NABTEB Commerce 2023 Theory — Question 15

Model answer

The four main elements of the marketing mix (the 4Ps) are: (i) Product: the good or service a business offers customers, considering features, benefits and pricing. (ii) Price: the amount of money customers pay for a product or service; it should be competitive and reflect the product's value. (iii) Place: the distribution channels used to get products to customers; channels should be convenient and reach the target market. (iv) Promotion: the activities used to communicate the value of products to customers, such as advertising, public relations and social media.