Welcome to the NCERT Solutions for Class 12 Business Studies - Chapter Marketing. This page offers a step-by-step solution to the specific question from Exercise 3, Question 2:
What is marketing mix? What are its main elements? Explain.
. With detailed answers and explanations for each chapter, students can strengthen their understanding and prepare confidently for exams. Ideal for CBSE and other board students, this resource will simplify your study experience.What is marketing mix? What are its main elements? Explain.
Marketing management decisions are based on a number of controllable and non-controllable factors.
Controllable factors are those which can be influenced at the level of the firm. E.g. price of the product, packaging decision, physical distribution, etc. However, there are certain factors which are beyond the control of the firm.
These are called non-controllable factors or environmental factors. E.g. rate of inflation, credit policy of banks, competition, etc.
Therefore, controllable variables become marketing tools, which are constantly shaped and reshaped by marketing managers to achieve marketing objectives.
The combination of variables chosen by a firm to prepare its market offering, is called marketing mix. The main components of marketing mix consist of the four P’s, viz product, price, place and promotion.
Elements of Marketing Mix are:
Product: Product means goods or services or ‘anything of value’ which is offered to the market for sale. It is a mixture of tangible and intangible attributes, which are capable of being exchanged for value.
From the customer’s point of view, a product is a bundle of utility as it provides three types of benefits to the consumers that are Functional benefits, Psychological benefits and social benefits. It also includes the extended product or what is offered to the customer as after sales services, handling complaints, credit services, etc.
The product mix refers to important decisions related to the product such as quality of product, design of product, packaging, etc.
Price: Price of a product refers to the amount of money that the customer has to pay in the market to obtain the product. The marketers have to take a number of decisions regarding price level, pricing strategy, pricing objectives, discounts, etc, together known as price mix.
Place: Place or physical distribution covers all the activities required to physically move the goods from manufactures to customers.
The two major decision areas under this function are:
i. Decision regarding channels of distribution.
ii. Physical movement of goods from the place where it is produced to the place of consumption.
Promotion: Promotion refers to the process of informing the customers about the product and then persuading them to buy it. Most marketing firms use a combination of advertising sales promotion, personal selling, and public relations to promote their products.
Therefore, the combination of any of these techniques to attain the marketing objectives is called promotion mix.
NCERT questions are designed to test your understanding of the concepts and theories discussed in the chapter. Here are some tips to help you answer NCERT questions effectively:
Stay updated with our latest educational content and study tips
It’s not about starting over if you took a break to care for children, take care of yourself, be healthy or for any other reason. This is a realistic strategy for the recovery of skills, selection of the right job, and overcoming the resume problem. One year, three years or 10 years of a career … Read more
Read MoreThere’s no need to score 95% or achieve a JEE/NEET rank. You don’t need to score 95% or rank in JEE/NEET to build a solid career. A candid and pragmatic guide to the routes that actually work for students who have an average mark and what to do when faced with the options. If … Read more
Read MoreAI tools, online platforms that are much cheaper than coaching centres and the changing idea of what “structure” even means have upended this argument more in the past two years than in the decade preceding it. Here’s what is really the case for 2026 – and what has actually stayed the same. If you look … Read more
Read MoreStarting to make a new career after 30 isn’t a start from scratch. Marketing, teaching, financial, retail, healthcare, sales and other professionals can pursue careers in technology by applying the existing knowledge and skills they have acquired to new technology skills. There are various ways to enter the technology industry, such as in IT support, … Read more
Read MoreCalculate percentage from obtained marks and total marks.
Welcome to the NCERT Solutions for Class 12 Business Studies - Chapter . This page offers a step-by-step solution to the specific question from Excercise 3 , Question 2: What is marketing mix? What are its main elements? Explain.....
Fresh educational articles and updates.
Most-read articles from SaralStudy.
Fast access to frequently used study resources.
Recently viewed articles based on SaralStudy activity.
Add Comment