Association of Chartered Certified Accountants (ACCA) Certification Practice Test

Which elements are included in the traditional marketing mix?

1. People, Process, Price, Promotion

2. Product, Price, Promotion, Place

3. Service, People, Packaging, Price

4. Promotion, Place, Price, Personnel

The correct answer is: Product, Price, Promotion, Place

The traditional marketing mix is commonly recognized as consisting of four key elements: Product, Price, Promotion, and Place. - Product refers to what is being offered to meet the needs or wants of consumers. This includes the quality, features, and benefits that the product provides. - Price is the amount of money that consumers must pay to acquire the product. It is a critical element as it can influence demand and profitability. - Promotion encompasses the various methods used to communicate with target audiences about the product, including advertising, sales promotions, and public relations. - Place, often referred to as distribution, involves how the product is delivered to consumers, including the locations where the product is sold and the logistics of getting the product to those locations. These four elements work together to provide a comprehensive strategy for marketing a product effectively in the marketplace. The understanding of this marketing mix is foundational for anyone studying marketing, as it serves as a framework for developing marketing strategies and executing marketing campaigns.