Marketing Mix – CBSE Notes for Class 11 Entrepreneurship
Facts That Matter
1. Marketing mix is the combination of Product, Price, Promotion and Place activities.
2. A product is anything that can be offered to a market for attention, acquisition, use or consumption.
3. Products are classified as Consumer Products and Industrial Products.
4. Attributes of a product are size, ingredients, range, colour, weight, quality, shape, packing, packaging, branding, labeling, grading, etc.
5. Place or physical distribution includes all those activities that are needed to make the product available to the target consumers.
6. Two important decisions relating to place are required to be made are decisions regarding channels of distribution and decisions regarding physical movement of gqods.
7. The process of physical movement of goods involves four managerial decisions or components transportation, warehousing, inventory management.
8. Promotion refers to all such activities which intend to inform customers about the product.
9. Elements of promotion mix include advertising, personal selling, sales promotion and
10. Factors affecting price determination are product cost, utility and demand for the product, extent of competition in the market, government and legal regulations, pricing, objectives, marketing methods used, terms of credit, etc. r
11. Pricing is important as it is key to revenue, attract customers, provide edge over in competition and is crucial to profits.
12. Methods used for pricing are cost plus pricing method, variable price method, base price and discount method, market rate method, skimming price method, penetrating pricing method.