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week1 Discussion
Q 1. What is the marketing mix?
2. Discuss how conducting a SWOT (strengths, weaknesses, opportunities, threats) analysis helps a firm (or an individual) develop its strategic plan.
The various marketing tools and combinations that an organisation uses to accomplish its marketing and organisational goals are termed as marketing mix. An organization uses this bunch of controllable variables to influence purchaser’s response so that the firm’s objective is achieved. The four P’s, namely Product, Price, Place and Promotion are the basic components of marketing mix. In case of service marketing, the marketing mix is made of seven P’s that comprises of People, Process and Physical evidence along with the four P’s.