Asked by Minmint Vanichvorasakul on Jun 16, 2024
Verified
Product,price,place,promotion,and people are known as the "five Ps" of the ________.
A) marketing mix
B) targeting method
C) balance sheet approach
D) strategic business model
Marketing Mix
Refers to the blend of strategies used by a business to achieve its objectives in the target market, including variations in product offerings, prices, distribution methods, and promotional activities.
Five Ps
The components of the marketing mix, including Product, Price, Promotion, Place, and People, used to strategically position and sell a product or service.
Balance Sheet
A financial statement that provides a snapshot of a company's financial condition at a specific point in time, detailing assets, liabilities, and shareholders' equity.
- Ascertain the key components of the marketing mix and their roles in crafting marketing strategies.
Verified Answer
JC
Jennie CharleyJun 23, 2024
Final Answer :
A
Explanation :
The "five Ps" of product, price, place, promotion, and people are elements of the marketing mix that businesses use to promote and sell their products or services. This approach helps companies develop a comprehensive marketing strategy that addresses all aspects of marketing, including product development, pricing strategies, distribution channels, promotional tactics, and customer service.
Learning Objectives
- Ascertain the key components of the marketing mix and their roles in crafting marketing strategies.