Question

9. How do these elements of marketing management function together to establish successful strategies?

Answer 1

9) The elements of marketing management function are :-

1. Product.
2. Price.
3. Place.
4. Promotion.

It is also known as 4P's of marketing. These elements can help marketers to establish strategies so that they can be able to promote the products and services to the customers. Some of get ways to establish strategies by 4P's are :-

1. First it is needed to analyze a product or service.
2. To establish a strategy, it is important to identify - a) what exactly the customers need from a product or service ( Product), b) where can the customers find the product or service (Place), c) What can be the cost of the product or service (Price) d) Where can the products or services be promoted to the target market (Promotion).
3. After establishing the marketing mix, it is needed to understand the situation based on the perspective of the customers to establish a well developed strategy.
4. Marketers can make any changes in the strategy if it doesn't meet customers' needs
5. It is important to review the marketing strategy reguarly to make any changes to adapt well in the competitive market.

Hope this helps :)