotion.

1. Price - the entity must decide a good and competitive pricing strategy that will attract more customers as well as make adequate returns.

2. Product - the entity must ensure a good value proposition to ensure the product offering is able to address the needs of the customers.

3. Place - this has to do with the location of business, the business must be strategically located.

Promotion - The product must be made known to the users through effective advertisement.