Question

Suppose you are starting your new venture than how marketing mix have impact on your business.

Answer 1

• Marketing mix has four main components:

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

• I will be starting the business of cafe. Accordingly, the marketing mix will affect my business in the following ways:-

1. Product:- In cafe the products offered will be mainly the fast foods and soft drinks. The products i.e. food products which is common in youth will be provided along with the drinks. The younger generation loves to party more often and visit cafes more frequently for having good food and to spend quality time.
2. Place:- The place which I will going to choose for my cafe will be nearby areas of schools, colleges and tuition centres. It helps in attracting more and more customers as these places are having young crowd.
3. Price:- InitialIy, I will keep such prices which provides me minimum profits and prices will be lower as compare to the competitors. It will create a positive image in the minds of customers if they will get quality food products at the lower prices. After reaching the level in the market, the prices will automatically get high as per the reputation of cafe i.e. demand by the customers.
4. Promotion:- Under tUis function of marketing mix, I will use social media to advertise and to promote the business in the market. I will provide pamplets in the local area in the initial days, so that local crowd can come to know about the business. Today's era is social friendly era and by keeping this in mind, I will use social media plateforms to advertise and promote the business.